Best-Practice Investment Management: Lessons for Asset Owners from the Oxford-Watson Wyatt Project on Governance

Clark, Gordon L.; Urwin, Roger

doi:10.2139/ssrn.1019212

Cited by 26 publications

(18 citation statements)

References 13 publications

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“…In a study of a sample of large pension funds (over US$5bn in assets) from 6 different countries dispersed across North America, Europe and Asia-Pacific, Clark and Urwin (2007) also conclude that their superior performance is linked to strong governance. Their study identified various areas where the funds analysed excelled, such as clarity of mission and effective risk management and performance monitoring.…”

Section: Box 1: Legal and Governance Structure Of Pension Fundsmentioning

confidence: 99%

Pension Fund Governance

Stewart

Yermo

2008

OECD Working Papers on Insurance and Private Pensions

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Good governance is increasingly recognized as an important aspect of an efficient private pension system, enhancing investment performance and benefit security. Yet, despite regulatory and industry initiatives, governance weaknesses persist across OECD and non-OECD countries. This paper highlights the main governance challenges faced by policymakers (particularly with trust-based pension systems), and draws on recent policy initiatives to propose possible solutions to strengthen governance arrangements. The paper suggests that some of the more serious cases of governance failures could be solved through a more balanced representation of stakeholders in the governing body, higher levels of expertise (which may be achieved via training or the use of independent trustees) and the implementation of codes of conduct addressing conflicts of interest. The absence of governance arrangements for defined contribution style pension plans also needs to be addressed, potentially via management committees, increased fiduciary responsibility for relevant parties or via a strengthened role for pension supervisory authorities. Consolidation of the pension industry in some countries may also be required to achieve economies of scale and reduce costs, which in turn would allow pension funds to dedicate more resources to strengthening their internal governance.

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Section: Box 1: Legal and Governance Structure Of Pension Fundsmentioning

confidence: 99%

Pension Fund Governance

Stewart

Yermo

2008

OECD Working Papers on Insurance and Private Pensions

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“…Bilinmektedir ki iyi bir emeklilik fonu kurumunun sadece iyi bir organizasyona, iyi bir personele ve iyi tanımlanmış gizli bir misyona sahip olması yeterli değildir. Emeklilik fonlarının aynı zamanda sermaye piyasasının işleyişini nasıl algıladıkları ve bu görüşleri ile müşterilerine nasıl bir 1 Söz konusu gelişmeler sonucunda Clark ve Urwin (2007) ve Ambachtsheer (1998Ambachtsheer ( ve 2007 gibi yazarlar, emeklilik fon endüstrisi için stratejik yönetim yaklaşımına inandırıcı argümanlarla öncülük ettiler (Koedjik ve Slager 2009: 12). Onların çalışmalarına öncülük eden temel önerme yatırım kararlarının sonuçlarının inançlara gerçekler kadar bağlı olduğudur.…”

Section: öZetunclassified

Emekli̇li̇k Fon Yöneti̇ci̇leri̇ni̇n Yatirim İnançlari Üzeri̇ne Yazin Taramasi

Önkal

Jansson

Eryilmaz

et al. 2020

Uludağ Üniversitesi Fen-Edebiyat Fakültesi Sosyal Bilimler Dergisi

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“…5.2.1 Clark & Urwin (2007) identified a number of investment governance related factors common among leading institutional pension funds, six of which they considered to be core and within the reach of most funds. How the PPF approaches these factors is outlined in Table 6:…”

Section: Governancementioning

confidence: 99%

Financial Management of the UK Pension Protection Fund

Charmaille¹,

Clarke²,

Harding³

et al. 2013

Br. Actuar. J.

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The UK Pension Protection Fund (PPF) was established in April 2005 to protect the pensions of members of UK private sector defined benefit pension schemes which have insufficient assets and whose corporate sponsor fails. The Fund takes over the pension scheme assets and assumes responsibility for the payment of compensation to the former members of the scheme. The PPF is funded by a levy on the population of eligible schemes. This paper discusses the application of Enterprise Risk Management principles and techniques to the unique situation of the PPF. The elements of the financial management of the Fund have been developed by reference to practice within proprietary insurance institutions and within pension funds. The paper will be of interest and, we hope, of some value to students, researchers and analysts and also to the PPF's own stakeholder groups that have a stake in an effective pension protection regime.

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Best-Practice Investment Management: Lessons for Asset Owners from the Oxford-Watson Wyatt Project on Governance

Cited by 26 publications

References 13 publications

Pension Fund Governance

Pension Fund Governance

Emekli̇li̇k Fon Yöneti̇ci̇leri̇ni̇n Yatirim İnançlari Üzeri̇ne Yazin Taramasi

Financial Management of the UK Pension Protection Fund

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