Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence

Hess, David; Impavido, Gregorio

doi:10.1596/1813-9450-3110

Cited by 33 publications

(22 citation statements)

References 39 publications

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“…Alternatively, members of the board of trustees could specialize in certain areas such as bene…ts, investments and legal requirements to ensure quali…ed and e¤ective decision-making 9 . Hess and Impavido (2003) argue that boards of corporations not only divide their work but also assign responsibility for such work to separate committees.…”

Section: Organizationmentioning

confidence: 99%

Performance and Governance of Swiss Pension Funds

Ammann

Zingg

2008

SSRN Journal

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We investigate the relationship of pension fund governance and investment performance. For this purpose, we develop the Swiss Pensoin Fund Governance Index (SPGI) which is a standard metric for the governance quality of Swiss pension funds. The empirical analysis is based on a sample of 96 pension funds with total assets of more than CHF 190 billion. We …nd evidence for governance issues in the area organization and target setting. Our results support the widespread hypothesis of a positive relationship between pension fund governance and investment performance.

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Section: Organizationmentioning

confidence: 99%

Performance and Governance of Swiss Pension Funds

Ammann

Zingg

2008

SSRN Journal

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“…The theoretical foundation of most pension funds governance studies is based on the agency theory (Hess, Impavido 2003;Ambachtsheer, McLaughlin 2015). Partly, this is because potential governance structure and mechanism problems in pension funds are agency problems.…”

Section: Background To the Tanzanian Pension Funds Systemmentioning

confidence: 99%

Public Pension Fund Structure And Mechanisms: A Case Study Of The Tanzanian Pension Funds System

Mpinga

Westerman

2017

CEREM

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Abstract:Aim: Good governance structures have become an issue of public interest, including public pension systems. The quality and performance of the trustees of the funds influences the income flows to which members are entitled and promised, as well as any shortfalls thereof that may require interventions. We aim to examine the pension fund governance in Tanzania, by focusing on structures and mechanisms of boards of trustees, as well as its perceived challenges and future directions. Design / Research methods:An extensive literature review provides the conceptual and practical framework for studying the pension funds governance on both a macro (regulatory) and a micro (board of trustees as a governing body) level. This case study describes the system in mainland Tanzania, where various regulators and five pension funds play a role. Conclusions / findings:Board of trustees are important for funds governance. The pension fund structure and mechanisms in Tanzania uphold high standards. However, a major issue is that the board selection seems to be politically motivated and that the government claims most board seats, making conflicts of interest likely to occur repeatedly.Originality / value of the article: The Tanzanian experience shows the importance of transparent mechanisms and structures, overseen by an independent and virtuous board of trustees. Implications of the research:Further works need to be considered to account for heterogeneity in pension systems especially in developing countries.

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“…Applying the corporate governance principle of independence to pension fund boards has been a growing feature of American public pension schemes where inside directors (representing government employers) have often failed the beneficiaries of the plans (Hess and Impavido, 2004;Ambachtsheer, 2007). Requirements to include independent trustees were also introduced in the UK under the Occupational Pension Schemes (Charges and Governance) Regulations 2015, but not in a manner that (as yet) disturbs pre-existing industrial democracy arrangements.…”

Section: Pension Fund Governancementioning

confidence: 99%

Industrial democracy and corporate governance: two discourses of reform in liberal-market economies

Mees¹

2017

IJCG

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Industrial democracy and corporate governance are intertwined discourses. In present-day use, however, the two expressions seem to represent as different perspectives as two related discursive traditions could become. At a time when calls have emerged for the intersection of the two narratives to be revisited, how the separation of these two related discourses occurred historically and what that separation has entailed seems of particular importance. The received corporate governance approach has become so dominant that it appears to have assumed the status of an ideology -an established way of thinking about the governance of corporations that is largely just assumed (rather than argued) in much financial and legal discourse. Seeking to understand why mainstream corporate governance scholarship has failed to engage with the historically key issue of industrial democratisation is the main purpose of this paper.

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Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence

Cited by 33 publications

References 39 publications

Performance and Governance of Swiss Pension Funds

Performance and Governance of Swiss Pension Funds

Public Pension Fund Structure And Mechanisms: A Case Study Of The Tanzanian Pension Funds System

Industrial democracy and corporate governance: two discourses of reform in liberal-market economies

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