Governance and Investment of Public Pension Assets : Practitioners' Perspectives

The impact of good governance on investment management and performance is immense. Several key factors contribute to good governance within pension funds, appropriate governance structures; well-defined accountabilities, policies, and procedures; a...

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Bibliographic Details
Main Authors:	Rajkumar, Sudhir, Dorfman, Mark C.
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS ALTERNATIVE ASSET ASSET CLASS ASSET CLASSES ASSET GROWTH ASSET MANAGEMENT ASSET MANAGERS ASSET VALUES ASSET-LIABILITY MANAGEMENT AUDIT COMMITTEE AUDITS BANKING SECTOR BASIS POINTS BENEFICIARIES CAPITAL MARKET CAPITAL REQUIREMENTS CASH FLOWS CODE OF CONDUCT COLLATERAL CONFLICT OF INTEREST COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE BONDS CREDIT RISK CURRENCY CURRENCY HEDGING CURRENCY RISK DEFICITS DEGREE OF TRANSPARENCY DEMOGRAPHIC DERIVATIVES DISCOUNT RATES DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY EMPLOYEES PENSION EMPLOYEES RETIREMENT EQUITIES EQUITY INDEX EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET VOLATILITY EQUITY MARKETS EQUITY RETURNS EXPOSURE EXPOSURE TO RISKS FAIR VALUE FIDUCIARY RESPONSIBILITY FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL BURDENS FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURES FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN INVESTMENT FOREIGN MARKETS FUND MANAGEMENT FUND MANAGERS GLOBAL MARKETS GLOBAL PENSIONS GLOBAL PRIVATE EQUITY GOOD GOVERNANCE GOVERNANCE MECHANISMS GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HEDGE FUND HEDGE FUNDS HEDGE RATIO HEDGE RATIOS HEDGES HOLDING HOLDINGS HOME CURRENCY HUMAN CAPITAL HUMAN DEVELOPMENT ILLIQUIDITY INFLATION INFLATION RATE INFORMATIONAL ASYMMETRY INSTITUTIONAL FUNDS INSTITUTIONAL INVESTMENT INSTITUTIONAL INVESTORS INSURANCE INTEREST RATE INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL INVESTMENTS INVENTORY INVESTING INVESTMENT CAPABILITIES INVESTMENT CAPITAL INVESTMENT CHOICES INVESTMENT CORPORATION INVESTMENT DECISIONS INVESTMENT FUNCTIONS INVESTMENT FUND INVESTMENT GOVERNANCE INVESTMENT HORIZON INVESTMENT MANAGEMENT INVESTMENT MANAGER INVESTMENT MANAGERS INVESTMENT MARKETS INVESTMENT OPPORTUNITIES INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT PORTFOLIOS INVESTMENT PROCESS INVESTMENT PROFESSIONALS INVESTMENT RISK INVESTMENT RISKS INVESTMENT STRATEGIES INVESTMENT STRATEGY LEVEL OF RISK LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LOCAL CURRENCIES LOCAL CURRENCY MACROECONOMIC STABILITY MARKET VALUES MONETARY AUTHORITIES MUTUAL FUND OLD-AGE INCOME OPPORTUNITY COSTS OPTIMAL INVESTMENT OUTPUT OUTSOURCING PAYMENT OBLIGATIONS PENSION PENSION ASSET PENSION ASSETS PENSION CONTRIBUTIONS PENSION FUND PENSION FUND ASSET PENSION FUND ASSETS PENSION FUNDS PENSION LIABILITIES PENSION PRODUCT PENSION PRODUCTS PENSION PROVISION PENSION SYSTEM PENSION SYSTEMS PENSIONS POLICY RESPONSES POLITICAL RISKS PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIO RISK PORTFOLIOS PRICE DISCOVERY PRIVATE EQUITY PRIVATE PENSIONS PRODUCTIVE INVESTMENT PROVIDENT FUND PRUDENTIAL REGULATION PUBLIC ACCOUNTABILITY PUBLIC COMPANY PUBLIC PENSION PURCHASING POWER RATES OF RETURN REAL ESTATE REFORM PROGRAM REGULATORS REGULATORY AGENCIES REGULATORY CONSTRAINTS REGULATORY ENVIRONMENT REGULATORY STANDARDS REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVE FUND RESERVE FUNDS RESERVES RETIREMENT AGE RETIREMENT SAVINGS RETIREMENT SYSTEM RETURN RETURNS RISK AVERSION RISK DIVERSIFICATION RISK FACTORS RISK MANAGEMENT RISK MANAGEMENT POLICIES RISK MANAGEMENT SYSTEMS RISK POOLING RISK PREMIUMS RISK PROFILE RISKY ASSETS SAFER ASSETS SAFETY NETS SAVINGS SAVINGS ACCOUNTS SECURITIES SOLVENCY SWAP SWAPS TAX TRADING TRADING COSTS TRADING VOLUME TRANSACTION TRANSACTION COSTS TRANSITION ECONOMIES TRANSPARENCY TREASURY TRUSTEE TRUSTEES TURNOVER USE OF DERIVATIVES VALUATION VALUATIONS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20110425010141 http://hdl.handle.net/10986/2553

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Summary:	The impact of good governance on investment management and performance is immense. Several key factors contribute to good governance within pension funds, appropriate governance structures; well-defined accountabilities, policies, and procedures; and suitable processes for the selection and operation of governing bodies and managing institutions. Not surprisingly, good governance requires leadership by individuals with the expertise, professionalism, and integrity to navigate a fund's direction and withstand pressures from multiple constituencies. In the current context of aging populations in many countries, fiscal burdens on pension funds are increasing. At the same time, the necessity of delivering on pension commitments in contributory schemes means that governance, transparency, and accountability should be of utmost importance to pension fund managers. With these concerns in mind, part three of this book provides useful perspectives from senior managers of public pension funds, international pension authorities, and multilateral institution representatives on the structures, policies, and processes that aim to support good governance. Principally reflecting on the characteristics that have been conducive to good governance, including reform measures undertaken, they also consider policy and investment management measures taken to effectively manage fiscal risks, including those that emerged from the financial crisis.

Governance and Investment of Public Pension Assets : Practitioners' Perspectives

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