Publication: Governance and Investment of Public Pension Assets : Practitioners' Perspectives
Date
2011
ISSN
Published
2011
Author(s)
Rajkumar, Sudhir
Dorfman, Mark C.
Abstract
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.
Citation
“Rajkumar, Sudhir; Dorfman, Mark C.. 2011. Governance and Investment of Public
Pension Assets : Practitioners' Perspectives. © World Bank. http://hdl.handle.net/10986/2553 License: CC BY 3.0 IGO.”