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

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

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons fr...

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Bibliographic Details
Main Authors: Hess, David, Impavido, Gregorio
Format: Policy Research Working Paper
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
ADMINISTRATIVE COSTS
ADVERSE SELECTION
AGENCY PROBLEMS
ASSET DIVERSIFICATION
ASSETS
AUDITS
AUTHORITY
BANK DEPOSITS
BANKRUPTCY
BANKS
CIVIL SERVICE
COMPARATIVE ADVANTAGE
COMPETITIVENESS
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE SYSTEM
CORRUPTION
COST OF LIVING
COST OF LIVING ADJUSTMENTS
CREDIT RATINGS
DECISION-MAKERS
DECISION-MAKING
ECONOMIC DEVELOPMENT
ECONOMIC EFFICIENCY
ECONOMIES OF SCALE
EFFECTIVE GOVERNANCE
EMPIRICAL EVIDENCE
EMPIRICAL RESEARCH
EXTERNAL AUDITORS
FINANCIAL HEALTH
FINANCIAL INCENTIVES
FINANCIAL INTERESTS
FINANCIAL MARKETS
FINANCIAL PERFORMANCE
FINANCIAL SECTOR
FOREIGN MARKETS
GOVERNMENT BONDS
GOVERNMENT OFFICIALS
GOVERNMENT SERVICES
HOUSING
INCENTIVE EFFECTS
INCOME
INFLATION
INSOLVENCY
INSTITUTIONAL ARRANGEMENTS
INSURANCE
INSURANCE PREMIUMS
INTEREST RATE
INTEREST RATES
INTERNAL AUDIT
INTERNAL AUDIT FUNCTION
INTERNAL CONTROLS
LABOR MARKET
LARGE SHAREHOLDERS
LAWS
LEGISLATION
LIQUIDITY
LOCAL GOVERNMENT
MANDATES
MORAL HAZARD
MOTIVATIONS
MUNICIPAL BONDS
NATIONAL
PENSIONS
POLITICAL INTERFERENCE
PROPERTY VALUES
PUBLIC GOOD
PUBLIC GOVERNANCE
REPRESENTATIVES
RESOURCE ALLOCATION
RETIREMENT
RETURN ON ASSETS
RISK AVERSION
SAVINGS
SAVINGS ACCOUNTS
SHAREHOLDERS
SOCIAL SECURITY
STATE
TRUSTEES
UNEMPLOYMENT
WEALTH GOVERNANCE CAPACITY
PUBLIC PENSION SYSTEMS
PENSION FUNDS ADMINISTRATION
PRIVATE SECTOR MANAGEMENT
REGULATORY BODIES
REGULATORY CONTROL
WEALTH
GOVERNANCE CAPACITY
Online Access:http://documents.worldbank.org/curated/en/2003/08/2495953/governance-public-pension-funds-lessons-corporate-governance-international-evidence
http://hdl.handle.net/10986/18125
Description
Summary:An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

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