Description
Book SynopsisThe academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to examine global governance practice and experience and country studies on pension funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees.
The editors and contributors to this book have struck a balance between the various dimensions of the governance problem. Whilst ensuring that the theoretical frameworks are represented, at the same time, they have also recognized that it is vital to report on empirical work. Private pensions are examined closely, while also acknowledging that public pension funds are extremely important actors.
Pension Fund Governance will appeal to academics and researchers of financial economics and financial management, as well as those in the fields of public finance and public sector economics. Furthermore the book will also find an audience among those in commercial and policy roles which involve pensions, including pension actuaries.
Trade Review'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' -- Robin Ellison, Pensions
Table of ContentsContents: 1. Introduction John Evans, Michael Orszag and John Piggott PART I: FRAMEWORKS 2. Pension Fund Governance: Expertise and Organizational Form Gordon L. Clark 3. Pension and Corporate Governance Reforms: Are They Twins? Mario Catalán 4. Conflicted Super Structures: Are Australian Investors Being Short-changed? Anthony Asher PART II: GLOBAL GOVERNANCE: PRACTICE AND EXPERIENCE 5. Pension Supervision: Understanding International Practice and Country Context Richard P. Hinz and Anca Mataoanu 6. Governance of Public Pension Plans: The Importance of Residual Claimants Gregorio Impavido 7. Benchmarking the Performance of Superannuation Funds Hazel Bateman and Robert J. Hill PART III: COUNTRY STUDIES 8. Public Sector Pension Governance, Funding and Performance: A Longitudinal Appraisal Tongxuan (Stella) Yang and Olivia S. Mitchell 9. How do Australian Superannuation Fund Trustees Perceive their Role and Effectiveness? Vrinda Gupta, Henry Jin, Michael Orszag and John Piggott PART IV: GOVERNMENT GUARANTEES 10. Pricing Defined Benefit Pension Insurance David McCarthy and Anthony Neuberger References Index
