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The 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.
Edited by John Evans, University of New South Wales, Australia, Michael Orszag, Watson Wyatt Ltd, UK and John Piggott, University of New South Wales, Australia
Contents:1. IntroductionJohn Evans, Michael Orszag and John PiggottPART I: FRAMEWORKS2. Pension Fund Governance: Expertise and Organizational FormGordon L. Clark3. Pension and Corporate Governance Reforms: Are They Twins?Mario Catalán4. Conflicted Super Structures: Are Australian Investors Being Short-changed?Anthony AsherPART II: GLOBAL GOVERNANCE: PRACTICE AND EXPERIENCE5. Pension Supervision: Understanding International Practice and Country ContextRichard P. Hinz and Anca Mataoanu6. Governance of Public Pension Plans: The Importance of Residual ClaimantsGregorio Impavido7. Benchmarking the Performance of Superannuation FundsHazel Bateman and Robert J. HillPART III: COUNTRY STUDIES8. Public Sector Pension Governance, Funding and Performance: A Longitudinal AppraisalTongxuan (Stella) Yang and Olivia S. Mitchell9. How do Australian Superannuation Fund Trustees Perceive their Role and Effectiveness?Vrinda Gupta, Henry Jin, Michael Orszag and John PiggottPART IV: GOVERNMENT GUARANTEES10. Pricing Defined Benefit Pension InsuranceDavid McCarthy and Anthony NeubergerReferencesIndex
'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.'