World Bank Urges Better Management of Korea's Public Pension Funds

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``The World Bank is concerned about the way that Korea's pension funds are managed,'' said, Robert J. Palacios, a senior pension economist at the World Bank during an interview with the Korea Times.

What he is concerned about is that government officials predominantly control the governance structure of the national pension fund.

The pension fund-managing committee in Korea is not independent from the government, and further, there are many politicians in this committee, he said.

According to him, like in the U.S., Canada, Holland, and Ireland, there are governance mechanisms that create an arm's length distance from the politicians and the …