Public Pension Fund Management: Governance, Accountability, and Investment Policies : Proceedings of the Second Public Pension Fund Management Conference, May 2003

Public Pension Fund Management: Governance, Accountability, and Investment Policies : Proceedings of the Second Public Pension Fund Management Conference, May 2003

Public Pension Fund Management: Governance, Accountability, and Investment Policies : Proceedings of the Second Public Pension Fund Management Conference, May 2003

Public Pension Fund Management: Governance, Accountability, and Investment Policies : Proceedings of the Second Public Pension Fund Management Conference, May 2003

Synopsis

"Until recently, 'public pension fund management' is an area that received little attention by policymakers, practitioners, and development agencies. Even though there is growing interest in the public pension fund reform both in emerging and developed countries, there are not many resources available in the market in this area.

The World Bank decided to actively contribute to the international debate over the public pension fund management in order to better advise its clients and design its programs in this area. One of the most important aspects of this effort, and one in which the World Bank has some comparative advantage, is in bringing together country experiences in order to learn which policies have been working and which policies have failed.

Public Pension Fund Management highlights the key themes and findings of the Second Public Pension Fund Management Conference which was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies."

Excerpt

Public pension fund management is an important practice in a great number of countries and represents about one-third of worldwide pension schemes. in addition, in many countries public pension funds represent an important share of the financial system’s assets. Special issues concerning these funds include fund governance, fund managers’ accountability, investment policies, the exercising of shareholders’ rights, and corporate governance; and fund management has an impact on fiscal policy and financial markets.

Proper management of public pension funds contributes to fulfilling the promise of providing adequate retirement income while developing financial markets. the issue of management has only recently attracted the attention of policymakers, practitioners, and development agencies. Most important, countries that do not pay sufficient attention to the management of public pension funds often discover that these funds have been mismanaged and failed to contribute to financial markets’ development. Government intervention is then required to deal with ensuing problems. in this context, the World Bank through the World Bank Institute, the Financial Sector Vice-Presidency, and the Human Development VicePresidency decided to organize the public pension fund management conferences. Participants addressed initial experiences with best international practices in public pension fund management and challenges confronted by emerging economies to implement them.

This is the second conference on the topic, bringing together about 150 senior policymakers, practitioners, academics, and staff of multilateral agencies to address issues of governance, accountability, and investment policies. This conference aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies.

Thanks are due to many individuals who contributed to the success of the conference and to this volume, including the authors and discussants of the paper presented herein. Special thanks are owed to Ms. Demet Cabbar of the World Bank, who helped to organize the conference and . . .

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