A Disclosure Framework for Public Fund Investment Policies

Procedia Economics and Finance, Volume 29 (2015)

The Fifth Joint BIS/World Bank Public Funds Conference, 2014

Ohio State Public Law Working Paper No. 272

37 Pages Posted: 30 Aug 2014 Last revised: 1 Dec 2015

See all articles by Paul Rose

Paul Rose

Ohio State University - Moritz College of Law; Bocconi University - BAFFI Center on International Markets, Money, and Regulation; Tufts University - The Fletcher School of Law and Diplomacy; Fundación Instituto de Empresa, S.L. - IE Business School

Date Written: December 19, 2014

Abstract

Assets under management by public funds, including sovereign wealth funds and sovereign pension funds, continues to grow at a strong pace. As funds grow larger and new sovereign funds come into the market, the identification of suitable investments in an increasingly crowded marketplace become correspondingly more difficult. The universe of potential investments is narrowed by a trust deficit between many sovereign funds and the regulators in countries in which these funds invest; this trust deficit can result in higher regulatory costs that price public funds out of the market, or can create unacceptably high regulatory risks that deter funds from considering certain investments. Because transparency can help foster trust, this report seeks to remedy the trust deficit by suggesting a disclosure framework for public fund investment policies that are most relevant to recipient country regulators. The report then reviews selected policies, as available, for the 25 largest sovereign wealth funds in the world, as listed by the Sovereign Wealth Institute, and the 26 largest sovereign pension funds, as listed in the Pension & Investments/Towers Watson 300 Ranking. The report will be updated annually, and comments are welcome.

Keywords: sovereign wealth funds, pension funds, investment policies

JEL Classification: K2, K20, K33

Suggested Citation

Rose, Paul, A Disclosure Framework for Public Fund Investment Policies (December 19, 2014). Procedia Economics and Finance, Volume 29 (2015) , The Fifth Joint BIS/World Bank Public Funds Conference, 2014, Ohio State Public Law Working Paper No. 272, Available at SSRN: https://ssrn.com/abstract=2489080 or http://dx.doi.org/10.2139/ssrn.2489080

Paul Rose (Contact Author)

Ohio State University - Moritz College of Law ( email )

55 West 12th Avenue
Columbus, OH 43210
United States

Bocconi University - BAFFI Center on International Markets, Money, and Regulation ( email )

Milano, 20136
Italy

Tufts University - The Fletcher School of Law and Diplomacy ( email )

Medford, MA 02155
United States

Fundación Instituto de Empresa, S.L. - IE Business School ( email )

Calle Maria de Molina 12, Bajo
Madrid, Madrid 28006
Spain

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