Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence

35 Pages Posted: 20 Apr 2016

See all articles by Gregorio Impavido

Gregorio Impavido

International Monetary Fund (IMF); World Bank

Date Written: August 1, 2003

Abstract

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit and proper governing body for public pension funds thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the effects of contractual savings development on financial markets.

Suggested Citation

Impavido, Gregorio, Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence (August 1, 2003). World Bank Policy Research Working Paper No. 3110. Available at SSRN: https://ssrn.com/abstract=636473

Gregorio Impavido

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

HOME PAGE: http://www.imf.org

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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