Governance of public pension funds : lessons from corporate governance and international evidence
AbstractAn 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.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 3110.
Date of creation: 31 Aug 2003
Date of revision:
Economic Theory&Research; International Terrorism&Counterterrorism; Decentralization; Payment Systems&Infrastructure; Banks&Banking Reform; Municipal Financial Management; National Governance; Environmental Economics&Policies; Economic Theory&Research; Banks&Banking Reform;
This paper has been announced in the following NEP Reports:
- NEP-ACC-2004-09-12 (Accounting & Auditing)
- NEP-ALL-2004-08-16 (All new papers)
- NEP-FIN-2004-08-16 (Finance)
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