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The Role of Governance in Pension Systems


  • Jaroslav Vostatek

    () (University of Finance and Administration)


Contemporary pension systems consist of more pillars and are administered also by very different providers. Corresponding governance systems are also very different, reacting to different interests of stakeholders pushing through their interests. In the interest of alignment of these interests the governance codices are issued, the OECD playing an important role in it. The governance cannot replace the basic defects of the pension pillars, of the quality of pension institutions supervision, nor the annuity markets failures, nor the imperfect competition in this sector. A mission of the World Bank played an important positive role in the formulation of the role of the governance and supervision of the Czech supplementary pension insurance. Lobbyists´ pressures have a negative influence, mainly in the form of proposals for the reform of the public pension pillar and of the existing pension funds and their products, as well as in refusing the full implementation of the EU Pension Directive. By contrast the governance theory and practice highlights the interests of the clients of the pension institutions, with the exception of the private insurance companies where the general corporate governance model applies also in the world. The state support of the pension products may have a substantial role in the promotion of the clients´ interests.

Suggested Citation

  • Jaroslav Vostatek, 2011. "The Role of Governance in Pension Systems," ACTA VSFS, University of Finance and Administration, vol. 5(2), pages 106-125.
  • Handle: RePEc:prf:journl:v:5:y:2011:i:2:p:106-125

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    References listed on IDEAS

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    3. repec:pri:cepsud:101mastrobuoni is not listed on IDEAS
    4. Sergio De Nardis & Claudio Vicarelli, 2003. "The Impact of the Euro on Trade: The (Early) Effect is Not So Large," Economics Working Papers 017, European Network of Economic Policy Research Institutes.
    5. Brada, Josef C & Mendez, Jose, 1988. "Exchange Rate Risk, Exchange Rate Regime and the Volume of International Trade," Kyklos, Wiley Blackwell, vol. 41(2), pages 263-280.
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