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Options to Improve the Governance and Investment of Japan's Government Pension Investment Fund

Author

Listed:
  • Fiona Stewart

    (OECD)

  • Juan Yermo

    (OECD)

Abstract

This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world. The GPIF earned its name in 2006 as part of a major governance reform that aimed at increasing the transparency and autonomy of the fund. While much improved, the new governance structure still falls short of international best practices and in some aspects does not meet some of the basic criteria contained in OECD recommendations, in particular the OECD Guidelines for Pension Fund Governance. Options pour renforcer la gouvernance et la gestion du Fond d'Investissement des Pensions du Gouvernement japonais Ce document suggère des solutions pour renforcer la gouvernance et la gestion du Fond d‘Investissement des Pensions du Gouvernement japonais, la plus grande réserve d‘actifs de retraite du monde. Le Fond d‘Investissement des Pensions du Gouvernement a acquis son nom en 2006 lors d‘une réforme majeure de la gouvernance dont le but était d‘augmenter la transparence et l‘autonomie du fonds. Bien que la nouvelle structure de gouvernance se soit fortement améliorée, elle reste en deçà des meilleures pratiques internationales et par certains aspects ne satisfait pas à certains critères de base contenus dans les recommandations de l‘OCDE, notamment les Lignes directrices de l’OCDE sur la gouvernance des fonds de pension.

Suggested Citation

  • Fiona Stewart & Juan Yermo, 2010. "Options to Improve the Governance and Investment of Japan's Government Pension Investment Fund," OECD Working Papers on Finance, Insurance and Private Pensions 6, OECD Publishing.
  • Handle: RePEc:oec:dafaad:6-en
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    File URL: http://dx.doi.org/10.1787/5kgkmb9v0vhk-en
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    More about this item

    Keywords

    asset management; caisses de réserve; fonds de pension; gestion de portefeuille; gouvernance; governance; pension fund; protection sociale; public pensions; reserve funds; régime publics de retraite; social security;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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