TAILIEUCHUNG - OECD Working Papers on Insurance and Private Pensions No. 15: Governance and Investment of Public Pension Reserve Funds in Selected OECD Countries

The fact that the shortfall figures have been rising over the past twenty years indicates that the mutual fund industry's market impact problems are becoming increasingly severe. This is not surprising, given the rapid growth in the size of mutual funds and an increase in the rates of their portfolio turnover. In any event, it appears that the combination of reported expenses and market impact costs, on average, now consumes the mutual fund investor's capital at a. | Please cite this paper as Yermo J. 2008 Governance and Investment of Public Pension Reserve Funds in Selected OECD Countries OECD Working Papers on Insurance and Private Pensions No. 15 OECD Publishing. doi 244270553278 OECD Working Papers on Insurance and Private Pensions No. 15 Governance and Investment of Public Pension Reserve Funds in Selected OECD Countries Juan Yermo OECD JEL Classification G18 G23 G28 OECI PUBLISHING OECD France GOVERNANCE AND INVESTMENT OF PUBLIC PENSION RESERVE FUNDS IN SELECTED OECD COUNTRIES Juan Yermo January 2008 OECD WORKING PAPER ON INSURANCE AND PRIVATE PENSIONS No. 15 Financial Affairs Division Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal Paris 75116 France daf fin wp 1 ABSTRACT RÉSUMÉ Governance and Investment of Public Pension Reserve Funds in Selected OECD Countries. Many countries around the world are partly prefunding their otherwise pay-as-you-go PAYG financed social security systems by establishing or further developing existing public pension reserve funds PPRFs . Most OECD countries have put in place internal and external governance mechanisms and investment controls to ensure the sound management of these funds and better isolate them from undue political influence. These structures and mechanisms are in line with OECD standards of good pension fund governance and investment management. In particular the requirements of accountability suitability and transparency are broadly met by these reserve funds. However some specific details of the funds governance and investment management could be improved in a few countries such as enhancing the expertise in the funds governing boards and constraining discretionary interventions by government. Such reforms will ultimately raise the long-term investment performance of the funds and the solvency of social security systems. JEL codes G18 G23 G28 Keywords pension funds public pensions

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