Good Governance for Pension Schemes

Author: Paul Thornton
Publisher: Cambridge University Press
ISBN: 9781139500333
Release Date: 2011-07-14
Genre: Law

Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.

Cross Border Mergers in Europe

Author: Dirk Van Gerven
Publisher: Cambridge University Press
ISBN: 9781139502146
Release Date: 2011-09-08
Genre: Law

This discussion of the Cross-Border Merger Directive and its implementing legislation in each Member State of the European Union and the European Economic Area provides companies and their advisors with useful insight into the legal framework applicable to, and the tax treatment of, cross-border mergers throughout the European Economic Area. Analysis of the Community rules laid down in the Cross-Border Merger Directive and the Community rules on the tax treatment of cross-border mergers is complemented by chapters on the implementing legislation in each Member State, prepared in accordance with a common format and contributed by a practitioner from each state. Annexes contain the Cross-Border Merger Directive (Annex I), the Parent-Subsidiary Directive (Annex II) and a list of the implementing legislation in each Member State (Annex III).

Understanding Institutional Shareholder Activism

Author: Bo Gong
Publisher: Routledge
ISBN: 9781136015687
Release Date: 2013-12-13
Genre: Law

Institutional shareholder participation has long been considered as vital to good corporate governance yet its potential does not seem to have been realized. The recent banking crisis exposed the passivity of some institutional shareholders, many of whom appear to have chosen to sell their stakes in the banks rather than intervene or challenge the board when they realized the strategies followed by the banks were excessively risky. Institutional shareholders’ role to scrutinize and monitor the decisions of boards and executive management in the banking sector in the UK is considered by many to be a failure, resulting in the phenomenon of ‘ownerless corporations’, as described by Lord Myners. In China, despite the fast rising of institutional investment in the securities market, institutional shareholders have not yet played a contributory role in monitoring corporate managers in listed companies. Drawing on empirical evidence this book seeks to systematically analyses institutional shareholders’ incentives to activism to explain when and why shareholder activism will occur. The book puts forward a model which explains the factors that determine institutional shareholders’ propensity for activism. The model both elaborates the collective benefits of activism as a means of achieving managerial accountability asks whether and when shareholder activism is rational for any individual shareholder. The book then goes to on to apply these finding to both the UK and China in order to explain the varying levels of shareholder activism in each jurisdiction. The book is the first to take an in-depth look at institutional share-holder activism in China providing prescriptions to promote greater shareholder engagement and exploring the potential it holds for improving corporate governance in the region.

Corporate Governance aus der Sicht institutioneller Growth und Value Investoren

Author: Christian Dietrich
Publisher: Springer-Verlag
ISBN: 9783658034689
Release Date: 2013-12-11
Genre: Business & Economics

​Christian Dietrich beschäftigt sich mit der Sicht institutioneller Growth- und Value-Investoren auf die Corporate Governance deutscher Aktiengesellschaften und leistet durch ihre Untersuchung einen Beitrag zur Erforschung der kontextabhängigen Bedeutung guter Unternehmensführung. Ziel der Arbeit ist es, Erkenntnisse darüber zu gewinnen, ob und inwiefern die Corporate Governance denkbarer Target-Unternehmen mit in die Anlageentscheidungen dieser Investorengruppen einfließt. Darüber hinaus steht die Identifikation von Unterschieden in den Präferenzstrukturen der Anleger im Fokus. Der Autor formuiert die Leitthese, dass gute Unternehmensführung nicht allgemein und unter allen Umständen gültig ist. Als Instrument zur Erhebung und Messung der Präferenzen findet eine adaptive Conjoint-Analyse Verwendung. Aus den empirischen Befunden geht zunächst hervor, dass sowohl die Portfolio Manager der institutionellen Growth- als auch jene der institutionellen Value-Investoren im Durchschnitt die Corporate Governance der Target-Unternehmen mit in ihre Anlageentscheidung einfließen lassen. Beide Investorengruppen besitzen deutliche Präferenzen für die untersuchten Governance-Merkmale. Aus anschließenden statistischen Test- und Analyseverfahren gehen ferner signifikante Präferenzunterschiede in Bezug auf die untersuchten Governance-Merkmale zwischen ​Growth- und Value-Investoren hervor

Governance and Investment of Public Pension Assets

Author: Sudhir Rajkumar
Publisher: World Bank Publications
ISBN: 9780821384701
Release Date: 2011
Genre: Social Science

And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

Cambridge Handbook of Institutional Investment and Fiduciary Duty

Author: James P. Hawley
Publisher: Cambridge University Press
ISBN: 9781139867740
Release Date: 2014-04-10
Genre: Business & Economics

The Cambridge Handbook of Institutional Investment and Fiduciary Duty is a comprehensive reference work exploring recent changes and future trends in the principles that govern institutional investors and fiduciaries. A wide range of contributors offer new perspectives on the dynamics that drive the current emphasis on short-term investment returns. Moreover, they analyze the forces at work in markets around the world which are bringing into sharper focus the systemic effects that investment practices have on the long-term stability of the economy and the interests of beneficiaries in financial, social and environmental sustainability. This volume provides a global and multi-faceted commentary on the evolving standards governing institutional investment, offering guidance for students, researchers and policy-makers interested in finance, governance and other aspects of the contemporary investment world. It also provides investment, business, financial media and legal professionals with the tools they need to better understand and respond to the new financial market challenges of the twenty-first century.

Corporate Governance Around the World

Author: Ahmed Naciri
Publisher: Routledge
ISBN: 9781134087891
Release Date: 2008-02-19
Genre: Business & Economics

The last Asian financial crisis, coupled with the western series of corporate scandals, has caused investors and citizens to doubt mangers’ ability to guarantee credible financial information about organizations. Consequently, legislators all over the world have come to realise the necessity of legislating in the area of corporate governance. This book explores several national corporate governance reform experiences from around the world (including Canada, China, the United States, and the European Union) and offers an explanatory theory with regard to national systems of corporate governance. It also underlines corporate governance as a management tool and principle. The author argues that each country should be encouraged to build its own system of corporate governance which should be harmonized with its history, culture and the level of its economic development.

Public pension fund management

Author: Alberto R. Musalem
Publisher: World Bank Publications
ISBN: STANFORD:36105115131083
Release Date: 2004
Genre: Business & Economics

"Until recently, 'public pension fund management' is an area that received little attention by policymakers, practitioners, and development agencies. Even though there is growing interest in the public pension fund reform both in emerging and developed countries, there are not many resources available in the market in this area. The World Bank decided to actively contribute to the international debate over the public pension fund management in order to better advise its clients and design its programs in this area. One of the most important aspects of this effort, and one in which the World Bank has some comparative advantage, is in bringing together country experiences in order to learn which policies have been working and which policies have failed. Public Pension Fund Managementhighlights the key themes and findings of the Second Public Pension Fund Management Conference which was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies."

New York Elder Law

Author: David Goldfarb
Publisher: LexisNexis
ISBN: 9781579111465
Release Date: 2018-10-05
Genre: Law

The Answer to All Your New York Elder Law Questions New York Elder Law provides analysis and commentary on the laws and regulations affecting the elderly in New York. As the New York companion to Tax, Estate & Financial Planning for the Elderly and Tax, Estate & Financial Planning for the Elderly: Forms & Practice from Matthew Bender, this new handy "how-to" practice guide covers a broad spectrum of legal and financial issues of special concern to the elderly and their families. It includes: planning for disability; Medicaid eligibility, spousal rights, financial responsibility of third parties, transfer of assets, liens, estate recovery, and fair hearing advocacy; supplemental needs trusts; guardianships; estate planning and wills; health care coverage and resources; financial planning; income and estate tax, and elder abuse.

Goal the Financial Physician s Ultimate Survival Guide for the Professional Athlete

Author: Mitch Levin
ISBN: 9781456602284
Release Date: 2013-02-01
Genre: Biography & Autobiography

The Financial Physician has struck again! Best selling author, speaker and trusted advisor has collaborated on yet another blockbuster. Within this book you will learn how to never be poor, achieve full financial health and live a prosperous life.

Social Protection Sector Strategy

Publisher: World Bank Publications
ISBN: 0821349031
Release Date: 2001-01-01
Genre: Business & Economics

This book presents recent World Bank analytical work on the causes of violence and conflict in Columbia and the pilot lending programmes which have been designed to promote peace and help development. It is divided into three sections. The first sets the framework for the history of violence and the mechanisms of its propagation, looks at its costs and also at current policy initiatives to reduce it. The second part looks at the social economic causes of conflict and the costs of achieving peace. The last part reviews the recent experience of the World Bank in assisting countries that are experiencing, or have overcome, domestic armed conflict.

Corporate Governance Financial Markets and Global Convergence

Author: Société universitaire européenne de recherches financières
Publisher: Springer Science & Business Media
ISBN: 0792348257
Release Date: 1997-12-31
Genre: Business & Economics

The papers in this volume were presented in Budapest at the 20th Colloquium of the Société Universitaire Européenne de Recherches Financières (SUERF), arranged in association with the Robert Triffin-Szirák Foundation. Each paper deals with a different aspect of the characteristics of and trends in corporate governance. The three main topics are: Corporate governance of financial institutions; Corporate governance as exerted by financial institutions; Financial instutions as participants in the transfer of corporate governance. £/LIST£ The structure of financial markets and institutions has a significant impact on the ways in which the power to manage corporate resources is allocated. The relative roles of different types of owners and the legal framework within which they operate are currently in a state of flux throughout Europe. Financial integration in the European Union, the transition to open market economies in Central and Eastern Europe and privatization, have a profound effect on the behaviour and influence of different enterprises. This collection of papers demonstrates the range of aspects of corporate governance in a world characterized by rapid technological, political and institutional change which is currently concerning researchers and practitioners. The authors come from a wide number of countries and disciplines, and include people from leading banks and corporations, public officials and academics, providing different perspectives on corporate governance, financial markets and global convergence in eastern and western Europe. Their contributions will be of considerable interest to academics in the fields of finance and banking, monetary economics and macro-economics, and also to professionals in banks, securities houses, corporate treasuries, pension funds, consultancies, law firms, central banks and regulatory bodies.

Private Pensions

Author: Barbara Bovbjerg
Publisher: DIANE Publishing
ISBN: 9781437942927
Release Date: 2011-04

Thirty years ago Congress enacted protections to ensure that participants in multiemployer pension plans received their promised benefits. These defined benefit plans are created by collective bargaining agree. covering more than one employer. Today, these plans provide pension coverage to over 10.4 million participants in approx. 1,500 multiemployer plans insured by the Pension Benefit Guaranty Corp. (PBGC). This report examines: (1) the current status of nation's multiemployer plans; (2) steps PBGC takes to monitor the health of these plans; (3) the structure of multiemployer plans in other countries; and (4) statutory and regulatory changes that could help plans provide participants with the benefits they are due. Illus. This is a print on demand report.