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.

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.

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).


Author: Laura Cahill
Publisher: Bloomsbury Professional
ISBN: 1780432046
Release Date: 2013-06-30
Genre: Law

Pensions - A Handbook for the Family Law Practitioner is a practical guide dealing with pensions in the context of family law in Ireland. There is no other book in the Irish market dealing directly with this topic. Pensions are one of the most valuable marital assets and cause problems every day for family law practitioners. As a result, many barristers and solicitors employ a pension expert to advise on drafting pension adjustment orders, which leads to delays in cases and increased legal costs. The book provides a guide to practitioners through the minefield of pension adjustment orders and other pension aspects of family law. A highly practical book, it contains commentary, legislation, precedents and forms. It includes coverage of the Family Law Act 1995 and the Family Law (Divorce) Act 1996 and regulations. Table of Contents: The legislation and regulations governing Pension Adjustment Orders (PAOs); The types of pensions; The types of Order a Court can make; The Effects of the Court Orders; Restructuring pension funds and its effect on PAOs; Foreign pensions and their problems; Proposed input from a pension expert and the Ombudsman; Problems with the legislation and need for reform; Model PAO drafts.

A Strategic Approach to Corporate Governance

Author: Adrian Davies
Publisher: Gower Publishing, Ltd.
ISBN: 0566080745
Release Date: 1999
Genre: Business & Economics

All institutions require a framework of governance, comprising a mission to be accomplished with clear rules and recognized conventions to guide its accomplishment. This book sets the governance of companies - corporate governance - in a wider framework so that it can be appreciated as part of a long tradition and of a system that affects our lives at all levels and in most places.Corporate governance is no longer optional for businessmen - it is vital - and the events which have led to this and the approaches taken by different countries are explained by Adrian Davies. He goes on to develop a working model for introducing a system of corporate governance, as well as detailing the process of installing and maintaining it. As the title suggests, A Strategic Approach to Corporate Governance explores the link between corporate governance and business strategy, and examines the role of the board of directors in providing leadership to both processes. Moving beyond the Cadbury, Greenbury and Hampel Codes, this book outlines a stakeholder approach to corporate governance which complements the financially-focused Codes.As Sir Adrian Cadbury says in his Foreword:'Openness and accountability are the governance watchwords and ethical standards are the basis on which lasting governance systems are built. These are the lessons we have all learnt from the work which has been done worldwide on the governance of companies. Adrian Davies' book will, with advantage, help to spread corporate experience in this field to a wider range of organisations.'

Institutional Investors and Corporate Governance

Author: Theodor Baums
Publisher: Walter de Gruyter
ISBN: 9783110893380
Release Date: 1993-01-01
Genre: Law

Der Sammelband enthält 23 Beiträge ausgewiesener Wissenschaftler und Praktiker des In- und Auslands zur Entwicklung institutioneller Anleger (Banken, Versicherungen, Investmentfonds, Pensionsfonds usw.), ihre Anlagepolitik, ihr Abstimmungsverhalten, die Auswirkungen auf die Geschäftsleitungen ihrer Beteiligungsgesellschaften sowie zu den in diesem Zusammenhang auftretenden rechtspolitischen Fragen.

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."

Corporate Insolvency

Author: David Pollard
ISBN: 1784514756
Release Date: 2016-12-15

Corporate Insolvency: Employment and Pension Rights is the only book of its kind to successfully bridge the gap between the three distinct disciplines of pensions, employment and corporate insolvency law by drawing out the legal principles applicable where the different legal regimes interact. Following discussions with the author, we believe there is an opportunity to broaden its appeal and for the 6th edition of Corporate Insolvency: Employment and Pension Rights the proposal is to offer the title as two separate, stand-alone volumes: - Corporate Insolvency: Employment Rights; and - Corporate Insolvency: Pension Rights In addition Corporate Insolvency: Employment and Pension Rights (6th Ed) will continue to be available as a pack comprising both the stand-alone titles.The rationale behind this decision is that traditionally legal practitioners, solicitors and barristers, tend to specialise in one area only whether, in this case, it be employment law, pensions law or insolvency law. The structure of the current edition is such that the first half focuses on the application of the rules relating to corporate insolvency and how they impact on employees with the second half of the book focusing on how they impact on pensions. Whilst there is some overlap in the issues that need to be considered, the majority of issues that need to be considered by employment practitioners and pensions practitioners in relation to corporate insolvency are different. This makes it very easy to split in to two stand-alone volumes. As the book is published currently there is information that is superfluous to employment practitioners and information that is superfluous to pensions practitioners, by splitting it in to two stand-alone volumes we will be able to target the relevant volumes more effectively in to these disctinct markets whilst keeping the insolvency market serviced by the pack. Both volumes will cross-refer heavily to each other thereby maintaining the connection between the two titles for the pack.How this book can help you in your workThrough a mix of legislation, case law, analysis and comment, this well-regarded text will give you all the information you need to answer your clients' questions. It outlines the legal principles applicable where the three regimes interact, with a particular focus on the application of the rules relating to corporate insolvency and how they impact on employees and their pension rights. For example: - How is the position of employees affected by the appointment of an insolvency practitioner over their employing company?- Who is liable, and what priority is given to past or future claims

Conflicts of Interest

Author: Luc Thévenoz
Publisher: Kluwer Law International
ISBN: 9789041125781
Release Date: 2007
Genre: Business & Economics

Conflicts of Interest presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the US under the auspices of the Centre for Banking and Financial Law of the University of Geneva. This book discusses the following issues: and• the duty of loyalty and• remedies, such as disclosure, incentives, organizational measures and• regulation and enforcement and• market considerations