How To Manage A Fund
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1 Public Pension Fund Governance Juan Yermo World Bank Pensions Core Course October 2010
2 Why set up reserve funds in PAYG systems? Liquidity management Saving for a rainy day (e.g. demographic shock) Integral part of financing mechanism (e.g. Canadian and Swedish social security systems) Investment horizons and goals of these funds are very different
3 Assets in reserve funds (Dec. 2009) Type of fund Country Name of the fund or institution Founded in Assets USD billions % of GDP % increase Canada Canadian Pension Plan France (1) AGIRC-ARRCO n.d n.d. Japan (1) Government Pension Investment Fund n.d. Korea National Pension Fund Social Security Mexico IMSS Reserve n.d Reserve Fund Poland Demographic Reserve Fund Portugal Social Security Financial Stabilisation Fund Spain Social Security Reserve Fund Sweden National Pension Funds (AP1-AP4 and AP6) United States Social Security Trust Fund Australia Future Fund Belgium Zilverfonds Sovereign France Fond de Réserve des Retraites (FRR) Pension Ireland National Pensions Reserve Fund Reserve Fund New Zealand (2) New Zealand Superannuation Fund Norway (3) Government Pension Fund - Norway n.d Total selected OECD countries (4) Source: OECD Private Pensions Outlook (2009)
4 Retirement related wealth (% of GDP, 2005) Pension Reserve Funds Pension Funds Life Insurance United States Ireland Norway Denmark Japan Sweden (1) Finland Canada France (1) Korea Portugal (2) New Zealand Source: OECD Pensions Markets in Focus (2006)
5 Financial Governance Involves: managerial control and organizational design of pension funds, as well as their external supervision Goal: minimize potential agency problems or conflicts of interest between the principal (beneficiaries and other stakeholders) and the main agent (governing board) and between the latter and delegated agents (e.g. investment manager) Benefits: increase value for stakeholders, in the form of improved investment performance (net of operating costs and adequate compensation for risk) Good financial governance also creates trust among stakeholders and contributes to the efficiency and stability of the financial system
6 Specific governance concerns of reserve funds Government as sponsor, regulator and supervisor (political risk enhanced) Do not have national competitors or peers Do not have readily measurable liabilities, as normally there is no funding target Public sector labour standards can make it difficult to attract suitably qualified staff to manage investments Multiple stakeholders, complicates determining the investment horizon and risk tolerance The governance challenge is greater in reserve funds
7 Key aspects of legal form of reserve funds Legal ownership of assets SSRFs: assets are part of social security scheme. NPRFs: assets are legally separated from the social security scheme, they are direct government property. Ring-fencing By law or statute, can assets be used only for payment of retirement benefits? Fund administration Social security institution Government ministry Autonomous management entity Key to governance are ring-fencing and administration
8 Administration of reserve funds Integrated form Segregated form Asset manager Government Asset manager Government Plan admin. Fund admin. Fund admin. Pension fund Pension fund Contributions Benefits Contributions Benefits Plan admin.
9 Rationale of the segregated model As financing PAYG system, there is little need to maintain continuous watch on interlinkages between contribution and benefit policy on the one hand and fund management on the other. Difficulty in attracting qualified investment professionals to a social security institution (salaries, bureaucracy) Greater transparency and accountability of segregated fund governing body (buck stops there) Greater clarity in mandate and objectives (not concerned with contributions and benefits) Complexity of investment world beyond tripartite governing bodies of social security administration
10 Examples of SSRFs Government assets Ring-fencing Ind. fund admin Canada N Y Y (CPPIB) Finland N Y N Ghana N N N Jordan N Y Y (Inv. Unit) Philippines N Y N Saudi Arabia N Y Y (2008) Spain N N N United States N N N Zambia N N N
11 Examples of NPRFs Government assets Ringfencing Australian NPF Y Y Y France s FRR Y Y Y Ireland s NPRF Y Y Y Korea Y Y N Luxembourg s FDC Y Y Y New Zealand Super Y Y Y Norwegian gov fund Y Y Y Poland Y Y N Portugal Y Y Y Sweden s AP funds Y Y Y Ind. fund admin
12 Summary description of SSRFs and NPRFs SSRFs Assets part of social security system Some have ring-fencing Few have independent fund administrator (segregated form) NPRFs Assets belong to government Ring-fencing is automatic as set up exclusively for pension purposes Most NPRFs are administered by independent management entities (segregated form)
13 Respective challenges of SSRFs and NPRFs SSRFs Promoting professionalism in fund management Avoiding cross-subsidies with other programmes Ring-fencing and independent fund management NPRFs Avoiding government s use of funds for other purposes and discretionary changes in rules (e.g. Norway, Ireland) Tripartite oversight?
14 The three pillars of good governance ACCOUNTABILITY TRANSPARENCY EXPERTISE
15 Good governance in SSRFs and NPRFs (I) Investment for sole benefit of social security beneficiaries Canada s CPPIB, Ireland s NPRF and New Zealand s superannuation fund all have this basic, single objective Clear goals Canada s CPPIB states a funding ratio and rate of return target (and time horizon) in its statement of investment policy New Zealand Superannuation Fund aims at tax smoothing over a forty-year period (by law, government contribution rate linked to fund performance; no withdrawals before 2020) Ireland s NPRF aims at tax smoothing (1% GDP contribution from government till 2055; no withdrawals before 2025) Clear, transparent, stable regulations The financial minister in New Zealand can give directions to the governing board of the Guardians of the Superannuation Fund but these must be in writing, must be presented to the Parliament, and must be published in the official gazette.
16 Typical organisational structure of a reserve fund management entity Governing board (possibly dual, with a separate supervisory board) Management (headed by chief executive or equivalent) Investment committee Audit committee / internal auditor / compliance Actuary (only in SSRFs managed by the social security institution)
17 Governing boards of SSRFs and NPRFs The role of the governing board Ultimate responsibility for decisions Supervisory vs decision-making roles (single vs dual-board structure) Appointment of governing board Social security reserve funds: typically have tripartite boards National pension reserve funds: governing bodies usually selected by nominating commission appointed by finance ministry. In some cases, direct government-appointed and ex-officio members. Operating procedures Small number (up to 9?) Majority voting Regular meetings
18 Key responsibilities of the governing board Appointing the CEO/CIO and other key staff of the reserve fund Setting the fund s objectives and operating procedures as contained in the statement of investment policy Approving the fund s annual operating budget, including staff compensation Approving the selection of external asset managers, custodians, and consultants Reviewing the fund s performance (returns, risks and costs) in relation to the fund s stated objectives and relevant benchmarks
19 Advantages of dual-board structure Can separate experts (governing board) from non-experts / representatives (supervisory board), avoiding domination of latter by former in an integrated structure and ensuring professionalism of executive decisions Internal accountability of governing board is enhanced as can be dismissed at any time by supervisory board Political insulation is enhanced as governing board is accountable to the supervisory board not the government Independence of audit is ensured as it is controlled by supervisory board Remuneration of governing board is feasible which helps attract talent Supervisory board acts like a supervisory authority
20 Dual-board structure: France s FRR Minister of Social Affairs Tripartite stakeholders Executive Board Supervisory Board Manager Selection Committee Appointment Nomination Consultation
21 Key responsibilities of the supervisory board Elect the members of the governing board Select and appoint an independent auditor for the fund Review the reports of the (internal) audit committee Approve compensation of governing board members Review and approve the quarterly financial statements and annual report prepared by the governing board Review and approve the code of conduct prepared by the governing board
22 Dual nomination structures: Canada s CPPIB Federal Finance Minister Finance Ministers from 9 provincial governments Alberta British Col. Ontario Board of Trustees, CPPIB Nominating Committee Appointment Nomination Consultation
23 Dual nomination structures: New Zealand Minister of Finance Parliament Board of Trustees, Guardians of the Superannuation Fund Nominating Committee CEO Appointment Nomination Consultation
24 The investment committee Main role is to advise governing board on investment strategy and serve as a forum for discussing market conditions and tactical asset allocation decisions Common in pension funds, but few reserve funds (at least NPRFs) have them (France manager selection committee -, Canada the governing board, but not in Ireland or New Zealand) Appointed by the governing board, may include external experts. Investment committee more relevant for SSRFs managed by the social security institution. Independent management entities focus exclusively on investment management
25 Role of the audit committee Requiring the board to implement internal control procedures and reviewing, evaluating, and approving these procedures Reviewing and approving the board s annual financial statements and reporting to the board on these Meeting with the board s auditors to discuss the annual financial statements and the auditor s report Reviewing all investments and transactions that could adversely affect the return on the board s investments that are brought to the committee s attention by the board s auditor or officers
26 Good governance in SSRFs and NPRFs (II) Fiduciary responsibility and accountability Canada s CPPIB board members have three-year appointments and can only be dismissed for illegal or immoral conduct. New Zealand Guardians of Superannuation board members can only be dismissed for reasons relating to their performance as members, or because of misconduct. Expertise Canada s CPPIB board members must have an investment professional accreditation, experience as CFO, treasurer or pension consultant. In New Zealand, at least 4 members of the nominating committee must be investment professionals. Board members of the Guardians of New Zealand Superannuation must all have experience and expertise in investment management Irish NPRF commissioners must have expertise and experience in investment, economics, law, actuarial practice, etc. Internal controls / code of conduct Canada s CPPIB is required to implement and disclose a code of conduct, including tight controls on the personal investing of directors and employees. In New Zealand and Ireland guardians/commissioners must follow a code of conduct and must disclose any conflicts of interest they may have
27 General principles of conduct (adapted from CFA Institute) Act in a professional and ethical manner at all times. Act in accordance with applicable laws, regulations and the fund s own mission, rules and policies. Act with independence and objectivity (conflict of interest). Act with skill, competence and diligence. Disclose information to stakeholders in a timely and accurate manner Maintain confidentiality of sensitive information
28 Code of conduct: The French FRR Members of the Executive Board must submit and regularly update a statement indicating the interests and positions they hold in outside economic and financial concerns. They are barred from reviewing and voting on matters involving parties in which they hold (or have held in previous 18 months) a position, office or interest. They must notify in writing the chairman of the Supervisory Board and fellow members of the Executive Board whenever a potential conflict of interest situation arises. They are held to a strict obligation of confidentiality
29 Conflicts of interest rules: The Irish NPRF Commissioners and members of the staff of the manager or committee must disclose to the Commission (or manager or committee) any pecuniary or beneficial interest in and material to any matter considered by the Commission (Section 12(1), NPRF Act, 2000) Can neither influence nor seek to influence a decision to be made in relation to the matter Can take no part in any consideration of the matter Where relevant, must absent himself/herself from the meeting or part thereof during which the matter is discussed Where relevant, cannot vote on a decision relating to the matter
30 Good governance in SSRFs and NPRFs (III) Independent custody Canada s CPPIB must appoint an external custodian. Independent audit In Canada, the CPPIB is subject to an annual financial audit by an external auditor, and every six years there is a special examination of investment practices. In Ireland, annual audit by Comptroller and Auditor General External monitoring Government, parliament, or the same authority that supervises private pension funds (e.g. Costa Rica, Indonesia, Kenya and Morocco). Disclosure The Canadian CPPIB and Irish Pension Reserve Fund are required to publish statement of investment policy, governance structure, quarterly financial statements (Canada s CPPIB only) and annual reports (including performance assessment).
31 Contents of the annual report Financial statements for the previous year Auditor s report for that year Compliance certificate Statement from the board on the fund s investments (allocation, returns, risk exposure, and costs in relation to stated objectives) Statement on future objectives Statement of investment policy Information on governance structure, including names of board and committee members Decisions requiring board approval Information on executive compensation
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