提高公共养老基金投资绩效[文献翻译]

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1、外文出处CyprusEconomicPolicyReview外文作者GregorioImpavido,RonanO’ConnorandDimitriVitta原文一：ImprovingtheInvestmentPerformanceofPublicPensionFunds:LessonsfortheSocialInsuranceFundofCyprusfromtheExperienceofFourOECDCountries12.ConcludingremarksThenewlycreatedpublicpensionfundsofCanada,IrelandandNewZealandsh

2、aremanycommoncharacteristics.Theyallhavesmallprofessionalboards,areindependentofgovernment,andoperatewithaveryhighleveloftransparencyandpublicaccountability.Theyallhaveregularsourcesoffundingaswellaslonginvestmenthorizonsandtheyhavebeenchargedwithacommercialmandatetoseekhighinvestmentreturnswitha

3、prudentlevelofrisk.Theboardsofdirectorsareresponsibleforsettingthestrategicassetallocationandexecutivemanagementforimplementingthechosenstrategy.TheGPFGofNorwaysharesallthesefeatures,exceptthatitisnotindependentofgovernment.ItsassetallocationisdeterminedbytheMinistryofFinanceandapprovedbyParliame

4、nt.However,theadoptionofthe4-pecentfiscalrule,wherebyonly4percentofthetotalvalueofthefundcanbeusedinanyoneyeartofinancethestructuraldeficitofthegovernment,hasplacedastrictlimitontheuseofthefundforcurrentpoliticalobjectives.Apracticalaspectofthedifferentcompositionoftheboardisthat,despitebeingthel

5、argestandhavingthelongestinvestmenthorizon,theNorwegianfundhaspersistentlyadoptedthemostconservativeassetallocationofallfourfunds.Twoofthepublicpensionfunds(CPPIBandNZSF)haveappointedinternalchiefexecutives.ManagementoftheIrishfundhasbeenassignedtotheNationalTreasuryManagementAgency(NTMA),whichal

6、somanagesthepublicdebtofIreland.InNorway,executivemanagementofthefundhasbeenentrustedtoNorgesBank.Thelattercreatedaspecialinvestmentmanagementunit,NBIM,whichhasdischargeditsdutiesasmanagerinthesameprofessionalwayastheexecutive10managersoftheotherthreefunds.Allfourfundswereinitiallysetuptooperatew

7、ithasmallcomplementofskilledstaff,builddiversifiedportfoliosofglobalequitiesandbonds,andeffectivelyactasmanagersofmanagers,focusingonpassiveindexedmanagementthroughexternalmanagers.Thisromanticideadidnotlastlong.Passiv