提高公共养老基金投资绩效[文献翻译].docVIP

外文出处 Cyprus Economic Policy Review 外文作者 Gregorio Impavido, Ronan O’Connor and Dimitri Vitta 原文一： Improving the Investment Performance of Public Pension Funds: Lessons for the Social Insurance Fund of Cyprus from the Experience of Four OECD Countries 12. Concluding remarks The newly created public pension funds of Canada, Ireland and New Zealand share many common characteristics. They all have small professional boards, are independent of government, and operate with a very high level of transparency and public accountability. They all have regular sources of funding as well as long investment horizons and they have been charged with a commercial mandate to seek high investment returns with a prudent level of risk. The boards of directors are responsible for setting the strategic asset allocation and executive management for implementing the chosen strategy. The GPFG of Norway shares all these features, except that it is not independent of government. Its asset allocation is determined by the Ministry of Finance and approved by Parliament. However, the adoption of the 4-pecent fiscal rule, whereby only 4 percent of the total value of the fund can be used in any one year to finance the structural deficit of the government, has placed a strict limit on the use of the fund for current political objectives. A practical aspect of the different composition of the board is that, despite being the largest and having the longest investment horizon, the Norwegian fund has persistently adopted the most conservative asset allocation of all four funds. Two of the public pension funds (CPPIB and NZSF) have appointed internal chief executives. Management of the Irish fund has been assigned to the National Treasury Management Agency (NTMA), which also manages the public debt of Ireland. In Norway, executive management of the fund has been entrusted to Norges Bank. The latter created a special inves