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,IrelandandNewZ

2、ealandsharemanycommoncharacteristics.Theyallhavesmallprofessionalboards,areindependentofgovernment,andoperatewithaveryhighleveloftransparencyandpublicaccountability.Theyallhaveregularsourcesoffundingaswellaslonginvestmenthorizonsandtheyhavebeenchargedwithacommercialmandatetoseekhighinvest

3、mentreturnswithaprudentlevelofrisk.Theboardsofdirectorsareresponsibleforsettingthestrategicassetallocationandexecutivemanagementforimplementingthechosenstrategy.TheGPFGofNorwaysharesallthesefeatures,exceptthatitisnotindependentofgovernment.ItsassetallocationisdeterminedbytheMinistryofFina

4、nceandapprovedbyParliament.However,theadoptionofthe4-pecentfiscalrule,wherebyonly4percentofthetotalvalueofthefundcanbeusedinanyoneyeartofinancethestructuraldeficitofthegovernment,hasplacedastrictlimitontheuseofthefundforcurrentpoliticalobjectives.Apracticalaspectofthedifferentcompositiono

5、ftheboardisthat,despitebeingthelargestandhavingthelongestinvestmenthorizon,theNorwegianfundhaspersistentlyadoptedthemostconservativeassetallocationofallfourfunds.Twoofthepublicpensionfunds(CPPIBandNZSF)haveappointedinternalchiefexecutives.ManagementoftheIrishfundhasbeenassignedtotheNation

6、alTreasuryManagementAgency(NTMA),whichalsomanagesthepublicdebtofIreland.InNorway,executivemanagementofthefundhasbeenentrustedtoNorgesBank.Thelattercreatedaspecialinvestmentmanagementunit,NBIM,whichhasdischargeditsdutiesasmanagerinthesameprofessionalwayastheexecutive10managersoftheotherthr

7、eefunds.Allfourfundswereinitiallysetuptooperatewithasmallcomplementofskilledstaff,builddiversifiedportfoliosofglobalequitiesandbonds,andeffectivelyactasmanagersofmanagers,focusingonpassiveindexedmanagementthroughexternalmanagers.Thisromanticideadidnotlastlong.Passiv