Options to Improve the Governance and Investment of Japan’s Government Pension Investment Fund

OECD Working Papers on Finance, Insurance and Private Pensions No. 2010/6

33 Pages Posted: 26 Dec 2010

See all articles by Juan Yermo

Juan Yermo

Organization for Economic Co-Operation and Development (OECD)

Fiona Stewart

Organization for Economic Co-Operation and Development (OECD)

Date Written: December 23, 2010

Abstract

This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world. The GPIF earned its name in 2006 as part of a major governance reform that aimed at increasing the transparency and autonomy of the fund. While much improved, the new governance structure still falls short of international best practices and in some aspects does not meet some of the basic criteria contained in OECD recommendations, in particular the OECD Guidelines for Pension Fund Governance.

Keywords: pension funds, public pensions, social security, reserve funds, asset management, governance

JEL Classification: G18, G23, G28

Suggested Citation

Yermo, Juan and Stewart, Fiona, Options to Improve the Governance and Investment of Japan’s Government Pension Investment Fund (December 23, 2010). OECD Working Papers on Finance, Insurance and Private Pensions No. 2010/6, Available at SSRN: https://ssrn.com/abstract=1730175 or http://dx.doi.org/10.2139/ssrn.1730175

Juan Yermo (Contact Author)

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

Fiona Stewart

Organization for Economic Co-Operation and Development (OECD) ( email )

2 rue Andre Pascal
Paris Cedex 16, 75775
France

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