The Role of Governance in the Pension Systems

@article{2792,
   author = {Vostatek, Jaroslav},
   article_location = {Praha},
   article_number = {2},
   keywords = {public governance; corporate governance; pension reform; pension pillar; pan-European pensions; pension fund; life insurance company; social insurance},
   language = {cze},
   issn = {1802-792X},
   journal = {ACTA VŠFS},
   title = {The Role of Governance in the Pension Systems},
   volume = {2011},
   year = {2011}
}

TY  - JOUR
ID  - 2792
AU  - Vostatek, Jaroslav
PY  - 2011
TI  - The Role of Governance in the Pension Systems
JF  - ACTA VŠFS
VL  - 2011
IS  - 2
SP  - 106-125
EP  - 106-125
PB  - Vysoká škola finanční a správní, o.p.s.
SN  - 1802792X
KW  - public governance
KW  - corporate governance
KW  - pension reform
KW  - pension pillar
KW  - pan-European pensions
KW  - pension fund
KW  - life insurance company
KW  - social insurance
N2  - Contemporary pension systems consist of more pillars and are administered also by very different providers. Corresponding governance systems are also very different, reacting to different interests of stakeholders pushing through their interests. In the interest of alignment of these interests the governance codices are issued, the OECD playing an important role in it. The governance cannot replace the basic defects of the pension pillars, of the quality of pension institutions supervision, nor the annuity markets failures, nor the imperfect competition in this sector. A mission of the World Bank played an important positive role in the formulation of the role of the governance and supervision of the Czech supplementary pension insurance. Lobbyists pressures have a negative influence, mainly in the form of proposals for the reform of the public pension pillar and of the existing pension funds and their products, as well as in refusing the full implementation of the EU Pension Directive. By contrast the governance theory and practice highlights the interests of the clients of the pension institutions, with the exception of the private insurance companies where the general corporate governance model applies also in the world. The state support of the pension products may have a substantial role in the promotion of the clients interests.
ER  - 

VOSTATEK, Jaroslav. The Role of Governance in the Pension Systems. \textit{ACTA VŠFS}. Praha: Vysoká škola finanční a správní, o.p.s., 2011, vol.~2011, No~2, p.~106-125. ISSN~1802-792X.