The graduation theses is analyzing possibilities of pension reform in the Czech republic, proposals of political parties and financial group ING and then is considering situation in other europian countries and in the USA.

The main addressed question of this thesis is whether international experiences indicate that private pension pillar contributes to the profitability and stability of pension system and economic development. Firstly, global private pension pillar is characterized. Its long term return is estimated from derived virtual portfolio. Following Aaron-Samuelson principle, it is calculated notional return of global public pension pillar. Comparing returns of both pillars, there is slightly higher return of private pension pillar, but considering variability, entailing risk, the public pension pillar becomes favorable. Moreover, combination of both pillar doesn't seem to be effective since both returns are well correlated. Next section of the thesis deals with economic effects of private pension pillar on labor market. Simple correlation doesn't proof a positive linking of private pension pillar's contribution magnitude and labor activity, expressed as an average annual working time of population in productivity age. Subsequent analysis of private pension pillar's outlook in selected countries illustrates unfulfilled expectations of participants in private pension pillars. Reflecting all particular findings, it wasn't confirmed that private pension pillars substantially contribute to profitability and stability of pension system and performance of economy.

Orientador: Bruno Martarello De Conti / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-27T08:55:06Z (GMT). No. of bitstreams: 1 Bastos_HenriqueGoncalves_M.pdf: 1980248 bytes, checksum: b41309facbe175243df3839a0b18cec1 (MD5) Previous issue date: 2015 / Resumo: O objetivo desta dissertação é avaliar se os fundos fechados de previdência complementar atuam ou têm potencial para atuar na alocação de ativos em instrumentos de funding no Brasil. Em simultâneo, explora-se algumas das razões apontadas na literatura para explicar porque o país não dispõe de um sistema privado e autônomo capaz de financiar investimentos no longo prazo. Para investigar o assunto, são apresentados os principais elementos teóricos de uma economia monetária de produção que auxiliam na compreensão do tema, sobretudo o circuito finance-funding, proposto por Keynes, em contraposição à teoria convencional dos fundos emprestáveis, que coloca a poupança como elemento previamente necessário à realização do investimento. São consideradas também as questões pertinentes ao capitalismo globalizado sob dominância financeira, que identifica a importância dos investidores institucionais na determinação dos grandes movimentos de capitais, da exacerbação da preferência pela liquidez e do comportamento de curto prazo nos mercados secundários. Considerando a hipótese de que o financiamento ao investimento de longo prazo no Brasil não depende do fluxo prévio de poupança, mas da estratégia de alocação da riqueza dos agentes econômicos que atuam no mercado financeiro nacional, foram avaliados os fundos fechados de previdência complementar (fundos de pensão) para analisar sua pertinência / Abstract: This work aims to assess whether private pension funds acts or have the potential to act in asset allocation to funding instruments in Brazil. It also explores some of the reasons presented in the literature to explain why the country does not have a private and autonomous system able to finance long-term investments. To investigate this matter, the main theoretical elements of a monetary economy of production are employed to aid in the understanding of the subject, especially the finance funding circuit, as proposed by Keynes, in contrast to the loanable funds conventional theory, which puts the prior savings argument as a crucial need to investment. The issues related to global capitalism under financial dominance, which identifies the importance of institutional investors in determining the large movements of capital, the exacerbation of the liquidity preference and the short-term behavior in secondary markets, are also considered. Pension funds market was observed to test the relevance of the assumption that financing of long-term investment in Brazil does not depend on the flow of prior savings, but on the wealth allocation strategy of economic agents operating in the domestic financial market / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

Magister Legum - LLM / In recent times, South Africa (‘SA’) has seen many corporate failures due to poor corporate governance. It spans across Johannesburg Stock Exchange (‘JSE’) listed companies, State Owned Enterprises (’SOE’s’)1 as well as non-listed companies,2 ranging from business such as mutual banks and companies that specialise in agricultural products to companies who deal in furniture and household goods. The ramifications of such failures were felt across all corners of SA and beyond.3 Reflecting on the above failures, one will find a common thread of poor corporate governance having played a hand in their catastrophic downfall.4 One such corporate failure was that of Steinhoff International, the once darling stock of investors in SA and abroad.

This study provides a view of the decision-making process of Dutch company pension funds. The success of this research was the exceptional granting of access to four cases. Lack of such access could very well be the reason why research of this nature has not been previously achieved. The financial health of pension funds, expressed by the coverage ratio, showed a decline in 2008. Research has shown that there is a relationship between decision-making processes and outcome. Were the processes appropriate to set up and maintain a sufficient coverage ratio? A tailor-made conceptual research model has been developed and used as an analysis aid to research the TO BE situation based on legal requirements and factional documents and the AS IS situation based on empirical data. The model made it feasible to shed light on the implementation of good pension fund governance principles and decision-making process, which is a contribution to the current gap in research. The research showed that there is a relationship between the implementation of pension fund governance principles and appropriate decision-making processes. It also showed that there is a relationship between an appropriate decision-making process and coverage ratio. Both conclusions are not statistically proven due to the lack of the statistical significance, but are qualitative analysed and confirmed in the conducted case studies. It is suggested to use the research model by supervisor or pension funds to establish the mismatch between the implementation of pension fund governance principles and decision-making processes to enhance the quality of decision-making processes and outcome.

Pension capital is the single largest block of capital in the global domain of finance and a transformative social force. However, the studies on pension fund capitalism have been geographically limited. Although vast pools of pension capital have been generated outside the Anglo-American institutional environments, we still have little knowledge on the social construction of pension fund capitalism outside that context. The purpose of the study is to develop theoretical-methodological tools for studying the institutional differences in pension fund investments with habitual institutionalist theory at the level of organisation fields, and to apply these tools in an empirical case study that has theoretical relevance concerning the recent financialisation of European pension provision. The case study is focussed on the field of Finnish pension insurance companies that execute the nationally mandatory partly funded TyEL pension scheme. The case study includes a single case analysis at the organisation field level with embedded case analyses on the investment processes in two companies. The study is based on multiple sources of textual and interview data gathered and analysed with content analysis. It is argued that the institutional life of Finnish pension insurance company investments illustrates divergence from the Anglo-American pension fund capitalism and has reinforced elastic institutional solutions especially in domains of governance and regulation even under Europe-wide financialisation pressures. The Finnish case shows that there are alternative institutional solutions for various domains of pension fund capitalism, but the strong Europe-wide trends have all characterised recent institutional change in the TyEL field as well. It is concluded that although the European shift towards pension fund capitalism with the generation of increasingly independent portfolio investors with increasingly principle-based regulation and risk-based supervision has not necessarily implied strong institutional convergence, the European pension investors are likely to share a number of common questions in the future.

This thesis deals with the comparison of funded pension schemes in United Kingdom and in Slovakia. The aim of the thesis is the classification of pension systems and consequently the characteristic of pension system's structure in United Kingdom and in Slovakia. The thesis also has for the other goal to carry out the comparison of funded pension schemes of both countries in terms of the most significant factors which influence finances invested in pension funds. The Thesis consists of four sections. The first chapter is devoted to the characteristics of construction of basic pension system types, the way of their funding, types of pension plans and structure of three tier pension system. The second and the third chapter is focused on pension systems of United Kingdom and Slovakia, demographic changes in both countries, previous and present forms of the system, changes and intended reforms. The fourth chapter comprises of the comparison of the investment portfolio structure, rate of return, costs and charges of pension funds.

O objetivo principal desta pesquisa é identificar o efeito predominante da participação de conselheiros independentes nos fundos de pensão públicos do Brasil, entre solução para o problema de agência ou reforço da legitimidade organizacional. O estudo tomou como ponto de partida a dissonância entre a proposta do Senado Federal brasileiro e a posição da entidade que representa o segmento no País sobre a introdução de conselheiros independentes no conselho deliberativo dessas fundações. A pesquisa é de natureza descritiva e tem como aporte as teorias da agência e institucional. Uma amostra de 76 fundos de pensão públicos do Brasil foi estudada com o uso da análise de conteúdo de documentos e de dados compilados em tabelas de frequência e gráficos de dispersão. Os resultados sugerem que a introdução do conselheiro independente na estrutura de governança teria efeito predominante no reforço da legitimidade organizacional, abrangendo 40 fundações ou 52,5% dos casos. Para 36 fundos com alto potencial de problemas de agência, dos quais 31 estão conjugados com baixa legitimidade organizacional, a presença de um conselheiro independente especialista teria efeito predominante no reforço do monitoramento da gestão e no aconselhamento estratégico. O exame da composição dos ativos de investimentos e da presença de mecanismos mitigadores de problemas de agência na estrutura de governança evidenciaram, sob vários enfoques, limitações de escala no conjunto de fundos de pensão públicos do Brasil. Para 83% da amostra observou-se baixo isomorfismo normativo e mimético para práticas de governança corporativa voluntárias relacionadas a princípios de prestação de contas e de transparência. Como relevância para a área do conhecimento, esta pesquisa possibilitou a criação de índices para classificação do potencial de problemas de agência e de legitimidade organizacional no âmbito dos fundos de pensão públicos brasileiros / The main objective of this research is to identify the predominant effect of the participation of independent directors in public pension funds in Brazil, between solution to the agency problem or strengthening of organizational legitimacy. The study took as a starting point the dissonance between the proposal of the Brazilian Federal Senate and the position of the entity that represents these organizations in the country on the introduction of independent directors in the deliberative council of these foundations. The research is descriptive in nature and has the support of agency and institutional theories. A sample of 76 public pension funds in Brazil was studied using content analysis of documents and data compiled in frequency tables and scatter plots. The results suggest that the introduction of the independent director into the governance structure would have a predominant effect on strengthening organizational legitimacy, covering 40 foundations or 52.5% of cases. For 36 funds with high potential for agency problems, of which 31 are coupled with low organizational legitimacy, the presence of an independent director and specialist would have a predominant effect on reinforcing management monitoring and strategic advice. The analysis of the composition of investment assets and the presence of mechanisms that mitigate agency problems in the governance structure evidenced, under various approaches, scale limitations in Brazil\'s public pension system. Eighty three percent of the sample revealed low normative and mimetic isomorphism for voluntary corporate governance practices related to principles of accountability and transparency. As theoritical and academic implications, this research allowed the creation of indexes to classify the potential of agency problems and organizational legitimacy within Brazilian public pension funds

Com as transformações ocorridas nas últimas décadas do século XX, notadamente a expansão financeira pela qual passou o capitalismo, o enfraquecimento fiscal dos Estados nacionais e o questionamento aos sistemas de previdência pública por repartição, ganham importância em todo o mundo os fundos de pensão. Estes fundos, ao lado de outros investidores institucionais, como seguradoras e fundos de investimentos, passam a cumprir papel central no mercado acionário e também no mercado de títulos públicos e privados. Com o objetivo de realizar lucros para pagar benefícios de aposentadoria para os seus participantes, os fundos de pensão arrecadam e concentram poupança privada pulverizada, transformando-a em um ativo poderoso. No Brasil, as Entidades Fechadas de Previdência Complementar nomenclatura jurídica dos fundos de pensão possuem um total de 702 bilhões de reais em ativos, que se concentram nas três maiores entidades do país: Previ, Petros e Funcef. Em comum, estes três fundos têm o fato de serem patrocinados por empresas estatais, o que, pela legislação vigente, dá ao Poder Executivo a competência de indicar metade de seus dirigentes, incluindo o seu presidente que possui voto de desempate. O presente trabalho pesquisou o papel que estas três EFPCs cumprem enquanto instrumento de atuação do Estado no domínio econômico, especialmente para o provimento de fundos para o desenvolvimento. Para isso, primeiramente, o estudo explora o movimento de expansão financeira do capitalismo e a crise no padrão de desenvolvimento brasileiro. Depois, investiga de maneira sistemática o arcabouço jurídico que regula os fundos de pensão; e, por fim, analisa a alocação dos seus investimentos e o perfil dos seus dirigentes. / With the changes occurred in the last decades of the twentieth century, notably the financial expansion that has occurred in capitalism, the fiscal weakening of national states and the questioning of the public pension Pay as You Go systems, the pension funds increases their importance worldwide. These funds, along with other institutional investors, such as insurance companies and investment funds, started to fulfill a central role in the stock market and also in the public and private securities market. In order to make profits to pay retirement benefits to its participants, pension funds collect and concentrate spread private saving, transforming it into a powerful asset. In Brazil, the Closed Pension Funds Entities - Legal classification of pension funds - have a total of 702 billion reais in assets, which are concentrated in the three largest countrys entities: Previ, Petros and Funcef. In common, these three funds are sponsored by state-owned enterprises, which, by Law, gives the Executive Branch the power to appoint half of its leaders, including the President, who has the casting vote. This study investigated the role that these three EFPCs meet as state action instrument in the economic field, especially for the provision of funds for development. To achieve this, we studied the movement of financial expansion of capitalism, the crisis in the Brazilian development pattern and the whole legal framework that regulates the pension funds, to, then, move to an analysis of the allocation of its investments and the profile of its leaders.

A população mundial, em 2050, será formada por 9,3 bilhões de habitantes, número 33% superior ao atual, de 7,0 bilhões de pessoas. Essa expansão se refletirá, em grande parte, na população com mais de 65 anos. A ONU estima que, em países como Brasil e Chile, 26% dos habitantes estarão nessa faixa etária na metade deste século, um crescimento relevante em comparação com as médias atuais, de 11%. Além de serem em maior número, os idosos também contarão com maiores expectativas de vida. Atualmente, vivem, em média, 74 anos. Até 2050, estima a ONU, chegarão a 80 anos. Frente a esse panorama, garantir a aposentadoria à população é um desafio crescente para as economias, que já se movimentam no sentido de viabilizar, aos fundos de pensão e de previdência, mecanismos que maximizem os retornos de seus portfólios. Os investimentos em ações de companhias abertas, nesse contexto, ganham um espaço cada vez maior nas estratégias dos gestores dos fundos, mudança que acontece ao mesmo tempo em que a governança corporativa passa a ser vista como um instrumento para a valorização das companhias abertas e, consequentemente, para o desenvolvimento dos mercados de capitais. Considerando esse contexto, esta dissertação se propõe a analisar como a governança corporativa influencia a tomada de decisão de investimento dos gestores de fundos de pensão e de previdência do Brasil, do Chile e do México. O estudo será feito a partir da observação do marco regulatório sobre o tema nesses três países, e se embasará nas respostas dadas, pelos gestores, a questionário sobre as boas práticas de governança corporativa, adotadas pelas companhias abertas, que são observadas e valorizadas na escolha dos investimentos. / In 2050, 9.3 billion inhabitants, a 33% rise in comparison to the current figure of 7.0 billion people, will form the world population. In most part, this expansion will be reflected in the population older than 65 years. The UN estimates that in countries such as Brazil and Chile, 26% of the inhabitants will be in this age group in the half of this century, a relevant growth in comparison with todays average of 11%. In addition to the increase in figures, the elderly people will also count on a longer life expectancy. Currently they live, in average, 74 years. Until 2050, the UN estimates that they will reach 80 years of age. Given this scenario, to guarantee retirement for the whole population is a growing challenge for the economies, which are already seeking mechanisms to maximize returns to pension and social security funds. In this context, investment in equity is gaining more and more emphasis from funds portfolio managers. This change takes place at the same time that corporate governance starts to be seen as an instrument for the appreciation of public companies and, consequently, for the development of stock markets. In this sense, this paper aims at reviewing how corporate governance influences the decision-making process for pension plans and social security portfolio managers in Brazil, Chile and Mexico. The study will be based on the observation of the legal framework around the theme in the three countries and on answers given by managers in a questionnaire on corporate governance best practices, adopted by public companies and that are considered and taken into account in the choice of investments.