Unformatted text preview: board elected by
fund members (beneficiaries).
fund s Table 4: Estimated loss of income attributable to lack of an
independent board: $15 billion for 1985-1989 !
$15 Romano (1993): Public Pension Fund Activism
s Table 6: No significant difference on social
responsibility votes (on N. Ireland and
Environment issues) between public and
– Suggests political pressure on public funds may
be directed towards investment, not voting.
be Romano (1993): Public Pension Fund Activism
s Romano’s suggestion to the problem of
suboptimal investing by public pension
– DEFINED CONTRIBUTION PLANS. State
employees (plan beneficiaries) can decide
where to invest their retirement funds.
– Question: Proxy voting rights of shares owned
by a mutual fund reside with the fund
managers. What is the record of mutual fund
managers’ involvement in corporate
governance Del Guercio-Hawkins (1999) : Public Pension Fund Activism s Consider proposals submitted by the largest and most activist
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- Spring '12
- Pension fund, Public Pension Fund Activism, pension fund activism