Fund s table 4 estimated loss of income attributable

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