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Pension Funds and Corporate Corporate Governance

Explore the potential impact of pension funds in promoting adequate corporate governance and the need for additional powers and rules. Analyze case studies and draw conclusions on the involvement of pension funds in management.

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Pension Funds and Corporate Corporate Governance

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  1. Pension Funds and Corporate Corporate Governance Ricardo Escobar Carey y Cia. Ltda. Chile

  2. The Questions • Should and can Pension Funds promote adequate corporate governance? • If so, do they need additional powers and special rules? • And, how deep should it be their involvement in management?

  3. The Basics • Pension funds manage pension funds • Look for best return • Look for safe return • Look for liquidity • Pension Fund corporate governance v/s third party corporate governance

  4. The Chispas Case CH 1 CH 2 LUZ Endesa Sp. ENERSIS ENDESA

  5. The Endesa - Enersis Case Endesa Sp. Duke Energy OPA 2 y 3 OPA 1 x 51% ENERSIS CHILECTRA ENDESA

  6. The Telefonica -Terra Case TELEFONICA Sp. TERRA TELEFONICA Ch. Sale US $ 40 CTC Internet You are late!

  7. Comments and Conclusions • Yes, Pensions Funds can and must promote sound corporate governance • They are owed to their clients who pay for it • They need deep and liquid securities markets

  8. Comments and Conclusions • Pension Funds are powerful players • Strong minority shareholder rights, they don´t need additional rights • Strong Pension Funds corporate governance rules

  9. Comments and Conclusions • Pensions funds cannot be controllers • Pension funds must be alert to management • Government must be alert to pension funds sleeping • Pension investors must be given efficient actions against negligent pension funds management

  10. Open Fire!

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