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Pension Funds and Corporate Corporate Governance

Pension Funds and Corporate Corporate Governance. Ricardo Escobar Carey y Cia. Ltda. Chile. The Questions. Should and can Pension Funds promote adequate corporate governance? If so, do they need additional powers and special rules?

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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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