Understanding human behavior and cognitive biases are important elements in designing effective governance structures. The authors are guided by this reality in proposing a framework for understanding collective decision-making in pension funds. The article suggests that five types of decisions...

The global financial crisis has posed profound threats to pension welfare worldwide. This is particularly so in the UK with the closure of private defined benefit plans and the heavy losses experienced by many defined contribution pension plan participants. Meeting these challenges has placed a...

Good governance by institutional fund asset owners makes a significant incremental difference to value creation as measured by their long-term risk-adjusted rate of return. Drawing upon best-practice case studies, it is argued that the principles of good governance can be summarised by...