How Large Pension Funds Organize Themselves : Findings from a Unique 19-Fund Survey

This article documents the organizational and compensation structures of 19 major pension funds around the world. Among the study's key findings are that more internal management is associated with greater fund size, lower operating costs, and higher net returns; internal compensation levels vary considerably around the globe; and the majority of fund's Boards of Directors continue to lack diversity. Looking ahead, the authors find that risk management is the number-one Board concern