Ninety-two percent (92%) of pension funds globally are looking to improve their governance over the next calendar year, according to a recent report from State Street.
The report, Pensions with Purpose: Meeting the Retirement Challenge, surveyed 400 pension professionals from 20 countries on topics ranging from governance to ESG investment to alternatives.
More on governance from Benefits Canada:
Respondents believe their board’s expertise is not strong enough in critical areas and must be improved, with 45% planning to increase training and education opportunities for board members.
About a third (32%) of respondents rate their board’s ability to think beyond short-term issues to address longer-term, strategic factors affecting their portfolio as “very strong.”
Just 36% rate their board’s understanding of the risks facing the retirement fund as “very strong,” while 38% believe their board has a high level of general investment literacy.
“As a result of the difficult economic environment and shifting demographics, the most innovative pension funds are proceeding with confidence in tackling the retirement challenge,” said Martin J. Sullivan, head of asset owner sector solutions for North America at State Street.
“While there’s no single strategy that will solve the challenges for the entire industry, leading pension funds are employing stronger governance frameworks, more advanced risk management capabilities and a more diverse and specialized talent pool to meet long-term objectives.”
Request access to the full report here.
Photo by jypsygen via Flickr CC License
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