A. van Nunen "Fiduciary Management: Blueprint for Pension Fund Excellence"
Wiley | 2007-12-04 | ISBN:0470171030 | PDF | 274 pages | 1,6 Mb
Modern Philosophy finds it difficult to give a satisfactory picture of the place of minds in the world. In Mind and World, based on the 1991 John Locke Lectures, one of the most distinguished philosophers writing today offers his diagnosis of this difficulty and points to a cure. In doing so, he delivers the most complete and ambitious statement to date of his own views, a statement that no one concerned with the future of philosophy can afford to ignore.
Fiduciary Management offers an in-depth explanation of every facet of this fast-growing approach to organizing the management of an institutional investment portfolio. Expert author Anton van Nunen begins by outlining the historic shift that has brought this strategy to the attention of the investment community and quickly moves on to illustrate fiduciary management in practice; giving advice in terms of asset-liability modeling and financial markets, constructing portfolios, selecting and overseeing investment managers, benchmarking and performance measurement, and reporting.
One is to assert that good governance is worth money. I’ve never seen definitive proof of that statement, either for pension funds or for corporateboards, but it hardly needs proof. Think of any hypothetical organization.
Superimpose on it either good governance (characterized by clear delegation and decision rights) or poor governance (characterized by overlappingresponsibilities and confusion as to who is responsible for what). Which do you think is more likely to be successful? It’s as obvious as that.
The other is to recall the statement that good people can make any organizational structure work. That may well be true, but why create a structure that’s an obstacle they have to jump over? Why not give thema structure that is helpful in itself? Wouldn’t that increase the chances ofsuccess in their venture?
My point is that governance, by which I mean the way in which decision rights are assigned, is a worthwhile issue to treat seriously, and an essential ingredient if success is to be achieved by plan rather than by chance. And ‘‘fiduciary management’’ is an essential feature in the governance of definedbenefit pensions.
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