The Real Reason the Investor Class Hates Pensions – The New York Times

David Weber, author of an important new book, The Rise of the Working-Class Shareholder: Labor’s Last Best Weapon, writes in the New York Times about the real reason for the switch from defined benefit to defined contribution pension plans: No issue in America today better illustrates the divergent interests of working Americans and the 1…

UN’s $61 Billion Pension Fund Starts Search for New Management – Bloomberg

United Nations Secretary-General Antonio Guterres wants to overhaul management of the global body’s $61 billion pension fund after three years of underperforming returns and contentious delays in paying retirees.The UN Joint Staff Pension Fund is seeking candidates with “more than 20 years of proven progressively responsible experience” to replace Carolyn Boykin, the former chief investment officer…

It’s About My Pension, Stupid: Pensions Are A Corporate Governance Issue

So you still think Environmental, Social and Governance (ESG) issues are not terribly ‘gritty’? Think again. Under the auspices of an ESG issue brief, MSCI – whose indices and analytical information help investors build and manage portfolios – recently published a report on concerns around the under-funding of global pensions. Its results are startling. The…

US Pension Governance: Upgrading for the 21st century | Magazine | IPE

Christopher O’Dea writes in Investments & Pension Europe: The dominant theme in the governance of US public pension funds these days is ‘investors, govern thine selves’. Many pension funds have invested in activist hedge funds or established their own corporate governance functions. These are designed to press corporate leaders and their boards to develop better…

Ford Expects (Unjustified) Pretax Profit Boost From Pension Shift – WSJ

We have no objection to the shift in pension fund accounting. But that should have little impact on the company’s overall financials and certainly no impact whatsoever on employee and executive bonuses, which should be exclusively based on contributions to operational productivity. Ford Motor Co. is changing how it accounts for pension plans, a move that…

Elizabeth Warren Nails GOP Financial Exec

Many thanks to Elizabeth Warren for pushing for a fiduciary standard that would limit self-dealing by money managers like this guy. “We all agree that we must act in a client’s best interests,” Schneider said, before arguing that the Obama rule requiring managers to do just that would ultimately force Primerica to abandon its single-mother…