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End User License Agreement
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End User License Agreement
by Jaap van Dam, Alfred Slager, Kees Koedijk
Achieving Investment Excellence
Cover
About the Authors
Acknowledgments
Foreword
Introduction
LEVELS OF EXCELLENCE: ASSESSING AND IMPROVING YOUR PRACTICE
HOW TO USE THE BOOK
CHAPTERS OF THE BOOK
PART I: PENSION FUNDS: UNDERSTANDING THE ROLE, SHAPING THE MISSION
PART II: DESIGNING THE PROCESS
PART III: IMPLEMENTING THE INVESTMENTS
PART IV: ORGANIZING THE BOARD
PART V: LEARNING, ADAPTING AND IMPROVING
SELF-REFLECTION QUESTIONS
ENDNOTE
PART One: Pension Funds: Understanding the Role, Shaping the Mission
CHAPTER 1: The Role of Pension Funds, and the Role of Boards
THE ROLE OF PENSION FUNDS
THE PENSION TRIANGLE
DUTIES OF TRUSTEES
UNDERSTANDING AND MANAGING YOUR STAKEHOLDERS
ENDNOTES
Case Study—GEPF
THE DUAL MANDATE DILEMMA
ENDNOTES
CHAPTER 2: Developing Purpose, Mission, Vision, and Goals
THE FUNCTIONS OF A PENSION FUND
PURPOSE
MISSION
VALUES
VISION
STRATEGIC GOALS
ENDNOTES
PART Two: Designing the Process
CHAPTER 3: Grasping the Investment Essentials
INVESTMENT GOALS
UNDERSTANDING RETURN CONCEPTS
UNDERSTANDING RISK CONCEPTS
STEERING YOUR PORTFOLIO
ENDNOTES
Case Study—PFZW
TAKING OWNERSHIP OF AND REBUILDING INVESTMENT PRINCIPLES AFTER THE GREAT FINANCIAL CRISIS
ENDNOTE
CHAPTER 4: Investment Beliefs as Guiding Tools
WHY INVESTMENT BELIEFS MATTER
BASICS OF AN INVESTMENT BELIEF
DEVELOPING A SET OF INVESTMENT BELIEFS
WHEN, IF EVER, IS THE TIME TO CHANGE INVESTMENT BELIEFS?
HOW (NOT) TO USE INVESTMENT BELIEFS
ENDNOTES
Case Study—New Zealand Superannuation Fund
BUILDING A GLOBAL INVESTMENT FUND FROM SCRATCH WITH THE MISSION TO MAXIMIZE THE FUND'S LONG-TERM RETURN, AND INTEGRATE CLIMATE CHANGE IN A DEEP WAY CONSISTENT WITH THE LONG-HORIZON NATURE OF THE F
ENDNOTES
CHAPTER 5: Designing the Investment Management Process
THE INVESTMENT PROCESS
SETTING OBJECTIVES: ALIGNING GOALS AND RISK APPETITE
FORMULATING EXPECTATIONS
PORTFOLIO CONSTRUCTION
IMPLEMENTATION AND MONITORING
THE INVESTMENT POLICY STATEMENT
ENDNOTES
CHAPTER 6: Organizing the Investment Function
INVENTORIZING INVESTMENT MODELS
DEVELOPING YOUR OWN INVESTMENT APPROACH
ENDNOTES
Case Study – GPFG
BUILDING A LONG-TERM, RESPONSIBLE FUND ON SOLID ACADEMIC AND EVIDENCE-BASED PRINCIPLES
ENDNOTES
PART Three: Implementing the Investments
CHAPTER 7: Implementing the Investment Strategy
ORGANIZING THE IMPLEMENTATION
THE RATIONALE FOR MANAGING COSTS
SELECTION OF MANAGERS
ACTIVE vs. PASSIVE MANAGEMENT
INTERNAL vs. EXTERNAL MANAGEMENT
RELATIONSHIP WITH SUPPLIERS
BRIDGING THE IMPLEMENTATION GAP
ENDNOTES
Case Study—ATP
CREATING SCOPE FOR INVESTMENT SOPHISTICATION THROUGH CLARITY OF OBJECTIVES AND STRONG AND TRANSPARENT RISK MANAGEMENT
ENDNOTES
CHAPTER 8: Building the Investment Portfolio
FRAMEWORK FOR THE INVESTMENT PORTFOLIO
THE BOARD'S ROLE IN PORTFOLIO CONSTRUCTION
CAPITAL MARKET ASSUMPTIONS
ENDNOTES
Case Study—OTPP
ONTARIO TEACHERS' IS THE FUND WITH WHICH THE “CANADIAN MODEL” FOR PENSION FUNDS STARTED. THIS HAS INSPIRED PENSION FUNDS IN CANADA AND GLOBALLY. AT ITS CORE LIES A STRONG GOVERNANCE MODEL AND THE
ENDNOTES
CHAPTER 9: Monitoring and Evaluation
MONITORING
WHAT TO LOOK FOR IN MONITORING
WHEN DOES A BOARD MOVE FROM MONITORING TO EVALUATION?
EVALUATION
ENDNOTES
PART Four: Organizing the Board
CHAPTER 10: Becoming an Effective Board
RESPONSIBILITIES OF THE BOARD
BOARD COMPOSITION
WHAT IS EXPECTED FROM BOARD MEMBERS?
APPOINTING NEW BOARD MEMBERS
GOVERNANCE BUDGET OF THE BOARD
BOARD DECISION-MAKING CULTURE
SUPPORTING THE BOARD: EXECUTIVE OFFICE AND STAFF
INGREDIENTS OF AN EFFECTIVE BOARD
ENDNOTES
Case Study—CalPERS
ONCE DAMAGE HAS BEEN DONE, IT IS VERY HARD TO REPAIR. POOR AND POLITICIZED GOVERNANCE FORMED THE BASIS FOR A HIGH PENSION PROMISE, WHICH COULD NOT BE SUSTAINED BY THE RETURNS FROM THE INVESTMENTS. A L
ENDNOTES
CHAPTER 11: Establishing the Investment Committee
ROLES AND RESPONSIBILITIES
MEMBERS OF THE INVESTMENT COMMITTEE
FORMING AN EFFECTIVE INVESTMENT COMMITTEE
A MODEL FOR AN EFFECTIVE INVESTMENT COMMITTEE MEETING
ENDNOTES
CHAPTER 12: Managing the Investment Management Organization
THE ROLES OF THE INVESTMENT MANAGEMENT ORGANIZATION
FUNCTIONS AND TYPICAL EVOLUTION OF THE IMO
ISSUES IN DEALING WITH AN INVESTMENT ORGANIZATION
THE SERVICE LEVEL AGREEMENT
MONITORING AND EVALUATING THE INVESTMENT MANAGEMENT ORGANIZATION
ENDNOTES
Case Study—Future Fund
LONG-HORIZON FUND, A MASTER IN MANAGING AGENCY ISSUES, WITH FOCUS ON THE WHOLE AND NOT ON THE PARTS
ENDNOTES
PART Five: Learning, Adapting and Improving
CHAPTER 13: Learning to Decide and to Take Advice
PSYCHOLOGY OF DECISION-MAKING: BIASES, PREFERENCES, AND HABITS
GROUP PROCESSES ON THE RIGHT TRACK
LEARNING TO MAKE COMPLEX DECISIONS
DECISION-MAKING UNDER PRESSURE
ENDNOTES
CHAPTER 14: Achieving Investment Excellence
THE FIVE ACTIVITIES DRIVING TOWARDS EXCELLENCE
THE LEARNING BOARD AND THE CHARACTERISTICS OF THE LEVELS OF EXCELLENCE
LEVELS OF EXCELLENCE AND THE BOARD LEARNING PERSPECTIVE
THE BOARD'S JOURNEY TOWARDS ACHIEVING EXCELLENCE
ENDURING INVESTMENT EXCELLENCE
ENDNOTES
Self-Reflection Questions
CHAPTER 1: THE ROLE OF PENSION FUNDS, AND THE ROLE OF BOARDS
CHAPTER 2: DEVELOPING PURPOSE, MISSION, VISION, AND GOALS
CHAPTER 3: GRASPING THE INVESTMENT ESSENTIALS
CHAPTER 4: INVESTMENT BELIEFS AS GUIDING TOOLS
CHAPTER 5: DESIGNING THE INVESTMENT MANAGEMENT PROCESS
CHAPTER 6: ORGANIZING THE INVESTMENT FUNCTION
CHAPTER 7: IMPLEMENTING THE INVESTMENT STRATEGY
CHAPTER 8: BUILDING THE INVESTMENT PORTFOLIO
CHAPTER 9: MONITORING AND EVALUATION
CHAPTER 10: BECOMING AN EFFECTIVE BOARD
CHAPTER 11: ESTABLISHING THE INVESTMENT COMMITTEE
CHAPTER 12: MANAGING THE INVESTMENT MANAGEMENT ORGANIZATION
CHAPTER 13: LEARNING TO DECIDE AND TO TAKE ADVICE
CHAPTER 14: ACHIEVING INVESTMENT EXCELLENCE
Appendix A
OECD PRINCIPLES
Appendix B
HOW TO DEVELOP STRATEGIC GOALS
ENDNOTES
References
Index
End User License Agreement
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WILEY END USER LICENSE AGREEMENT
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