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Pension funds, sovereign-wealth funds and intergenerational justice

Cappelen, Alexander W.; Urheim, Runa
Working paper
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URI
http://hdl.handle.net/11250/163460
Date
2012-09
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  • Discussion papers (SAM) [578]
Abstract
Pension funds and sovereign-wealth funds own a large and increasing fraction of the shares

in publicly traded companies in the OECD area. These funds typically have a very long time horizon

on their investments, as well as highly diversified portfolios. These features imply that the interests of

these funds on important issues are aligned with the interest of future generations because the longterm return on a highly diversified portfolio will depend on the degree to which the development of the

world economy is sustainable. It is, therefore, in the enlightened self-interest of these investors to use

their shareholder rights so as to protect the interest of future generations. The paper explores the arguments for a more active corporate governance policy among pension funds and sovereign-wealth funds and discusses the obstacles to such policies.
Publisher
Norwegian School of Economics, Department of Economics
Series
Discussion paper;19/2012

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