There is a right mix of stakeholders and a right size to a board. (Photo: Shutterstock)
How effective a public pension board is depends on its composition, and that composition can play out into higher returns, too.
So says a brief from the Center for Retirement Research at Boston College, which explores the makeup of such pension boards to see how composition plays out on governance as well as returns.
With most boards entrusted with oversight of both administrative and investment activities of a plan, says the brief, constraints can impair their ability to carry out those obligations in full—such as investment limitations that can prevent boards from putting the best mix of investments in place, or a lack of authority to change employer and employee contribution rates to achieve optimum results.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
