Document Type : Research Paper
Authors
1 Faculty member/ Faculty of Law, Shahid Beheshti University.
2 LLM in Economic Law,, Faculty of Law, Shahid Beheshti University,
Abstract
The ineffectiveness of laws and regulations related to the governance and administration the Social Security Organization and the National Pension Fund is one of the most important causes of the pension crisis in Iran. These laws and regulations have changed the state from a regulator to an interventionist. The dominance of the state and no recognition of any role for beneficiaries have aggravated the agency problem rooted in the separation of ownership from management. This problem in pension funds appears in a political form in addition to the traditional one. In addition, a lack of transparency and accountability has motivated appointed managers to pursue their personal and political interests rather than beneficiaries'. From the perspective of corporate governance, solving agency problem in pension funds requires strengthening transparency, accountability, and responsibility for managers. Therefore, it is necessary to reform laws and regulations to give more room to the stakeholders in the administration of pension funds. This paper purports to evaluate corporate governance in Iranian pension funds to highlight the existing shortcomings
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