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Enhancing the Contribution of Voluntary Pension Savings to the Provision of Pensions

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Enhancing the Contribution of Voluntary Pension Savings to the Provision of Pensions THE F UNDS F ON I CHAPTER II PENS NVESTMENTS O I OR THE F HALLENGES C FUTURE Published in Santiago, Chile, December 2016 © International Federation of Pension Fund Administrators (FIAP) Av. Nueva Providencia 2155, Tower B, Floor 8, Office 810-811, Providencia, Santiago, Chile Phone: (56-2) 2381 17 23 Fax: (56-2) 2381 26 55 E-mail: [email protected] www.fiapinternacional.org Edition and Publication: International Federation of Pension Fund Administrators (FIAP) © Opportunities and Challenges in the Investment of Pension Funds and Voluntary Pension Savings Funds 1st edition: 350 copies (2016) Cover design: Verónica Muñoz ISBN: 978-956-8853-15-0 All rights reserved No part of this publication may be reproduced in any form or by any means without due permis- sion, except in order to quote or comment. Each article is the exclusive responsibility of its author and does not necessarily reflect the opin- ion of the International Federation of Pension Fund Administrators (FIAP). Printed in the workshop of Salesianos Impresores S.A. OPPORTUNITIES AND CHALLENGES IN THE INVESTMENT OF PENSION FUNDS AND VOLUNTARY PENSION SAVINGS FUNDS Effects OF DEMOGRAPHICS ON THE PUBLIC PENSION systems ÁNGEL MARTÍNEZ-Aldama OPPORTUNITIES AND CHALLENGES IN THE INVESTMENT OF PENSION FUNDS AND VOLUNTARY PENSION SAVINGS FUNDS Presentations from the International Seminar “Opportunities and Challenges in the Investment of Pension Funds and Voluntary Pension Savings Funds”, organised by FIAP on 19th and 20th May 2016 in Panama. INDEX PRESENTATION: OPENING SPEECHES. 7 Álvaro Alemán. 7 Guillermo Arthur. 11 INTERNATIONAL FEDERATION OF PENSION FUND ADMINISTRATORS (FIAP). 19 INTRODUCTORY LECTURE. Felipe Larraín. Latin America and the emerging countries throughout the world economic stage. 23 SPECIAL LECTURE. Rafael Rubio. Useful communication skills for times of widespread distrust. 57 CHAPTER I. OPTIMIZation OF THE INVESTMENT OF PENSION RESOURCES. 73 Vikrant Sawhney. The benefits of Alternative Assets in a portfolio. 75 Aldo Ferrini. Alternative ssets: source of returns, local industry and the role played by the AFP entities. 91 Nina Paklina. Opportunities and Risks of Alternative Investments by Pension Funds 109 Dariush Yazdani. Opportunities and risks of alternative investments. 123 Eduardo Walker. Alternative assets: Their valuation, risks, investment incentives and performance. 135 CHAPTER II. FUTURE CHALLENGES for THE INVESTMENTS OF THE PENSION FUNDS. 151 Ángel Martínez-Aldama. Effects of demographics on the public pension systems. 153 Leonardo Villar. Demographic trends and their likely effects on the capital markets and pension funds’ investments. 163 Melvin Escudero. Suggestions for enhancing the supply of financial instruments onto the pension funds within the Pacific Alliance member countries. 183 CHAPTER III. Corporate SOCIAL RESPONSIBILITY AND corporate governance. 203 Robert Eccles. Experiences, lessons and trends in corporate social responsibility and corporate governance: an international viewpoint. 205 Eric Borremans. Sustainable Investment: From theory to practice. 217 Alfredo Enrione. Corporate social responsibility and corporate governance: three proposals to the Pension Fund Administrators. 237 CHAPTER IV. ENHANCING THE CONTRIBUTION OF voluntary PENSION savings to THE provision OF PENSIONS. 253 Carlos Noriega. Current Status and Prospects of Voluntary Pension Savings in Latin America. 255 Pablo Sprenger. Collective voluntary savings: Existing experiences, challenges and proposals. 267 David Tuesta. The challenge of encouraging voluntary savings. 285 Karina Lorenzana. Behavioural sciences and pension savings. 303 CLOSING LECTURE. 319 Dulcidio de la Guardia. 319 CLOSING REMARKS. 345 Guillermo Arthur. 345 EARLIER FIAP PUBLICATIONS. 347 6 ON I HES T C SPEE NG I PRESENTA OPEN PRESENTATION: OPENING SPEECHES A very good morning to you together with my compliments to your Excellencies, Ministers and Deputy Ministers of State; to the Honourable Mr. Guillermo Arthur, Chairman of FIAP, to the Honourable Mr. Juan Pastor, General Manager of Progreso and Chairman of the Seminar’s organizing committee, to the Honourable Mr. Felipe Larraín, a well-known and reputable Doctor in Economics from Harvard University, former Chilean Minister of Finance and Director of the Latin American Centre for Economic and Social Policies, to all national authorities and speakers, to all special guests, to all media representatives and to all ladies and gentlemen in attendance: I am very pleased to have the opportunity of addressing this event which gathers together more than 140 representatives of companies; all which are engaged in the administration of pension funds and other relevant social security funds in sundry countries worldwide. First and foremost, I must thank the organizers for choosing Panama as the host country for this XIV FIAP International Seminar. Allow me to extend my warmest welcome to our country and I look forward to your stay here will be both useful and enjoyable. While on this, I also hope you can note some of the attractions which Panama has to offer to its foreign visitors. 7 ON I HES T C SPEE NG I PRESENTA OPEN I am fully aware that the topics chosen for discussion at this event, combined with the quality of the exhibitors, will warrant the success it deserves. Likewise, I hope the conclusions to be discussed and generated from within the selected topics will translate into profitable results for all participants concerned. In saying so, I am chiefly referring to the myriad of savers and workers whose social security funds and associated unemployment benefits are being entrusted onto the relevant companies; all duly committed to a sound management of such funds. The pension fund market in Panama started to operate in 1993 - when Law # 10 was approved - and which introduced incentives to the setting up of funds aimed at catering for the needs of pensioners and set in place other relevant benefits. In the past 20 years, these funds and their management have been strengthened and now entail over US$ 1,100 million worth of social security and pension funds, plus severance pay benefits and the contributions of the overall System of Savings and Capital Earnings of Public Sector Servants (locally known for its Spanish acronym: SIACAP); all which are managed by two companies subject to the regular and steady supervision of the Stocks Superintendence. This is a safe market which has grown thanks to the confidence of its account contributors. The exchange of experiences and proposals that you will witness during these two days will most likely entail issues related to alternative investments, the impact of the demographic trend of our countries on the capital markets and pension funds alike plus the stances likely to be analysed and adopted. Needless to say, all such suggestions must be aimed at ensuring all the pension funds are suitably invested, thus preventing them from vanishing into thin air. The government of President Juan Carlos Varela is committed to both transparency and accountability virtues, chiefly by strengthening the rule of law and legal certainty, respect for human rights and environmental protection alike. It is here where dialogue becomes the main tool for building a sound degree of consensus which, in turn, should guarantee social peace and democratic governance. These are the conditions the private sector needs in order to continue generating economic growth and well-paid jobs both within our country and throughout the overall region. We have a strong and sound economy showing a steady and stable growth which is six times the average regional growth and which has placed us as 8 OPPORTUNITIES AND CHALLENGES IN THE INVESTMENT OF PENSION FUNDS AND VOLUNTARY PENSION SAVINGS FUNDS OPENING SPEECHES ÁLVARO ALEMÁN leaders in Latin America. This growth is generating a much enhanced capital confidence, which is reflected in the foreign investment influx figure, which enjoyed a 17% growth over the previous year. We are definitely committed to this vision and we have devoted strenuous efforts onto restoring Panama’s international image. All this to ensure the private sector and its investments continue to increase in our country so we can meet and exceed our projections of economic growth; at a time most major economies worldwide are confronting troublesome times. The protection of our international financial centre from organised crime practices is a very important goal for Panama. For this reason, we undertook a series of actions aimed at meeting the highest prevention standards vis-à- vis money laundering and terrorist financing practices. Our drive has recently allowed Panama - in February 2016 - to be no longer listed in the grey records compiled by the International Financial Action Task Force (locally known by its Spanish acronym: FATF). Such fulfilled objective entails also an engagement by which we are currently working nowadays in close consultation with the Organisation for Economic Co-operation and Development (OECD). This is a very important year for Panama as a logistical, financial and air connectivity centre serving the region and the world alike. Indeed, this coming 26 June we will witness a historic event, when we will be inaugurating the expansion of the Panama Canal. This event will become a significant milestone between “what it was” and “what it will become” when considering the way our overall region does economically interacts with other regions worldwide. Due to this key feature, your presence here is important because you
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