國外公共退休基金管理制度之發展及對我國的啟示

本文藉由國際間表現較為成功之公共退休基金的管理制度為例，說明「基金治理」、「課責性」，及「投資策略」的重要性，並試圖指出現代公共退休基金的管理趨勢，以資提供我國相關制度改革的參考。健全的基金治理，藉由內部與外部稽核控管機制的建立，可營造出高透明度且具課責性的管理監督體制，有效降低風險至可控制的範圍內。至於績效的提升，則有賴優越投資策略的擬訂。現代的投資策略已非一味的追求缺乏責任意識的急功近利，因此基金的投資組合除以趨利避險作為資產配置的原則外，其注意力也應集中在被投資公司的公司治理與經營政策，將投資的考量層面擴及社會責任。我國公共退休基金的管理如能將此三項列為主軸，將有利於公共退休基金的永續經營。

關鍵字

公共退休基金；基金治理；課責性；投資策略

並列摘要

This article highlights the latest trends in public pension fund management using successful countries as examples. It is focused on three important issues: governance, accountability, and investment policy. The analysis of this paper contributes to future policy implications for Taiwan. To establish a comprehensive governance system, it is crucial to create internal and external supervisory mechanisms, and the governing bodies must be accountable to those who implement public pension programs as well as to the beneficiaries and other stakeholders. Governing bodies must develop high-quality investment policies that meet the funds' primary objectives, namely, security and profitability. Not only should asset allocation be appropriate, but the investment policy may need to take account of social responsibility issues. Taiwan's policy makers should stress these three issues with the aim of creating sustainable public pension systems.