GPIF Panel Report: “Panel for Sophisticating the Management of Public/Quasi-public Funds”

This can be downloaded at the link at the bottom. Here is the TOC:
I Introduction ………………………….. 1
II Revising investment in view of the post-deflationary economy
1 Objectives of investment ……………………………………………………… 3
2 Investment targets and policies …………………………………………………… 3
(1) Revising portfolios that heavily invest in domestic bonds
(2) Investment return targets and risk tolerance
(3) Investment costs
(4) Investment of surplus money
3 Portfolios …………………………………………………………………………… 5
(1) Diversifying investments
(2) Ratio of active investments
(3) Benchmarks of passive investments
(4) Flexible revision of portfolios and hedging policies
(5) Foreign-asset ratio
(6) Baby funds
III Improving governance and risk management structure
1 Governance structure ……………………………………………………………… 7
(1) Relationship between funds and ministers in charge
(2) Need for a collegial decision making system
(3) Securing expert employees
(4) Stakeholder’s participation in investment management
(5) Governance structure of large institution dedicated to fund management (GPIF)
2 Risk management structure ………………………………………………………… 9
(1) Building portfolios based on forward-looking risk analyses
(2) Risk management in response to diversification of investments
(3) Measures in view of post-deflationary economy
(4) Risk management for investment of surplus money
IV Maximizing returns on equity assets ……………………………. 10
V Roadmap for reform of large institution dedicated to fund management (GPIF) ..… 10
(Annex 1) Desirable Governance Structure
(Annex 2) Roadmap for reforming fund management
(Supplement 1) Investment situation of public/quasi-public funds (1)… 14
(Supplement 2) Investment situation of public/quasi-public funds (2).. 15
(Supplement 3) Pension funds investing in the market ……..….………. 16
(Reference 1) Panel Members ……..………………………………………………….. 17
(Reference 2) Meeting agendas ……………………………………………………….. 18

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