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Institutional Investors as Agents of Improved Corporate Governance

Institutional Investors as Agents of Improved Corporate Governance. Vladimir Puskaric Assistant Director Agency for Supervision of Pension Funds and Insurances, Croatia. Contents. Capital market today Pension reform Investment limits Impact on Corporates. Croatian Capital Market.

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Institutional Investors as Agents of Improved Corporate Governance

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  1. Institutional Investors as Agents of Improved Corporate Governance Vladimir Puskaric Assistant Director Agency for Supervision of Pension Funds and Insurances, Croatia

  2. Contents • Capital market today • Pension reform • Investment limits • Impact on Corporates SEE Corporate Governance Roundtable

  3. Croatian Capital Market • Few shares on official market • Small trading volume • highly concentrated • Lack of demand & supply of securities • Lack of institutional investors SEE Corporate Governance Roundtable

  4. New investors emerging • Private pension funds • Compulsory (for people under 40) • Start on January 1, 2002 • Funds being established right now • Approx. 900,000 members • Contributions USD mil 300 p.a. SEE Corporate Governance Roundtable

  5. Investment limits • At least 50% in Government and municipal securities • 30% in Croatian corporate papers: • Fixed income • Equity • 15% in OECD securities: • Sovereign debt • Corporate debt • Equity SEE Corporate Governance Roundtable

  6. Impact on Corporate sector • Fresh capital approx. USD mil. 90 p.a. • Constant demand for securities • Start of primary market • Stop dependence on bank financing • Boost for secondary trading • Support for future IPOs of public utilities SEE Corporate Governance Roundtable

  7. Promotion of Corporate Governance • Eligible corporate securities must: • be listed on Exchange • meet additional Agency criteria • Additional criteria should include Corporate Governance standards for corporate investments by pension funds. SEE Corporate Governance Roundtable

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