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Pensions and Capital Stewardship Project


Conference Presentation Materials


PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT
MARCH 16 - MARCH 18, 2011
9th Annual Conference of the Pensions and Capital Stewardship Project, Labor and Worklife Program

This year’s annual conference featured speakers and panels on key topics, including a critical perspective on the operation of financial markets in which pension funds participate, the nature and implications for pension funds of the recently enacted financial markets reform legislation; the current and future landscape of those who provide financial services to funds, the relationship between pension fund boards and their staff, consultants, and asset managers,  the progress and impact of corporate governance reforms, efforts to sustain public sector pension plans both currently and with any eye to the future, and the challenge of retirement income security for all households.

cover [Downlad Table of Contents]

Conference Agenda:

Welcome Reception & Opening Remarks
Elaine Bernard, Executive Director, Labor and Worklife Program, Harvard Law School
Larry W. Beeferman, Director, Pensions and Capital Stewardship Project, Labor and Worklife Program, Harvard Law School

Session #1: The Dysfunctionality of Finance and the Need to Rethink Pension Fund Investment
Speaker: Paul Woolley, Chairman of the Advisory Board and Senior Fellow, The Paul Woolley Centre for the Study of Capital Market Dysfunctionality, London School of Economics

Session #2: Investing in the Real Economy for Jobs and Shared Prosperity: What Difference Does/Will the Dodd-Frank Act Make?
Chair: Rick McGahey, Director, Impact Assessment, Ford Foundation
• Robert Kuttner, Co-editor, The American Prospect; Distinguished Senior Fellow, Demos

Session #3: The Changing Landscape of Financial Service Providers: What Does It Mean for Investing for Security in Retirement?
Chair: Rick McGahey, Director, Impact Assessment, Ford Foundation
• Jennifer Taub, Senior Lecturer; Coordinator of Business Law Program, University of Massachusetts at Amherst;
[Presentation PDF]
• John F. Casey, Chairman. Casey, Quirk & Associates LLC; [Presentation PDF]
• Randall Dodd, Director,Financial Policy Forum and Derivatives Study Center;
• Richard Ferlauto, Deputy Director of Policy, SEC Office of Education and Advocacy

Session #4: Do Pension Funds’ Investment Decisions Create Value?
Chair: Jon Lukomnik, Program Director, IRRC Institute
Scott Stewart, Research Associate Professor; Faculty Director, Master’s Program in Investment, Finance and Economics Department, Boston University School of Management [Presentation PDF]

Session #5: Pitfalls and Promise of Collective Board Decision-Making
Chair: Dr. Isla Carmichael, Pension Consultant
Gordon Clark, Halford Mackinder Professor of Geography University of Oxford;
Shelley Ilene Smith, President & General Counsel, GrayShell Consulting, (former Trustee, LACERS);
Mark Sullivan, Trustee, San Diego City Employees Retirement System;
Elizabeth Greenwood, Trustee, LACERS; Patricia Rout, First Vice-President & Treasurer of the Ontario Public Services Employees Union and Trustee, Healthcare of Ontario Pension Plan

Session #6: Principals and Agents: Managing the Relationship Between Pension Fund Boards and Consultants and Asset Managers
Chair: Dr. Isla Carmichael, Pension Consultant
Gordon Clark, Halford Mackinder Professor of Geography University of Oxford;
Shelley Ilene Smith, President & General Counsel, GrayShell Consulting, (former Trustee, LACERS);
Mark Sullivan, Trustee, San Diego City Employees Retirement System;
Elizabeth Greenwood, Trustee, LACERS;
Patricia Rout, Trustee, Healthcare of Ontario Pension Plan;
Scott Stewart, Research Associate Professor; Faculty Director, Master’s Program in Investment, Finance and Economics Department, Boston University School of Management

Session #7: Corporate Governance Reform in the U.S.: Opportunities for Change
Chair: Richard Ferlauto, Deputy Director of Policy, SEC Office of Education and Advocacy
Anne Sheehan, Director of Corporate Governance, CalSTRS; [Presentation PDF]
Elliot Schwartz, Vice President and Director of Economic Studies, Committee for Economic Development;
Lucian Bebchuk, William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance, Harvard Law School

Session #8: Corporate Governance Reform in International and Comparative Perspective
Chair: Edward A. Waitzer, Professor and Jarislowsky Chair in Corporate Governance, Osgoode Hall Law School and Schulich School of Business and Senior Partner, Stikeman Elliott LLP
Ruth V. Aguilera, Associate Professor, Department of Business Administration, College of Business, Center for Professional Responsibility in Business and Society, University of Illinois at Urbana-Champaign

Session #9: Policy to Strengthen the Employment-Based Pension System for All
Speaker: Teresa Ghilarducci, Bernard L. and Irene Schwartz Chair of Economic Policy Analysis, The New School for Social Research and Trustee, UAW Retiree Medical Benefits Trust [Presentation PDF]

Session #10: Methods and Means to Avoid a Replay of the Current Threats to Pension Fund Finances and Benefits
Chair: Hank Kim, Executive Director and Counsel, National Conference on Public Employee Retsirement Systems
Keith Brainard, Research Director, National Association of State Retirement Administrators [Presentation PDF]
Teresa Ghilarducci, Bernard L. and Irene Schwartz Chair of Economic Policy Analysis, The New School for Social Research and Trustee, UAW Retiree Medical Benefits Trust
Michael Flanagan, President, AFFI Local 621 and Trustee, Calumet City Firefighters Pensions Fund