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Institutional investors and long-term investment: 2014 project report | PDF | Free Download
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Link_size-large__W0PAv Link_weight-regular__yPpnB" data-cy="author-link" title="OECD Directorate for Financial and Enterprise Affairs" href="https://www.slideshare.net/OECD-DAF">OECD Directorate for Financial and Enterprise Affairs</a><button type="button" class="FollowButton_root__FxpBi Author_follow__Lw4TS FollowButton_follow__d_6u5">Follow</button></div><div class="description Description_root__kt4uq Description_clamped__PaV_1"><div class="Description_wrapper__hYE9_" data-cy="document-description"><p>This brochure provides information about the OECD Project on Institutional Investors and Long-term Investment. It covers the first two years of activity following the launch of the project in February 2012. The project aims to facilitate long-term investment by institutional investors such as pension funds, insurance companies, and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. Acess all project research and event information online at http://www.oecd.org/finance/lti<button type="button" class="Button_root__i1yp0 Button_primary__K25Gq Button_text__ZT_3O Button_small__sqsEx Description_less__BvWbY Description_hidden__a9QZJ" data-testid="button" aria-label="Read less"><span>Read less</span></button></p></div><button type="button" class="Button_root__i1yp0 Button_primary__K25Gq Button_text__ZT_3O Button_small__sqsEx Description_more__ChrRK" data-testid="button" aria-label="Read more" data-cy="read-more-button"><span>Read more</span></button></div><div class="actions Actions_root__00yIC"><div class="Tooltip_triggerWrapper___S2HG"><button type="button" class="Button_root__i1yp0 Button_secondary__hHiHI Button_text__ZT_3O Button_small__sqsEx Button_icon__1C4qi like-button unliked" data-testid="button" aria-label="Like" data-favorited="false" data-cy="like-button"><span class="Icon_root__AjZyv" style="--size:24px"><span class="Icon_icon__4zzsG" 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Player_root__L1AmF"><div id="new-player" class="vertical-player VerticalPlayer_root__K8_YS" data-slideshow-id="35259447"><div><div id="slide1" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-0" alt="Institutional Investors and Long-term Investment PROJECT REPORT May 2014 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="eager" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-1-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-1-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-1-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-1-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide2" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-1" alt="Project partners in 2012-2013: Event partner in 2013: This brochure provides information about the OECD Project on Institutional Investors and Long-term Investment. It covers the first two years of activity following the launch of the project in February 2012. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-2-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-2-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-2-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-2-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide3" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-2" alt="Institutional investors such as pension funds, insurers and sovereign wealth funds, due to the longer term nature of their liabilities, represent a potentially major source of long-term financing for illiquid assets such as infrastructure. Over the last decade, these investors have been looking for new sources of long-term, inflation protected returns. Asset allocation trends observed in recent years show a gradual globalisation of portfolios with an increased interest in emerging markets and diversification into new asset classes. The crisis has had a lasting impact on the fund management industry and on the long-term asset allocation strategies of institutional investors. On the one hand, it has promoted more cautious investment strategies and a greater focus on portfolio risk management. On the other hand, the prolonged low-yield environment has heightened the need for return-enhancing strategies, pushing some investors to invest in alternative assets. The willingness of institutional investors and the private sector more in general to finance major investment projects in any given country is heavily influenced by the perceptions of a country’s investment climate and the broad suite of policy settings and institutions that underpin a country’s economy and political processes. Through structural reforms, governments need to create a more favourable investment climate, build private sector confidence to invest and ensure that global savings are channelled into productive investments. The role of institutional investors in long-term financing is also constrained by the short-termism increasingly pervasive in capital markets as well as structural and policy barriers such as regulatory disincentives, lack of appropriate financing vehicles, limited investment and risk management expertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for illiquid assets. Moving from the current mind-set to a longer-term investment environment requires a transformational change in both government and investor behaviours. Promotion of a public-private dialogue ensuring a co-ordinated approach between investors, the financial industry and the public sector will be a key element in developing this new “investment culture”. The OECD is ideally placed to do this. Partnering with some of the largest institutional investors in the world, the OECD has developed an ambitious project on “Institutional Investors and Long-term Investment”. Through this project and its large network of investors and private sector representatives, the OECD aims to provide a platform for dialogue about long-term investment issues amongst international forums such as the G20 and APEC. Preface Rintaro Tamaki, OECD Chief Economist and Deputy Secretary-General " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-3-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-3-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-3-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-3-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide4" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-3" alt="2 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-4-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-4-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-4-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-4-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide5" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-4" alt="3 At the OECD we have been conducting analysis on institutional investors for many years based on our large network of financial authorities in charge of institutional investors. The OECD project on “Institutional Investors and Long-term Investment” was launched in February 2012 to consolidate previous work and help broaden policy makers’ knowledge and understanding of institutional investors’ needs and challenges so that supportive legislation and regulation can be drafted and enforced where relevant. In order to make this happen, institutional investors needed to be brought into the debate with policy makers. This is why the OECD decided to engage with some of the largest investors across the world, creating a network of institutions actively collaborating on our research and participating in events. Institutions already partnering with the OECD include the Canadian pension fund Canada Pension Plan Investment Board, the Club of Long- Term Investors, the Dutch pension fund asset manager APG, Guggenheim Partners and Oliver Wyman. Building on this dialogue with investors and financial authorities, 2013/14 highlights include: n Development of the G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors, endorsed at the G20 summit, St Petersburg; Taking the research and policy agenda forward n G20/OECD High-level Roundtable on Institutional Investors and Long-term Investment, Paris, 28 May 2013; n OECD/Euromoney Infrastructure Summit, Paris, 29 May 2013; n APEC/OECD Seminar on Institutional Investors and Infrastructure Investment, Palembang, Indonesia, 29 August 2013; n Significant contributions to different G20 initiatives such as the OECD report on the pooling of institutional investors’ capital, the OECD survey on large pension funds, the work on the High-level Principles, and developing a checklist for self- assessment by governments of their long-term investment initiatives; n Data collection on institutional investors and practical research on issues relating to long-term investment. Data is already being collected from 86 large investors who in total manage nearly USD 10 trillion in assets. Much more can be done to promote further involvement by institutional investors in long-term investments. The OECD is providing numerous contributions to the G20 and APEC, taking a clear leadership on issues relating to institutional investors. This will call for further data and analysis on the various obstacles to long-term investment by institutional investors and the development of related policy recommendations. We welcome collaboration from investors and interested parties on this important project. André Laboul, Head, OECD Financial Affairs Division " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-5-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-5-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-5-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-5-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide6" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-5" alt="4 Long-term investment is important because: n Patient capital allows investors to access illiquidity premia, lowers turnover, encourages less pro-cyclical investment strategies and therefore a higher net investment rate of returns, and greater financial stability; n Engaged capital encourages active voting policies, leading to better corporate governance; and n Productive capital supports infrastructure development, green growth initiatives, SME financing, etc., leading to sustainable growth. The OECD Project on Institutional Investors and Long-term Investment (the project) aims to facil- itate long-term investment (LTI) by institutional investors such as pension funds, insurance com- panies, and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. The project relies on close co-operation between OECD economies, some non-OECD economies, including G20 and APEC members, major investors, and other key stakeholders. Engaging institutional investors and policy mak- ers will ultimately enable the OECD to develop effective policy recommendations at the highest political level. Work on the project is organised in a series of modules such as data collection, governance, regulation and real assets (i.e. infrastructure). The project looks at both long-term investors (i.e. how institutional investors can be encouraged to act in their long-term capacity, providing stable, counter-cyclical financing and acting as engaged shareholders) and long-term investments (i.e. how to finance infrastructure and other real assets, given the constraints in government, corporate and financial sector balance sheets). The OECD project on institutional investors and long-term investment On institutional investment, expertise and oversight is provided through the G20/OECD Task Force on Institutional Investors and Long-term Financing, as well as the OECD Insurance and Private Pensions Committee and the Committee on Financial Markets. The project also benefits from input from other international bodies such as the World Bank, IMF, FSB, UN, IOPS, IAIS, and IOSCO, access to the OECD databases of pensions and insurance statistics, and collabo- ration with an extensive network of institutional investors. Data collection on institutional investors Infrastructure and green investment Regulation Governance Emerging markets ORGANISATIONAL STRUCTURE PROJECT DELIVERABLES Data collection Policy analysis Events Building on existing OECD databases to monitor and analyse institutional investors’ asset allocation on a micro level directly from institutional investors (data on assets, flows, performance, etc.) with a specific focus on alternative investments such as infrastructure. Detailed and practical research on institutional investors and LTI issues (infrastructure and green investment, regulation, governance and emerging markets) which will ultimately lead to the formulation of policy recommendations. . Operational-level events, either managed by the OECD or co-organised with partners, engage institutional investors and policy- makers (governments, regulators) on relevant issues; high-level policy events (CEOs/Ministers) present research results and generate support for recommendations (i.e. G20/B20). " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-6-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-6-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-6-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-6-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide7" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-6" alt="5 “The fallout from financial crisis has exposed the limitations of relying on traditional sources of long-term investment finance such as banks. Governments are looking for other sources of funds to support the long-term projects that are essential to sustaining a dynamic economy. There is huge potential among institutional investors to support development in a range of areas such as infrastructure, new technology and small businesses. ” Angel Gurría, OECD Secretary-General G20 Leaders’ Summit, St Petersburg, September 2013 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-7-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-7-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-7-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-7-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide8" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-7" alt="6 “…it is important to bear in mind the difficulties in implementing the Principles and putting the various proposals into practice. This will require substantial further work and integration of effort across governments, supranational bodies such as the OECD, asset managers and of course, institutional investors. ”Chris Hitchen, Chief Executive, Railway Pension Investments Limited, Consultation on the G20/OECD High-level Principles, 2013 Engaging in the policy discussion G20-OECD work on long-term financing G20 leaders have highlighted the importance of long-term financing, in particular infrastructure investment, to foster long-term growth and this a top priority of the Australian G20 presidency in 2014. Meeting in Moscow on 15-16 February 2013, G20 ministers welcomed diagnostic reports by inter- national organisations assessing factors affecting long-term financing. The OECD contributed a report titled “The Role of Banks, Equity Markets and Institutional Investors in Long-Term Financing for Growth and Development”. At that time, several international organisations were given mandates and the OECD was asked to: n Develop G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors, subsequently endorsed by G20 Leaders in September 2013; n Conduct an Annual Survey of Large Pension Funds and Public Pension Reserve Funds, circulated to G20 leaders in October 2013; n Prepare an analysis of different government and market-based instruments and incentives used for stimulating the financing of long- term investment. G20 leaders endorsing the High-level Principles called on the OECD and other interested participants to identify approaches for their implementation by the next summit. In addition to the implementation of the Principles in 2014, the OECD is taking the lead on six further reports to the G20 on various aspects of the investment agenda and providing contributions to five reports led by other international organisations. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-8-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-8-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-8-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-8-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide9" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-8" alt="7 The G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors were developed throughout 2013 by the G20/OECD Task Force on Institutional Investors and Long-term Financing. The Task Force operates under the aegis of the OECD Committee on Financial Markets and the OECD Insurance and Private Pensions Committee. The Task Force is open to governmental experts from OECD and selected non-OECD countries, including G20, FSB and APEC governmental members. The Task Force is currently following up on the call by G20 Leaders to identify approaches to the implementation of the High-level Principles. The G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors: n Identify the preconditions for long-term investment, including a favourable business and investment climate, stable macroeconomic conditions, regulatory stability, adequate cost benefit analysis, and opportunities for public-private partnerships. n Address the need to promote long-term savings and institutional investors through savings mobilisation policies. n Call for strengthened governance of institutional investors, providing the right incentives for a long-term investment perspective and ensuring that the governing body has the necessary skills to manage and oversee long-term investments, including their associated risks. n Set out basic objectives for financial and tax regulation, such as avoiding incentives for pro-cyclical investment strategies and facilitating international investment. n Set out the basic preconditions for public intervention in long-term investment projects and highlight the role of national development banks and multilateral development agencies in supporting long-term investment financing. n Refer to the need for better information sharing and disclosure to facilitate long-term investment by institutional investors as well as a stronger emphasis on financial education and consumer protection. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-9-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-9-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-9-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-9-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide10" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-9" alt="8 The Asia-Pacific Economic Cooperation (APEC) has grown to become one of the world’s most important regional forums. Its 21 member economies are home to more than 2.7 billion people and represent approximately 53% of world real GDP and 44% of world trade. Long-term investment, in particular infrastructure investment, was one of the main priorities of the APEC Indonesian presidency in 2013 and is of high importance for the Chinese presidency in 2014. When APEC Finance Ministers welcomed the G20/ OECD High-level Principles at their September 2013 meeting in Bali, they asked the OECD to join the new APEC PPP (Public Private Partnership) Experts Advisory Panel, one of the main initiatives of the Indonesian presidency. Under the aegis of the APEC, the OECD organised a Seminar on Infrastructure Financing in Palembang, Indonesia, on 29 August 2013. An APEC Seminar on long-term and stable financing for infrastructure development co-hosted by the Chinese Ministry of Finance will be organised in June 2014 in Dalian, Liaoning China. APEC-OECD work on long-term financing " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-10-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-10-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-10-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-10-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide11" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-10" alt="9 Private financing and government support to promote long term investments in infrastructure – Report for G20 (forthcoming 2014) This report presents an overview of the different types of public assistance to private investors in infrastructure and of the new instruments and techniques that financial markets have developed in response to the recent financial and sovereign debt crisis. The report is part of a wider project on the analysis of different government and market-based instruments and incentives used for stimulating the financing of long-term investment. Pooling of institutional investors capital: Selected case studies in unlisted equity infrastructure - Report for G20 (2014) This paper aims to clarify some of the issues as- sociated with the evolving field of infrastructure in- vestment and highlights some of the new models that are being used to facilitate the flow of financing. The paper describes new initiatives that have been developed in response to drawbacks and early inef- ficiencies, highlighting specific case studies of co- investment platforms, government-led initiatives and revised unlisted infrastructure funds that are provid- ing opportunities for institutional investors interested in investing in unlisted equity infrastructure assets. Long-term finance for investment: Institutional investment and infrastructure finance in Indonesia (forthcoming 2014) Indonesia, like other Asian emerging market econ- omies, plans to accelerate investment in infra- structure sharply in the coming years and to finance a large share of that investment through the financial markets. This report analyses the capability of the Indonesian financial system to support the projected high level of investment in infrastructure, stressing the key role of institutional investors and capital markets. Research and data Institutional investors and infrastructure financing (2013) This paper seeks to identify the main trends in long-term financial intermediation focusing on the role of institutional investors in providing long-term finance for growth and development. It highlights infrastructure as one specific sector that is facing major challenges in long-term financing. Annual survey of large pension funds and public pension reserve funds: Pension funds’ long- term investments - Report for G20 (2013) This survey illustrates the role that large institutional investors can play in providing a source of stable long-term capital. The survey reviews trends in assets and asset allocation by 86 large pension funds and Public Pension Reserve Funds, which in total manage nearly USD 10 trillion in assets, more than one third of the total worldwide assets held by this class of institutional investors. Pension fund investment in infrastructure: A comparison between Australia and Canada (2013) This paper compares and contrasts the experience of institutional investors in Australia and Canada looking at factors such as infrastructure policies, the pension system, investment strategies and governance of pension funds. Australian pension funds have been pioneers in this field since the early 1990s, and their financial industry invented the label ‘infrastructure investing’ as such. The Canadian pension funds are often held as some of the world’s leading infrastructure investors, especially for their ‘Canadian model’ of direct investing. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-11-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-11-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-11-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-11-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide12" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-11" alt="10 Long-term investment, the cost of capital and the dividend and buyback puzzle (2013) The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. The role of banks, equity markets and institutional investors in long-term financing for growth and development - Report for G20 (2013) This report identifies the main trends in long-term financial intermediation focusing on the role of institutional investors in providing long-term finance for growth and development. It also highlights infrastructure as one specific sector that is facing major challenges in long-term financing. The effect of solvency regulations and accounting standards on long-term investing: Implications for insurers and pension funds (2012) This report reviews recent accounting and regulatory changes as well as a summary of the evidence gathered to date of their impact on long- term investing. It describes recent trends in asset allocation by pension funds and insurers across the OECD and identifies instances where the regulatory framework – particularly solvency rules – may have an effect on investment decisions. Trends in large pension fund investment in infrastructure (2012) This paper is based on a survey of some of the largest pension funds across different regions, accounting for over USD 7 trillion of assets under management. It looks at how much these investors have allocated to infrastructure, what is considered as infrastructure, where infrastructure fits in the total portfolio allocation, the approaches and forms of investment that have been taken, and recent trends in relation to infrastructure and asset allocation, regulation and green investment. Global imbalances and the development of capital flows among Asian countries (2012) Against a backdrop of huge potential demands for infrastructure investment in the Asian region, this note makes recommendations to help develop bond markets in Asia. It also makes proposals for facilitating the financial inclusion of SMEs which outnumber other types of business in Asia. Infrastructure investment in new markets: Challenges and opportunities for pension funds (2012) This report reviews the existing evidence on pension funds’ investment in infrastructure in “new” markets, including countries such as Brazil, Chile, China, India, Indonesia, Mexico and South Africa. The report examines the role of both domestic and foreign pension funds in infrastructure investment and provides a set of policy recommendations to facilitate such investments. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-12-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-12-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-12-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-12-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide13" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-12" alt="11 Comparing pension fund investment in infrastructure in Australia and Canada Many governments have decided to encourage private in- vestment in infrastructure to bridge the infrastructure gap. Private sector participation can bring additional capital but also end-user benefits from a more competitive environment in the form of lower costs, as well as the use of the private sector’s technological and managerial competences in the public interest. Yet at the same time, a number of failed public-private part- nerships in infrastructure sectors demonstrate the challenges facing policy makers. Infrastructure investment involves con- tracts and regulatory frameworks which are more complex and of longer duration than in most other parts of the economy, operated under the double imperative of ensuring financial sustainability and meeting user needs and social objectives. The challenges are even more acute when governments bring in institutional investors, such as pension funds, whose first responsibility is to provide adequate retirement income for their members. Infrastructure investments will only be made if investors are able to earn adequate risk-adjusted returns and if appropriate market structures are in place to access this capital. Pension fund investment in infrastructure: A comparison between Australia and Canada compares and contrasts the experience of Australian and Canadian pension funds which have been pioneers in infrastructure investing since the early 1990s. These countries also have the highest asset allocation to infrastructure around the globe today. Important lessons can be learnt not only by investors but also by policy makers as political and regulatory stability are paramount for long-term investment strategies. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-13-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-13-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-13-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-13-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide14" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-13" alt="12 The OECD Directorate for Financial and Enterprise Affairs and the Environment Directorate have been investigating how institutional investors have been involved in green initiatives and how to better engage investors in green infrastructure investments. Reports relating to green growth published to date include: G20/OECD policy note on pension fund financing for green infrastructure and initiatives (2012) Pension funds represent a potential source of financing for long-term, green growth infrastructure. This policy note examines existing barriers and problems and puts forward proposals that policy makers may wish to consider when addressing the financing of green initiatives. Institutional investors and green infrastructure investments: Selected case studies (2013) The report examines the channels through which institutional investors can access green infrastructure, assesses the extent to which this is happening, and identifies barriers to scaling up these investment flows. Four case studies present utility-scale solar PV power generation in the United States, sustainable agriculture in Brazil, off-shore wind energy in the United Kingdom, and the securitisation of on-shore wind farms in Germany and France. Institutional investors and green growth " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-14-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-14-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-14-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-14-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide15" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-14" alt="13 The role of institutional investors in financing clean energy (2012) Even if governments were to improve the coherence and ambition of their climate policies, they cannot assume that capital will flow in the quantities needed and in the timeframe required. There are aspects of the investment environment that also need to be improved if clean energy is going to be an attractive proposition for some of the large pools of capital managed by institutional investors. Defining and measuring green investment (2012) This paper provides a comprehensive review of the concepts and definitions related to green investments currently in use. This research does not take a position on a specific definition but rather explores what is being generally used, identifying commonalities, inconsistencies and lessons to be drawn. The paper also examines how green investments are defined across different asset classes and provides some estimates of the size of these investments. The role of pension funds in financing green growth initiatives (2011) This paper examines some of the initiatives currently under way around the world to assist and encourage pension funds to help finance green growth projects. It informs current OECD work on engaging the private sector in financing green growth. Different financing mechanisms are outlined, and suggestions made as to the role governments in general, and pension fund regulatory and supervisory authorities in particular, can play in supporting pension funds investment in this sector. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-15-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-15-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-15-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-15-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide16" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-15" alt="14 This OECD survey illustrates the role that large institutional investors can play in providing a source of stable long-term capital. The survey reviews trends in assets and asset allocation by 86 large pension funds and Public Pension Reserve Funds (PPRFs), which in total manage nearly USD 10 trillion in assets, more than one third of the total worldwide assets held by this class of institutional investors. Both pension funds and PPRFs exhibit similar asset allocation trends: decreasing equities, increasing fixed income and increasing alternatives/other over the last two years. Based on a group of 46 pension funds that populated data in both the 2010 and 2012 time periods, there is evidence that allocations to alternative asset classes, such as infrastructure and private equity, are slowly increasing. Large pension fund survey The survey results show a still low level of investment in infrastructure on average among the surveyed funds, despite evidence of a growing interest by pension fund managers. This seems to confirm the existence of considerable barriers and disincentives which limit such investments and the relevance and need for policy makers to address them. If we consider total assets under management for the complete survey (i.e. 69 funds), infrastructure investment in the form of unlisted equity and debt was USD 72.1 billion in 2012, representing 0.9% of the total assets under management of the surveyed funds. Thirty three pension funds reported an allocation to unlisted infrastructure equity. Total investment in unlisted infrastructure equity at the end of 2012 was USD 64.0 billion, which represented 3% of total assets of these funds. In 2011, this amount was USD 55 billion, which corresponds to a nominal increase of 16.5% but a status quo when reported as a ratio to total assets1 . However, some funds have ramped up their direct infrastructure exposures. Notably, Australia’s Future Fund increased its total portfolio allocations to unlisted equity by 0.8 percentage points. Among pension funds, FUNCEF increased the infrastructure allocation by 2.3 percentage points. Still, the room for manoeuvre for most pension funds is still very large and there are clear opportunities for further increase in pension funds’ investment in infrastructure. The survey shows that data on long-term investment – and in particular infrastructure investment – by pension funds is readily available from the funds themselves. However, the methodologies and definitions used to classify such investments can differwidely,renderingcomparisonsandaggregation difficult. There is clearly a need to standardise definitions and classifications to facilitate monitoring. The survey was welcomed by G20 Finance Ministers and Central Bank Governors in 2013. 1 Figures may be understated given that for fixed income the majority of the funds do not report such details on their alloca- tion and infrastructure unlisted equity is often included in other asset classes. Some funds also report their allocation to infra- structure through listed equity (i.e. infrastructure corporates), that for this survey, we have considered as indirect exposure. Fixed income and cash 56% Fixed income and cash 60% Listed equity 28% Listed equity 27% Unlisted infrastructure investment1 1% Unlisted infrastructure investment1 1% Other alternative investments 15% Other alternative investments 12% Large Pension Funds Public Pension Reserve Funds FIGURE 1. AVERAGE ASSET ALLOCATION OF LARGE PENSION FUNDS (LPFs) AND PUBLIC PENSION RESERVE FUNDS (PPRFs), 2012 1 The value is a simple average of the share invested in unlisted infrastructure investments for all LPFs (respectively PPRFs) for which actual asset allocation was available in 2012, independently of their size in terms of assets. Source: OECD. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-16-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-16-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-16-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-16-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide17" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-16" alt="15 “There is a general need to enlarge the worldwide share of financing for long-term capital investment at the expense of short-termism and speculation... ...long-term investment is crucial for the future of the world economy; and it could also play a positive role in financial market stability. A long-term vision is needed to tackle the major challenges facing our societies: climate change, scarce natural resources, environmental protection, poverty, immigration, and education. ” Franco Bassanini, Chairman Cassa Depositi e Prestiti, OECD High-level Financial Roundtable, Paris 2011 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-17-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-17-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-17-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-17-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide18" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-17" alt="16 TABLE 1. LARGE PENSION FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 Netherlands Stichting Pensioenfonds ABP (ABP) 412,4 United States California Public Employees' Retirement System (CalPERS) 248,8 Singapore Central Provident Fund2 190,2 Netherlands Pensioenfonds Zorg en Welzijn (PFZW) 171,0 United States California State Teachers' Retirement System (CalSTRS)2,3 151,3 South Africa Government Employees Pension Fund (GEPF) 143,7 Denmark Arbejdsmarkedets Tillægspension (ATP)2 140,2 Japan Pension Fund Association4 130,8 United States New York City Combined Retirement System 130,0 Canada Ontario Teachers' Pension Plan Board (OTPP) 127,9 United States Florida Retirement System Pension Plan2,3 122,7 Sweden Alecta 83,9 Brazil Previ 81,4 United States Ohio Public Employees Retirement System (OPERS) 80,4 Netherlands Pensioenfonds Metaal en Techniek (PMT) 62,0 Canada Ontario Municipal Employees Retirement System (OMERS) 61,8 United Kingdom BT Pension Scheme 58,6 United Kingdom Universities Superannuation Scheme (USS) 55,5 Australia AustralianSuper 54,6 United States Massachusetts PRIM Board 51,8 Denmark PFA Pension 51,7 Finland Keva2 46,3 Chile AFP Provida 45,8 United Nations United Nations Joint Staff Pension Fund 44,7 Finland Ilmarinen 38,9 Chile AFP Cuprum 33,3 Brazil Petros2 32,6 Australia UniSuper2,3 31,1 Brazil Fundação dos Economiários Federais (FUNCEF) 24,5 Australia Sunsuper 22,5 France Établissement de Retraite Additionnelle de la Fonction Publique (ERAFP) 19,5 Mexico Afore XXI Banorte 18,9 Germany BASF Pensionskasse 15,4 Israel Menora-Mivtachim 12,4 Italy COMETA 9,7 Peru AFP Horizonte Peru 9,0 Turkey Ordu Yardımlasma Kurumu (OYAK) 8,8 Italy FONCHIM 5,0 Russia Lukoil - Garant 4,5 Spain Fonditel 4,5 Brazil Fundação de Assistência e Previdência Social do BNDES (FAPES) 4,3 Nigeria RSA Fund5 4,2 Portugal CGD Pensões 2,1 Spain Previsión Social, Empleados del Grupo Endesa, f.p. (Endesa) 1,8 Nigeria CPF Fund5 1,6 more than direct infrastructure investment of pension funds in OECD countries surveyed in 2012 Assets managed by institutional investors in OECD countries in 2012 22USD TRILLION22 83USD TRILLION Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for more than in OECD countries in 2012 22USD TRILLION22Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-18-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-18-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-18-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-18-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide19" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-18" alt="17 0 5 10 15 20 25 30 Pension funds USD 21.8 tn Insurance companies USD 24.5 tn Investment funds USD 30.0 tn PPRFs1 USD 5.0 tn Other2 USD 1.9 tn 2001 2002 USD TRILLIONS 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PPRFs = Public Pension Reserve Funds. Note: Book reserves are not included in this chart. Pension funds and insurance companies’ assets include assets invested in mutual funds, which may be also counted in investment funds. 1 Data include Australia’s Future Fund, Belgium’s Zilverfonds (2008-2012), Canada’s Pension Plan Investment Board, Chile’s Pension Reserve Fund (2010-2012), France’s Pension Reserve Fund (2003-2012), Ireland‘s National Pensions Reserve Fund, Japan’s Government Pension Investment Fund, Korea’s National Pension Service (OECD estimate for 2012), New Zealand’s Superannuation Fund, Norway’s Government Pension Fund, Poland’s Demographic Reserve Fund, Portugal’s Social Security Financial Stabilisation Fund, Spain’s Social Security Reserve Fund, Sweden’s AP1-AP4 and AP6, United States’ Social Security Trust Fund. 2 Other forms of institutional savings include foundations and endowment funds, non-pension fund money managed by banks, private investment partnership and other forms of institutional investors. Source: OECD Global Pension Statistics, Global Insurance Statistics and Institutional Investors databases, and OECD estimates. FIGURE 2. TOTAL ASSETS BY TYPE OF INSTITUTIONAL INVESTOR IN THE OECD, 2001-2012 TABLE 1. LARGE PENSION FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 Spain Fondo de Pensiones de Empleados de Bankia (Bankia) 1,3 Portugal Banco BPI Pension Fund 1,2 Russia VTB 1,2 Nigeria AES Fund (5) 0,7 Portugal Fundo de Pensões Petrogal (Petrogal) 0,4 Spain Santander Empleados Pensiones, FP (Santander) 0,1 Portugal Fundo de Pensões Pessoal da Império-Bonança (Império-Bonança) 0,1 Portugal Fundo de Pensões Fidelidade (Fidelidade) 0,1 Portugal Fundo de Pensões do Pessoal da Mundial Confiança (Mundial Confiança) 0,0 Portugal Fundo de Pensões Galp Energia (Galp Energia) 0,0 Spain Comisiones Obreras (CCOO) 0,0 Total 3 057,3 1 Data correspond to all forms of investment with a value associated to a pension fund/plan. 2 Data have been gathered from publicly available reports. 3 Data refer to the end of June. 4 Data refer to the end of March. 5 In Nigeria, there are three types of pension schemes, namely, the Retirement Savings Account (RSA) Fund, which is contributory; the Closed Pension Funds; and the Approved Existing Schemes (AES). The largest pension fund from each of these three schemes has been selected. Source: OECD. 1%Less than more than Allocations to direct infrastructure investment of pension funds in OECD countries surveyed in 2012 Assets managed by institutional investors in OECD countries in 2012 22USD TRILLION22 83USD TRILLION Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-19-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-19-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-19-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-19-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide20" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-19" alt="18 “Almost every country has an infrastructure deficit and is struggling to finance the infrastructure it needs. Worldwide, the OECD estimates that over $50 trillion in infrastructure investment is needed by 2030. It should be easier to get infrastructure projects off the ground – and we can do that through attracting more private capital into them through sensible pricing policies and better regulatory practices. My hope is to bring policy-makers, financiers and builders together to identify practical ways to increase long-term infrastructure financing. ” Tony Abbott, Prime Minister of Australia, World Economic Forum, Davos 2014 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-20-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-20-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-20-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-20-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide21" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-20" alt="TABLE 2. PUBLIC PENSION RESERVE FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 United States Social Security Trust Fund 2 732,3 Japan Government Pension Investment Fund 1 298,1 Norway Government Pension Fund–Global2 694,4 Saudi Arabia General Organisation for Social Insurance3,4 448,0 Korea National Pension Service3,5 302,9 China National Social Security Fund5 175,9 Canada Canada Pension Plan Investment Board (CPPIB) 173,6 Sweden National Pension Funds (AP1-AP4 and AP6) 147,0 India Employees' Provident Fund Organisation5,6 106,7 Russian Federation National Wealth Fund5,7 88,6 Australia Future Fund 85,7 Spain Social Security Reserve Fund 83,1 France AGIRC - ARRCO3,5 65,7 Argentina Sustainability Guarantee Fund 50,0 France Pension Reserve Fund5 47,9 Canada Quebec Pension Plan 39,3 Norway Government Pension Fund–Norway 27,8 Belgium Zilverfonds 25,3 Ireland National Pensions Reserve Fund5 19,4 New Zealand New Zealand Superannuation Fund 17,2 Portugal Social Security Financial Stabilisation Fund 14,4 Indonesia Jamsostek8 14,1 Chile Pension Reserve Fund 5,9 Poland Demographic Reserve Fund 5,3 Mexico IMSS Reserve 1,6 Bosnia and Herzegovina The Pension Reserve Fund of Republic of Srpska 0,2 Total 6 670,2 1 Data correspond to all forms of investment with a value associated to a pension fund/plan. 2 Norway's Government Pension Fund–Global is a Sovereign Wealth Fund and not a Public Pension Reserve Fund, its mandate goes beyond financing pension expenditures. 3 Data refer to 2011. 4 Source: Asset international's Chief Investment Officer (aiCIO). 5 Data have been gathered from publicly available reports. 6 Data refer to March 2012, and include the Employees Provident Fund, the Employees Pension Fund and the Employees Deposit Linked Insurance Fund. 7 Russia's National Wealth Fund is a Sovereign Wealth Fund, and not a Public Pension Reserve Fund, because its mandate goes beyond financing pension expenditures. 8 The number is available on Jamsostek's webpage and refers to November 2012. Source: OECD and various national sources. more than in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-21-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-21-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-21-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-21-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide22" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-21" alt="20 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-22-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-22-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-22-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-22-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide23" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-22" alt="21 OECD-Risklab-APG workshop on pension fund regulation and long-term investment 7 April 2014, Amsterdam, The Netherlands Focus: long-term pension investment strategies under risk-based regulation; risk and pro-cyclicality in pension asset allocation; and regulatory challenges for long-term illiquid assets. Participants: international investment, technical experts, regulatory bodies. ADBI-OECD roundtable on capital market reform in Asia 13-14 March 2014, Tokyo, Japan Focus: implications of quantitative easing (QE) tapering to Asia; global financial regulatory reforms; financial liberalisation in the de-globalisation phase; long-term investment for infrastructure development; and, disaster risk financing and the evolving role of insurance and financial markets. Participants: regulators, policy makers, experts, practitioners, scholars and international organisations. OECD Workshop on infrastructure investment and credit risk 4 December 2013, Paris, France Focus: the reliance of the pension fund sector on credit rating agencies. Participants: pensions funds and credit rating agencies. APEC-OECD-Indonesia seminar on institutional investors and infrastructure financing in Indonesia 29 August 2013, Palembang, Indonesia Focus: infrastructure financing in Indonesia. Participants: representatives from the Indonesian government and central bank, local and international investors. Events and highlights from selected events Since the launch of the project in early 2012, the OECD has organised, or co-organised with partners, close to 30 events. This page lists a number of these events. A full list of events and related materials can be found online at www.oecd.org/finance/lti. Compiled list of speakers from high-level events Richard Abadie Global Head, Capital Projects Infrastructure, PwC Vedat Akgiray Chairman, Capital Markets Board of Turkey Irfa Ampri Vice Chairman of Fiscal Policy Agency for Climate Change Financing and Multilateral Policy, Ministry of Finance, Indonesia Pablo Antolín Lead Economist, OECD Nick Ashmore Deputy Director, National Pensions Reserve Fund, Ireland Serkan Bahçeci Ph.D. Executive Director, Head of Infrastructure Research JP Morgan Asset Management Michela Bariletti Director, Standard Poor’s Chris Barrett Ambassador and Permanent Representative of Australia to the OECD, Australia Franco Bassanini Chairman, Cassa Depositi e Prestiti, Italy Johan Bastin Chief Executive Officer, CapAsia, Singapore Philippe Benaroya Managing Director, Co-Head of European Infrastructure Debt, BlackRock Jean Bensaïd Chief Executive Officer, CDC Infrastructure Frédéric Blanc-Brude Research Director, EDHEC Risk Institute-Asia Adrian Blundell-Wignall Special Advisor to the OECD Secretary-General on Financial Markets and Deputy Director of the OECD Directorate for Financial and Enterprise Affairs Andrey A. Bokarev Director, Department for International Financial Relations, Ministry of Finance, Russian Federation Christophe Bories Head of International Financial System and Summits Preparation Unit, Directorate-General of the Treasury, Ministry of Finance, France Rory Brennan Director, Infrastructure Australia P. Brett Hammond Managing Director Chief Investment Officer, TIAA-CREF Marie Briere Head of Investor Research Center, Amundi " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-23-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-23-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-23-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-23-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide24" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-23" alt="22 OECD roundtable on the investment strategies of insurers and long-term Investment 6 June 2013, Paris, France Focus: off-the-record discussion on insurers as long-term investors between OECD Committee members and selected representatives from the insurance sector. Participants: OECD Insurance and Private Pension Committee comprising officials from OECD national regulators, finance ministries and other financial authorities, who meet biannually to review insurance sector related issues in OECD countries and emerging economies. OECD/Euromoney infrastructure summit 29 May 2013, Paris, France Focus: research related to infrastructure financing, infrastructure as an asset class, project bonds and debt, new models for infrastructure financing, opportunities in renewable and emerging markets. Participants: institutional investors, financial industry representatives (banks, asset managers, rating agencies), policy makers. G20 Russian Presidency/OECD high-level roundtable on long-term investment: from problems to solutions 28 May 2013, Paris, France Focus: research on long-term investment, regulation, governance, infrastructure investment, G20 deliverables. Participants: senior representatives of pension funds, insurers and SWFs and policy makers. OECD roundtable on financing investment for the long-term: challenges, players, instruments 25 April 2013, Paris, France Focus: off-the-record discussion on market and regulatory challenges related to financing for investment between OECD committee members and selected representatives of the financial services sector (banks and rating agencies). Participants: High-level representatives of financial firms and delegates of the OECD Committee on Financial Markets comprising officials from central banks, finance ministries and other financial authorities. Randy Brown Managing Director and Global Head of Deutsche Insurance Asset Management Sharan Burrow General Secretary, International Trade Union Confederation (ITUC) Toby Buscombe Senior Alternative Asset Specialist, Mercer Tim Cable Director, Infrastructure Debt, Hastings Funds Management François Calonne Counsellor, Directorate for Institutional Relations and the European International Cooperation, Groupe Caisse des Dépôts Cosette V. Canilao Executive Director, Public-Private Partnership Center of the Philippines Laurence Carter Director, PPP Advisory Department, IFC Richard Carter Director, Business Environment, BIS, UK Lim Chow Kiat Managing Director and Group Chief Investment Officer GIC, Singapore Ross Clare Director of Research, Association of Superannuation Funds of Australia Elizabeth Corley Chief Executive Officer, Allianz Global Investors, Germany James Courtenay Global Head, Infrastructure Finance and Advisory Standard Chartered Bank Philippe Danjou Member of the International Accounting Standards Board (IASB) Andrew Darling Vice President, Infrastructure, Canada Pension Plan Investment Board Damian Darragh Financial Managing Director, Terra Firma Andrew Davison Senior Vice President, Infrastructure Finance Group, Moody’s Dominique de Crayencour Secretary General, Club of Long Term Investors (Caisse des Dépôts/KfW) Thierry Deau Chief Executive Officer, Meridiam Infrastructure Fund Raffaele Della Croce Lead Manager, Institutional Investment and Long-term Investment Project, OECD Scott Dickens Global Head of Structured Finance, HSBC James J. Donelon President, National Association of Insurance Commissioners, USA Ronnie Downes Deputy Head of Division, Budgeting and Public Expenditures, OECD " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-24-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-24-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-24-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-24-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide25" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-24" alt="23 Stefan Dunatov Chief Investment Office, Coal Pension Trustees Ltd Damien Dunn Australian Treasury, Chair of the OECD Task Force on Institutional Investors and Long-Term Financing Christian Edelmann Regional Head, Asia Pacific, Oliver Wyman Richard Ensor Chairman, Euromoney Institutional Investor PLC Carolyn Ervin Director, Directorate for Financial and Enterprise Affairs OECD Dr. Zai Fan Managing Director, China Investment Corporation (CIC) Peter R. Fisher Senior Managing Director, BlackRock Hugo Garduño Chief of Staff to the Deputy Secretary of Finance and Public Credit, Mexico François-Yves Gaudeul Director, Infrastructure Debt, Allianz Global Investors Ken Georgetti President, Canadian Labour Congress Kristina Gerteiser Partner, Oliver Wyman Benjamin Gilmartin Associate Director, Infrastructure, HSBC Jaime Gornsztejn Director, Brazilian Development Bank – BNDES Antoine Gosset-Grainville Deputy Chief Executive Officer, Groupe Caisse des Dépôts Ian Greer Managing Director, Standard Poor’s Örn Greif Head of Debt Business Development, BNP Paris Securities Services Georg Grodski Head of Credit Research, Legal General Steve Gross Senior Managing Director, Macquarie Infrastructure and Real Assets Andin Hadiyanto Advisor to the Minister of Finance of Indonesia, and Alternate Chair of APEC Finance and Central Bank Deputies Meeting Jérôme Haegeli Managing Director, Head of Investment Strategy, Swiss Re Claus-Michael Happe Head of Division, Multilateral Development Banks Ministry of Finance, Germany and Co-Chair of G20 Study Group on Long-Term Investment Financing Scott Hartz Executive Vice President of General Account Investments Manulife Financial Garry Hawker Director of Strategic Research, Mercer Brett Himbury Chief Executive Officer, IFM Investors OECD/ICC/ADB workshop on turning environmental infrastructure proposals into reality 7-8 February 2013, Paris, France Focus: identifying good practices for enhancing the soundness and bankability of infrastructure projects in developing countries. Participants: multilaterals, developers, international investors, technical experts. OECD/Allianz AM/RiskLab/APG seminar on regulation and long-term investment 6 February 2013, Amsterdam, Netherlands Focus: the definition of long-term investment and long-term investors, evidence available, impact on investment strategies of current regulatory changes, in particular solvency. Participants: international investors, technical experts, regulatory bodies. OECD/IOPS global forum on private pensions 23-24 October 2012, Santiago, Chile Focus: the pension industry in Latin America; the cost and coverage of pension systems; long-term investing and infrastructure; designing default options; financial education and pensions communication. Participants: representatives from developed and developing pension systems, business and academia. OECD high-level roundtable on long-term investment 23 May 2012, Paris, France Focus:: sustainable growth in an integrated world economy; financing infrastructure projects and the transition to a low carbon economy; improving corporate governance to encourage long-term investors. Participants: senior representatives from the government, business and finance communities. OECD forum session on long-term investment 23 May 2012, Paris, France Focus: attracting long-term investment in cities, a source of change and growth. Participants: senior representatives from the government, business and finance communities. Second annual world pensions and investment forum 9 February 2012, Paris, France Focus: launch of the OECD long-term investment project; allocating long-term assets and devising investment solutions; the benefits of diversification within an asset class. Participants: senior representatives from governments, pension funds, endowment and sovereign wealth funds, researchers. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-25-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-25-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-25-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-25-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide26" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-25" alt="24 G20/OECD High-level Roundtable on Long-term Investment: From Problems to Solutions 28 May 2013, OECD Conference Centre, Paris, France High-level government officials, institutional investors, regulators, trade unions and representatives from international organisations and the private sector met in Paris on 28 May 2013 to examine opportunities and challenges in long-term investment. Participants discussed policy measures and initiatives to address the constraints to long- term investment by institutional investors identified by the OECD and the G20. Discussion summary and key messages Session 1: Impact of Regulation of Institutional Investors on Long-Term Financing n Policy makers should carefully monitor the total impact of regulation on long-term investment and consider possible adverse effects, such as incentives for pro- cyclical investment strategies by institutional investors. n There is a need for a comprehensive and integral policy approach including current and new financial markets reforms, tax, accounting and corporate governance. Policy reforms should tackle regulatory arbitrage by companies, and ensure global implementation in a predictable manner, while reflecting the differences in development stages of countries. n Regulatory reform should be calibrated to the specific risk categories of institutional investors and needs to consider the stage of development of capital markets and the governance and risk management maturity of institutional investors, as well as their expertise in infrastructure investment. Session 2: Governance of and by Institutional Investors and the Investment Management Chain n Greater transparency, along with a shorter investment chain and better alignment between savers’ and investors’ incentives can be a solution to the growing short-termism in capital markets. n For long-term investment, risk may not merely be defined as volatility, but rather should be based on longer-term metrics. n Compensation should be in line with the investment horizon, and hence focus on long-term performance. n There is a need to rethink the fiduciary duty of institutional investors in order to better inculcate a long-term perspective. Patrick Hoedjes Director of Operations, EIOPA Georg Inderst Independent Adviser, Inderst Advisory Mats Isaksson Head, Corporate Affairs Division, OECD Mark Johnson Editor, Euromoney Conferences Peter Johnston Executive Director, Infrastructure Hastings Funds Management Olav Jones Deputy Director General, Insurance Europe Ross Jones Former President, International Organisation of Pension Supervisors Jean-Pierre Jouyet Chief Executive Officer, Groupe Caisse des Dépôts, France Li Junfeng Director of the National Center for Climate Strategy and International Cooperation, National Development and Reform Commission, China François Jurd de Girancourt Partner, McKinsey and Company Dr. Patrick Justen Executive Director, J.P. Morgan Asset Management Global Insurance Solutions Scott E. Kalb Executive Director, Sovereign Investor Institute and Former Chief Investment Officer, Korea Investment Corp. John Kay Economist and Author of the Kay Review of UK Equity Markets and Long-Term Decision Making, United Kingdom Christopher Kaminker Economist, Environment Directorate, OECD Dr. Masahiro Kawai Former Dean and Chief Executive Officer, ADBI Osamu Kawanishi Senior Policy Analyst, Environment Directorate, OECD Con Keating Head of Research, Brighton Rock Group Angelien Kemna Chief Investment Officer, APG, The Netherlands Clive Kerner Chief Executive Officer, Clifford Capital Niels Kortleve Innovation Manager, PGGM Peter Kraneveld Independent Consultant Tjerk Kroes Director, Corporate Strategy and Policy, APG Barthold Kuipers Principal Expert, EIOPA André Laboul Head, Financial Affairs Division, OECD Michel Leduc Senior Vice President, Canada Pension Plan Investment Board " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-26-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-26-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-26-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-26-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide27" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-26" alt="25 “We recognize the scale of the challenge in changing short-term attitudes and behaviours that have become all too ingrained in business, investment and society. We are not looking at an immediate fix to the problem of short- termism. This will take time, persistence and commitment from all involved. ” Mark Wiseman, President and Chief Executive Officer, Canada Pension Plan Investment Board, 2013 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-27-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-27-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-27-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-27-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide28" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-27" alt="26 Kyungjik Lee Head of Global Public Market Investment Division National Pension Service, Korea Trevor Lewis Public-Private Partnership Specialist Asian Development Bank Matti Leppälä Secretary General, CEO, PensionsEurope Robin Li Chief Investment Officer, Manulife Asset Management, Asia Ernesto Lopez Mozo Chief Financial Officer, Ferrovial Bertrand Loubieres Head of Specialised Product Group, BNP Parisbas Stefan Lundbergh Head of Innovation, Cardano Mark Machin Senior Vice-President and Head of International Canada Pension Plan Investment Board Cledan Mandri-Perrot Lead Infrastructure Finance Specialist, World Bank Nicolás Merigó Chief Executive Officer, Marguerite Adviser Martin Merlin Head of Financial Services Policy, Internal Markets European Commission Brigitte Miksa Head of International Pensions, Allianz AM Robert Milliner Sherpa, B20 Australia Scott Minerd Global Chief Investment Officer, Guggenheim Partners Patrick Mispagel Associate Managing Director, Moody’s Torben Möger Pedersen Chief Executive Officer, PensionDanmark, Denmark Mahmoud Mohieldin Special Envoy for the President of the World Bank Ashby Monk Executive Director, Global Projects Centre Stanford University Cormac Murphy Head of TENs and Infrastructure Division European Investment Bank (EIB) Nhlanhla Musa Nene Deputy Minister of Finance, South Africa Ian Nolan Chief Investment Officer, UK Green Investment Bank John O’Brien Partner, Financial Strategy Group, Mercer Makoto Okubo General Manager, Nippon Life Insurance Company John Oliphant Chief Investment Officer, Government Employees Pension Fund, South Africa Chris Ostrowski Head of Infrastructure, Euromoney Conferences Session 3: Policy Incentives and Instruments for Investment in Infrastructure by Institutional Investors n Strong institutions and stable policy environments are vital and governments need to ensure these as preconditions for investment. n Financial markets have a role to play through securitisation, long dated bonds and swaps, and foreign exchange markets. n Credit enhancements in the form of guarantees from national or supranational bodies can play an important kick-starting role in driving infrastructure investment. n Consider risk segregation in the different phases of project, i.e. construction, development and operation. Session 4: High-level Principles of Long-term Investment Financing by Institutional Investors n Long-term financing should be seen as the means to an end and should be designed for the ultimate users of any service, and not necessarily the financial intermediaries. n It is the role of governments to match the needs of their economies with the needs of institutional investors. n Long-term investment can take many forms besides infrastructure (i.e. equipment manufacturing, real estate). n Long-term investing entails active ownership and value investing in private and public markets, and tends to be counter-cyclical. n The OECD High-level Principles provide a key input into the development of a sound policy environment for guiding long-term investment. n The OECD is to set up a formal consultative network of institutional investors in response to the success of the public consultation process for the High-level Principles. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-28-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-28-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-28-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-28-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide29" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-28" alt="27 Pier Carlo Padoan Minister of Economy and Finance, Italy; former OECD Deputy Secretary-General Hubert Pénot Chief Investment Officer for EMEA, MetLife Darrin Pickett Portfolio Manager, Ontario Teachers’ Pension Plan Evgeniy Pogrebnyak Managing Director, Department for Strategic Analysis, Bank for Development and Foreign Economic Affairs (Vnesheconombank) Eduard Ponds Head Research Innovation Pensions, APG Jim Rasque Policy Advisor, Prudential Regulation, Insurance Europe Mark Rathbone Asia Pacific Capital Projects and Infrastructure Leader, PricewaterhouseCoopers LLP Donald M. Raymond Chief Investment Strategist, Senior Vice President Canada Pension Plan Investment Board, Canada Dima Rifai Managing Partner, Paradigm Change Capital Partners Andreas Reuss Partner, IFA Edoardo Reviglio Chief Economist, Cassa depositi e prestiti (CDP), Italy Aaron Russell-Davison Global Head, Bond Syndication, Standard Chartered Freddy Saragih Director of Fiscal Risk Policy Office, Ministry of Finance, Indonesia John Saunders Managing Director, Blackrock Inc., Hong Kong Dr. Gerhard Scheuenstuhl Managing Director, risklab GmbH Christian Schmitt Managing Director, risklab GmbH Tokihiko Shimizu Director General, Research Department Government Pension Investment Fund (GPIF), Japan Zenko Shinoyoma Director, Infrastructure Finance Group Japan Bank for International Cooperation Michael Siegel Managing Director, Global Head GSAM Insurance Asset Management Mahendra Siregar Vice Minister of Finance of Indonesia and G20 Sherpa for Indonesia Scott Sleyster Chief Investment Officer, Prudential Yngve Slyngstad Chief Executive Officer, Norges Bank Investment Management, Norway Sergey Storchak Deputy Minister of Finance of the Russian Federation William Streeter Head of Debt, Asia, Hastings Fund Management and Infrastructure Debt Advisor, Westpac Davide Taliente Managing Partner, Oliver Wyman Europe OECD/Euromoney Infrastructure Summit 29 May 2013, Intercontinental Hotel, Paris, France Co-organised by the OECD and Euromoney, this event brought together institutional investors, financial industry representatives (banks, asset managers, rating agencies) and policy makers to discuss investment opportunities and financing solutions for investors. Questions and issues considered during the panel discussions and workshops included: n Infrastructure investment and the search for yield in a low interest rate environment n Basel-III, Solvency 2 and the effect of regulation on infrastructure financing n Why “originate to distribute” is necessary and securitisation is not a bad word in infrastructure n Debt or equity? Fixed or floating? Invest directly or indirectly? Credit risk or liquidity premium? n Lessons from Canada and Australia: what have the governments and regulators here done right? n Pension fund investing: the effect of defined benefit vs. defined contribution plans n Play safe with mature Brownfield assets or bear Greenfield construction risks? n Infrastructure as asset class? No – it has to be classified under listed/unlisted debt/equity. Yes – it has specialised characteristics of its own and now offers sub asset classes. n Is this the year of project bonds? n From structuring PPPs to passing the litmus test: can this project be purely private and yet viable? n The extinction of monoline insurers – good or bad? And how to assess credit risk and enhance creditworthiness now? n Infrastructure investment from Brazil to Africa, the need to assess each project’s own merits, and the risks and rewards of being ahead of the crowd in the emerging world n The responsibility of governments and the private sector’s way of mitigating and dealing with political risk n The role of multilateral institutions like IFC and EBRD, and national development banks in kick-starting Greenfield projects in developing countries n Renewable energy projects: the role of consistent government policies on incentives and subsidies, and the need to increase commercial viability " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-29-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-29-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-29-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-29-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide30" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-29" alt="28 APEC/OECD Seminar on Enhancing the Role of Institutional Investors in Infrastructure Financing 29 August 2013, Palembang, Indonesia Under the aegis of APEC, the OECD organised a high-level seminar on “Enhancing the Role of Institutional Investors in Infrastructure Financing” in Palembang, Indonesia, on 29 August 2013. The seminar was co- hosted by the Indonesian Ministry of Finance and supported by the Japanese government. Multilaterals such as the World Bank and the Asian Development Bank were involved in the seminar and a background paper on infrastructure financing in Indonesia was prepared. Indonesia’s Vice Minister of Finance, Mahendra Siregar, and OECD Deputy Secretary-General Rintaro Tamaki presided over the seminar which was attended by around 120 high-level participants from both public and private sectors in the Asia Pacific region, as well as experts from financial institutions, international organisations, and academia. Participants examined the important role that can be played by institutional investors and sovereign wealth funds in providing long-term financing for infrastructure investment. The seminar also provided a platform for dialogue about infrastructure among international forums, particularly between APEC and the G20. In discussing infrastructure financing, participants agreed that the issue should not be viewed as an aid or development issue. Rather, it is crucial to approach it from a perspective of how the region can work co-operatively to better channel all available funds from both public and private sources towards more productive investments in infrastructure, in order to promote stronger growth and development. Productive investment in infrastructure can be carried out through creating more transparent regulatory frameworks, better accessibility to capital, more supportive financial markets, and increased capacities in economies to absorb capital flows. In particular, based on work related to the OECD project on long-term investment, the panels deliberated on the vehicles and major initiatives to pool resources to finance infrastructure project, including green projects. Participants also highlighted the need for a clear benchmark for measuring investment performance, seen by many as one of the main barriers to investing in infrastructure. Rintaro Tamaki Deputy Secretary-General, OECD Dr. Leslie Teo Chief Economist, GIC, Singapore Gerassimos Thomas Director Finance, Directorate General Economic and Financial Affairs, European Commission John Thompson Consultant and former Head of the Financial Affairs Division, OECD Konstantin Ugryumov President, National Association of Pension Funds, Russian Federation Junichi Umezu Senior General Manager, Dai-ichi Life International Rob van den Goorbergh Head of Investment Research, APG Han van der Hoorn Principal Risk Manager, PGGM Laurence van Prooijen Senior Investment Officer, French PPP Taskforce, Ministry of Economy, France Lubomir Varbanov Chief Investment Officer and Head of Global Equity, Infrastructure and Natural Resources, International Finance Corporation Erik Vermeulen Vice President Corporate Legal Department Phillips International Kenneth Waller Director, Australian APEC Study Centre RMIT University Vanessa Wang Managing Director, Asia Pacific Head of Pension Services, Citibank Ulrik Dan Weuder Head of Infrastructure and Chief Executive Officer of ATP Alternative Investment, Supplementary Pension of Denmark–ATP Jeroen Wilbrink Head of ALM and Risk Management, Mercer Gavin Wilson Chief Executive Officer, IFC Asset Management Company, World Bank Group Walter Winrow Managing Director, Moody’s Li Yao Chief Executive Officer, China-ASEAN Fund Juan Yermo Senior Advisor, Office of the Secretary-General, OECD; former Deputy Head, Financial Affairs Division, OECD Prof. Bernard Y. Yeung Dean of the National University of Singapore Business School, Member of the Financial Research Council of the Monetary Authority of Singapore Ksenia Yudaeva Chief of the Presidential Experts’ Directorate, Executive Office, Russian Sherpa in G20 to lead Russia’s Presidency, Russian Federation Dominik Zunt Policy Officer, Directorate General Economic and Financial Affairs, European Commission " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-30-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-30-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-30-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-30-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide31" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-30" alt="A centre for international research, analysis and dialogue The OECD has for many years led an international research and policy agenda on institutional investors. We are also the leading international organisation in terms of the collection and analysis of statistics and indicators on institutional investors with products such as Global Pensions Statistics, Global Insurance Statistics and the Institutional Investors Database. This project brings together OECD in-house expertise on institutional investors (through work on financial markets and institutions, insurance companies, pension funds and debt management) with a broader policy agenda on long-term investment issues, covering a range of initiatives such as green growth, foreign investment and capital flows, corporate governance, private sector development and financial education. The project involves close co-operation with national policy makers, private sector representatives and academia, as well as other international organisations and governmental bodies, such as the International Organisation of Pension Supervisors, the International Association of Insurance Supervisors, the International Organisation of Securities Commissions and the World Bank. The OECD’s ability to convene high-level representatives from different stakeholder groups and its cross-thematic research capability are key project strengths. The OECD welcomes private sector stakeholders to join us in this project. Join us in this project This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2014. " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-31-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-31-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-31-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-31-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div><div><div id="slide32" class="VerticalSlide_root__jU_9r slide-item" style="aspect-ratio:595 / 842" data-cy="slide-container"><div class="VerticalSlideImage_root__64KSA"><img id="slide-image-31" alt="Information on all project research and events is available at www.oecd.org/finance/lti For further information, please contact Raffaele Della Croce Lead Manager - Long-term Investment Directorate for Financial and Enterprise Affairs Raffaele.DELLACROCE@oecd.org Caroline Thompson Project Coordinator Directorate for Financial and Enterprise Affairs Caroline.THOMPSON@oecd.org Tel: +33 (0)1 45 24 78 51 " class="vertical-slide-image VerticalSlideImage_image__VtE4p" data-testid="vertical-slide-image" loading="lazy" srcSet="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-32-320.jpg 320w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-32-638.jpg 638w, https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/75/Institutional-investors-and-long-term-investment-2014-project-report-32-2048.jpg 2048w" src="https://image.slidesharecdn.com/oecd-lti-project-140529075710-phpapp02/85/Institutional-investors-and-long-term-investment-2014-project-report-32-320.jpg" sizes="100vw"/></div><!--$--><!--/$--></div></div></div></div></div><!--$--><div class="RelatedContent_root__29Np1"><div class="RelatedContent_wrapper__riU7l"><h2 class="Heading_heading__3MAvZ Heading_h2__f9yvs RelatedContent_title__QUhpL">More Related Content</h2><div></div><div></div><div id="between-recs-ad-1-container" class="freestar-ad-container FreestarAdContainer_root__qPPC_" style="--fallback-aspect-ratio:undefined / undefined"><div><div class="" id="between-recs-ad-1"></div></div></div><div></div><div id="between-recs-ad-2-container" class="freestar-ad-container FreestarAdContainer_root__qPPC_" style="--fallback-aspect-ratio:undefined / undefined"><div><div class="" id="between-recs-ad-2"></div></div></div><div></div></div></div><!--/$--><div class="Transcript_root__Vrf6Q"><h2 class="Transcript_title__YgAka"><span class="Icon_root__AjZyv" style="--size:24px"><span class="Icon_icon__4zzsG" style="mask-image:url(https://public.slidesharecdn.com/_next/static/media/file.5db1ba24.svg);background-color:currentColor"></span><span class="sr-only"></span></span>Institutional investors and long-term investment: 2014 project report</h2><div><ul class="Transcript_list__faItj"><div><li>1. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#1">Institutional Investors and Long-term </a> Investment PROJECT REPORT May 2014 </li></div><div><li>2. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#2">Project partners in </a> 2012-2013: Event partner in 2013: This brochure provides information about the OECD Project on Institutional Investors and Long-term Investment. It covers the first two years of activity following the launch of the project in February 2012. </li></div><div><li>3. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#3">Institutional investors such </a> as pension funds, insurers and sovereign wealth funds, due to the longer term nature of their liabilities, represent a potentially major source of long-term financing for illiquid assets such as infrastructure. Over the last decade, these investors have been looking for new sources of long-term, inflation protected returns. Asset allocation trends observed in recent years show a gradual globalisation of portfolios with an increased interest in emerging markets and diversification into new asset classes. The crisis has had a lasting impact on the fund management industry and on the long-term asset allocation strategies of institutional investors. On the one hand, it has promoted more cautious investment strategies and a greater focus on portfolio risk management. On the other hand, the prolonged low-yield environment has heightened the need for return-enhancing strategies, pushing some investors to invest in alternative assets. The willingness of institutional investors and the private sector more in general to finance major investment projects in any given country is heavily influenced by the perceptions of a country’s investment climate and the broad suite of policy settings and institutions that underpin a country’s economy and political processes. Through structural reforms, governments need to create a more favourable investment climate, build private sector confidence to invest and ensure that global savings are channelled into productive investments. The role of institutional investors in long-term financing is also constrained by the short-termism increasingly pervasive in capital markets as well as structural and policy barriers such as regulatory disincentives, lack of appropriate financing vehicles, limited investment and risk management expertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for illiquid assets. Moving from the current mind-set to a longer-term investment environment requires a transformational change in both government and investor behaviours. Promotion of a public-private dialogue ensuring a co-ordinated approach between investors, the financial industry and the public sector will be a key element in developing this new “investment culture”. The OECD is ideally placed to do this. Partnering with some of the largest institutional investors in the world, the OECD has developed an ambitious project on “Institutional Investors and Long-term Investment”. Through this project and its large network of investors and private sector representatives, the OECD aims to provide a platform for dialogue about long-term investment issues amongst international forums such as the G20 and APEC. Preface Rintaro Tamaki, OECD Chief Economist and Deputy Secretary-General </li></div><div><li>4. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#4">2 </a></li></div><div><li>5. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#5">3 At the OECD </a> we have been conducting analysis on institutional investors for many years based on our large network of financial authorities in charge of institutional investors. The OECD project on “Institutional Investors and Long-term Investment” was launched in February 2012 to consolidate previous work and help broaden policy makers’ knowledge and understanding of institutional investors’ needs and challenges so that supportive legislation and regulation can be drafted and enforced where relevant. In order to make this happen, institutional investors needed to be brought into the debate with policy makers. This is why the OECD decided to engage with some of the largest investors across the world, creating a network of institutions actively collaborating on our research and participating in events. Institutions already partnering with the OECD include the Canadian pension fund Canada Pension Plan Investment Board, the Club of Long- Term Investors, the Dutch pension fund asset manager APG, Guggenheim Partners and Oliver Wyman. Building on this dialogue with investors and financial authorities, 2013/14 highlights include: n Development of the G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors, endorsed at the G20 summit, St Petersburg; Taking the research and policy agenda forward n G20/OECD High-level Roundtable on Institutional Investors and Long-term Investment, Paris, 28 May 2013; n OECD/Euromoney Infrastructure Summit, Paris, 29 May 2013; n APEC/OECD Seminar on Institutional Investors and Infrastructure Investment, Palembang, Indonesia, 29 August 2013; n Significant contributions to different G20 initiatives such as the OECD report on the pooling of institutional investors’ capital, the OECD survey on large pension funds, the work on the High-level Principles, and developing a checklist for self- assessment by governments of their long-term investment initiatives; n Data collection on institutional investors and practical research on issues relating to long-term investment. Data is already being collected from 86 large investors who in total manage nearly USD 10 trillion in assets. Much more can be done to promote further involvement by institutional investors in long-term investments. The OECD is providing numerous contributions to the G20 and APEC, taking a clear leadership on issues relating to institutional investors. This will call for further data and analysis on the various obstacles to long-term investment by institutional investors and the development of related policy recommendations. We welcome collaboration from investors and interested parties on this important project. André Laboul, Head, OECD Financial Affairs Division </li></div><div><li>6. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#6">4 Long-term investment is </a> important because: n Patient capital allows investors to access illiquidity premia, lowers turnover, encourages less pro-cyclical investment strategies and therefore a higher net investment rate of returns, and greater financial stability; n Engaged capital encourages active voting policies, leading to better corporate governance; and n Productive capital supports infrastructure development, green growth initiatives, SME financing, etc., leading to sustainable growth. The OECD Project on Institutional Investors and Long-term Investment (the project) aims to facil- itate long-term investment (LTI) by institutional investors such as pension funds, insurance com- panies, and sovereign wealth funds, addressing both potential regulatory obstacles and market failures. The project relies on close co-operation between OECD economies, some non-OECD economies, including G20 and APEC members, major investors, and other key stakeholders. Engaging institutional investors and policy mak- ers will ultimately enable the OECD to develop effective policy recommendations at the highest political level. Work on the project is organised in a series of modules such as data collection, governance, regulation and real assets (i.e. infrastructure). The project looks at both long-term investors (i.e. how institutional investors can be encouraged to act in their long-term capacity, providing stable, counter-cyclical financing and acting as engaged shareholders) and long-term investments (i.e. how to finance infrastructure and other real assets, given the constraints in government, corporate and financial sector balance sheets). The OECD project on institutional investors and long-term investment On institutional investment, expertise and oversight is provided through the G20/OECD Task Force on Institutional Investors and Long-term Financing, as well as the OECD Insurance and Private Pensions Committee and the Committee on Financial Markets. The project also benefits from input from other international bodies such as the World Bank, IMF, FSB, UN, IOPS, IAIS, and IOSCO, access to the OECD databases of pensions and insurance statistics, and collabo- ration with an extensive network of institutional investors. Data collection on institutional investors Infrastructure and green investment Regulation Governance Emerging markets ORGANISATIONAL STRUCTURE PROJECT DELIVERABLES Data collection Policy analysis Events Building on existing OECD databases to monitor and analyse institutional investors’ asset allocation on a micro level directly from institutional investors (data on assets, flows, performance, etc.) with a specific focus on alternative investments such as infrastructure. Detailed and practical research on institutional investors and LTI issues (infrastructure and green investment, regulation, governance and emerging markets) which will ultimately lead to the formulation of policy recommendations. . Operational-level events, either managed by the OECD or co-organised with partners, engage institutional investors and policy- makers (governments, regulators) on relevant issues; high-level policy events (CEOs/Ministers) present research results and generate support for recommendations (i.e. G20/B20). </li></div><div><li>7. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#7">5 “The fallout from </a> financial crisis has exposed the limitations of relying on traditional sources of long-term investment finance such as banks. Governments are looking for other sources of funds to support the long-term projects that are essential to sustaining a dynamic economy. There is huge potential among institutional investors to support development in a range of areas such as infrastructure, new technology and small businesses. ” Angel Gurría, OECD Secretary-General G20 Leaders’ Summit, St Petersburg, September 2013 </li></div><div><li>8. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#8">6 “…it is important </a> to bear in mind the difficulties in implementing the Principles and putting the various proposals into practice. This will require substantial further work and integration of effort across governments, supranational bodies such as the OECD, asset managers and of course, institutional investors. ”Chris Hitchen, Chief Executive, Railway Pension Investments Limited, Consultation on the G20/OECD High-level Principles, 2013 Engaging in the policy discussion G20-OECD work on long-term financing G20 leaders have highlighted the importance of long-term financing, in particular infrastructure investment, to foster long-term growth and this a top priority of the Australian G20 presidency in 2014. Meeting in Moscow on 15-16 February 2013, G20 ministers welcomed diagnostic reports by inter- national organisations assessing factors affecting long-term financing. The OECD contributed a report titled “The Role of Banks, Equity Markets and Institutional Investors in Long-Term Financing for Growth and Development”. At that time, several international organisations were given mandates and the OECD was asked to: n Develop G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors, subsequently endorsed by G20 Leaders in September 2013; n Conduct an Annual Survey of Large Pension Funds and Public Pension Reserve Funds, circulated to G20 leaders in October 2013; n Prepare an analysis of different government and market-based instruments and incentives used for stimulating the financing of long- term investment. G20 leaders endorsing the High-level Principles called on the OECD and other interested participants to identify approaches for their implementation by the next summit. In addition to the implementation of the Principles in 2014, the OECD is taking the lead on six further reports to the G20 on various aspects of the investment agenda and providing contributions to five reports led by other international organisations. </li></div><div><li>9. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#9">7 The G20/OECD High-level </a> Principles on Long-term Investment Financing by Institutional Investors were developed throughout 2013 by the G20/OECD Task Force on Institutional Investors and Long-term Financing. The Task Force operates under the aegis of the OECD Committee on Financial Markets and the OECD Insurance and Private Pensions Committee. The Task Force is open to governmental experts from OECD and selected non-OECD countries, including G20, FSB and APEC governmental members. The Task Force is currently following up on the call by G20 Leaders to identify approaches to the implementation of the High-level Principles. The G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors: n Identify the preconditions for long-term investment, including a favourable business and investment climate, stable macroeconomic conditions, regulatory stability, adequate cost benefit analysis, and opportunities for public-private partnerships. n Address the need to promote long-term savings and institutional investors through savings mobilisation policies. n Call for strengthened governance of institutional investors, providing the right incentives for a long-term investment perspective and ensuring that the governing body has the necessary skills to manage and oversee long-term investments, including their associated risks. n Set out basic objectives for financial and tax regulation, such as avoiding incentives for pro-cyclical investment strategies and facilitating international investment. n Set out the basic preconditions for public intervention in long-term investment projects and highlight the role of national development banks and multilateral development agencies in supporting long-term investment financing. n Refer to the need for better information sharing and disclosure to facilitate long-term investment by institutional investors as well as a stronger emphasis on financial education and consumer protection. </li></div><div><li>10. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#10">8 The Asia-Pacific Economic </a> Cooperation (APEC) has grown to become one of the world’s most important regional forums. Its 21 member economies are home to more than 2.7 billion people and represent approximately 53% of world real GDP and 44% of world trade. Long-term investment, in particular infrastructure investment, was one of the main priorities of the APEC Indonesian presidency in 2013 and is of high importance for the Chinese presidency in 2014. When APEC Finance Ministers welcomed the G20/ OECD High-level Principles at their September 2013 meeting in Bali, they asked the OECD to join the new APEC PPP (Public Private Partnership) Experts Advisory Panel, one of the main initiatives of the Indonesian presidency. Under the aegis of the APEC, the OECD organised a Seminar on Infrastructure Financing in Palembang, Indonesia, on 29 August 2013. An APEC Seminar on long-term and stable financing for infrastructure development co-hosted by the Chinese Ministry of Finance will be organised in June 2014 in Dalian, Liaoning China. APEC-OECD work on long-term financing </li></div><div><li>11. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#11">9 Private financing and </a> government support to promote long term investments in infrastructure – Report for G20 (forthcoming 2014) This report presents an overview of the different types of public assistance to private investors in infrastructure and of the new instruments and techniques that financial markets have developed in response to the recent financial and sovereign debt crisis. The report is part of a wider project on the analysis of different government and market-based instruments and incentives used for stimulating the financing of long-term investment. Pooling of institutional investors capital: Selected case studies in unlisted equity infrastructure - Report for G20 (2014) This paper aims to clarify some of the issues as- sociated with the evolving field of infrastructure in- vestment and highlights some of the new models that are being used to facilitate the flow of financing. The paper describes new initiatives that have been developed in response to drawbacks and early inef- ficiencies, highlighting specific case studies of co- investment platforms, government-led initiatives and revised unlisted infrastructure funds that are provid- ing opportunities for institutional investors interested in investing in unlisted equity infrastructure assets. Long-term finance for investment: Institutional investment and infrastructure finance in Indonesia (forthcoming 2014) Indonesia, like other Asian emerging market econ- omies, plans to accelerate investment in infra- structure sharply in the coming years and to finance a large share of that investment through the financial markets. This report analyses the capability of the Indonesian financial system to support the projected high level of investment in infrastructure, stressing the key role of institutional investors and capital markets. Research and data Institutional investors and infrastructure financing (2013) This paper seeks to identify the main trends in long-term financial intermediation focusing on the role of institutional investors in providing long-term finance for growth and development. It highlights infrastructure as one specific sector that is facing major challenges in long-term financing. Annual survey of large pension funds and public pension reserve funds: Pension funds’ long- term investments - Report for G20 (2013) This survey illustrates the role that large institutional investors can play in providing a source of stable long-term capital. The survey reviews trends in assets and asset allocation by 86 large pension funds and Public Pension Reserve Funds, which in total manage nearly USD 10 trillion in assets, more than one third of the total worldwide assets held by this class of institutional investors. Pension fund investment in infrastructure: A comparison between Australia and Canada (2013) This paper compares and contrasts the experience of institutional investors in Australia and Canada looking at factors such as infrastructure policies, the pension system, investment strategies and governance of pension funds. Australian pension funds have been pioneers in this field since the early 1990s, and their financial industry invented the label ‘infrastructure investing’ as such. The Canadian pension funds are often held as some of the world’s leading infrastructure investors, especially for their ‘Canadian model’ of direct investing. </li></div><div><li>12. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#12">10 Long-term investment, the </a> cost of capital and the dividend and buyback puzzle (2013) The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. The role of banks, equity markets and institutional investors in long-term financing for growth and development - Report for G20 (2013) This report identifies the main trends in long-term financial intermediation focusing on the role of institutional investors in providing long-term finance for growth and development. It also highlights infrastructure as one specific sector that is facing major challenges in long-term financing. The effect of solvency regulations and accounting standards on long-term investing: Implications for insurers and pension funds (2012) This report reviews recent accounting and regulatory changes as well as a summary of the evidence gathered to date of their impact on long- term investing. It describes recent trends in asset allocation by pension funds and insurers across the OECD and identifies instances where the regulatory framework – particularly solvency rules – may have an effect on investment decisions. Trends in large pension fund investment in infrastructure (2012) This paper is based on a survey of some of the largest pension funds across different regions, accounting for over USD 7 trillion of assets under management. It looks at how much these investors have allocated to infrastructure, what is considered as infrastructure, where infrastructure fits in the total portfolio allocation, the approaches and forms of investment that have been taken, and recent trends in relation to infrastructure and asset allocation, regulation and green investment. Global imbalances and the development of capital flows among Asian countries (2012) Against a backdrop of huge potential demands for infrastructure investment in the Asian region, this note makes recommendations to help develop bond markets in Asia. It also makes proposals for facilitating the financial inclusion of SMEs which outnumber other types of business in Asia. Infrastructure investment in new markets: Challenges and opportunities for pension funds (2012) This report reviews the existing evidence on pension funds’ investment in infrastructure in “new” markets, including countries such as Brazil, Chile, China, India, Indonesia, Mexico and South Africa. The report examines the role of both domestic and foreign pension funds in infrastructure investment and provides a set of policy recommendations to facilitate such investments. </li></div><div><li>13. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#13">11 Comparing pension fund investment in </a> infrastructure in Australia and Canada Many governments have decided to encourage private in- vestment in infrastructure to bridge the infrastructure gap. Private sector participation can bring additional capital but also end-user benefits from a more competitive environment in the form of lower costs, as well as the use of the private sector’s technological and managerial competences in the public interest. Yet at the same time, a number of failed public-private part- nerships in infrastructure sectors demonstrate the challenges facing policy makers. Infrastructure investment involves con- tracts and regulatory frameworks which are more complex and of longer duration than in most other parts of the economy, operated under the double imperative of ensuring financial sustainability and meeting user needs and social objectives. The challenges are even more acute when governments bring in institutional investors, such as pension funds, whose first responsibility is to provide adequate retirement income for their members. Infrastructure investments will only be made if investors are able to earn adequate risk-adjusted returns and if appropriate market structures are in place to access this capital. Pension fund investment in infrastructure: A comparison between Australia and Canada compares and contrasts the experience of Australian and Canadian pension funds which have been pioneers in infrastructure investing since the early 1990s. These countries also have the highest asset allocation to infrastructure around the globe today. Important lessons can be learnt not only by investors but also by policy makers as political and regulatory stability are paramount for long-term investment strategies. </li></div><div><li>14. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#14">12 The OECD Directorate </a> for Financial and Enterprise Affairs and the Environment Directorate have been investigating how institutional investors have been involved in green initiatives and how to better engage investors in green infrastructure investments. Reports relating to green growth published to date include: G20/OECD policy note on pension fund financing for green infrastructure and initiatives (2012) Pension funds represent a potential source of financing for long-term, green growth infrastructure. This policy note examines existing barriers and problems and puts forward proposals that policy makers may wish to consider when addressing the financing of green initiatives. Institutional investors and green infrastructure investments: Selected case studies (2013) The report examines the channels through which institutional investors can access green infrastructure, assesses the extent to which this is happening, and identifies barriers to scaling up these investment flows. Four case studies present utility-scale solar PV power generation in the United States, sustainable agriculture in Brazil, off-shore wind energy in the United Kingdom, and the securitisation of on-shore wind farms in Germany and France. Institutional investors and green growth </li></div><div><li>15. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#15">13 The role of </a> institutional investors in financing clean energy (2012) Even if governments were to improve the coherence and ambition of their climate policies, they cannot assume that capital will flow in the quantities needed and in the timeframe required. There are aspects of the investment environment that also need to be improved if clean energy is going to be an attractive proposition for some of the large pools of capital managed by institutional investors. Defining and measuring green investment (2012) This paper provides a comprehensive review of the concepts and definitions related to green investments currently in use. This research does not take a position on a specific definition but rather explores what is being generally used, identifying commonalities, inconsistencies and lessons to be drawn. The paper also examines how green investments are defined across different asset classes and provides some estimates of the size of these investments. The role of pension funds in financing green growth initiatives (2011) This paper examines some of the initiatives currently under way around the world to assist and encourage pension funds to help finance green growth projects. It informs current OECD work on engaging the private sector in financing green growth. Different financing mechanisms are outlined, and suggestions made as to the role governments in general, and pension fund regulatory and supervisory authorities in particular, can play in supporting pension funds investment in this sector. </li></div><div><li>16. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#16">14 This OECD survey </a> illustrates the role that large institutional investors can play in providing a source of stable long-term capital. The survey reviews trends in assets and asset allocation by 86 large pension funds and Public Pension Reserve Funds (PPRFs), which in total manage nearly USD 10 trillion in assets, more than one third of the total worldwide assets held by this class of institutional investors. Both pension funds and PPRFs exhibit similar asset allocation trends: decreasing equities, increasing fixed income and increasing alternatives/other over the last two years. Based on a group of 46 pension funds that populated data in both the 2010 and 2012 time periods, there is evidence that allocations to alternative asset classes, such as infrastructure and private equity, are slowly increasing. Large pension fund survey The survey results show a still low level of investment in infrastructure on average among the surveyed funds, despite evidence of a growing interest by pension fund managers. This seems to confirm the existence of considerable barriers and disincentives which limit such investments and the relevance and need for policy makers to address them. If we consider total assets under management for the complete survey (i.e. 69 funds), infrastructure investment in the form of unlisted equity and debt was USD 72.1 billion in 2012, representing 0.9% of the total assets under management of the surveyed funds. Thirty three pension funds reported an allocation to unlisted infrastructure equity. Total investment in unlisted infrastructure equity at the end of 2012 was USD 64.0 billion, which represented 3% of total assets of these funds. In 2011, this amount was USD 55 billion, which corresponds to a nominal increase of 16.5% but a status quo when reported as a ratio to total assets1 . However, some funds have ramped up their direct infrastructure exposures. Notably, Australia’s Future Fund increased its total portfolio allocations to unlisted equity by 0.8 percentage points. Among pension funds, FUNCEF increased the infrastructure allocation by 2.3 percentage points. Still, the room for manoeuvre for most pension funds is still very large and there are clear opportunities for further increase in pension funds’ investment in infrastructure. The survey shows that data on long-term investment – and in particular infrastructure investment – by pension funds is readily available from the funds themselves. However, the methodologies and definitions used to classify such investments can differwidely,renderingcomparisonsandaggregation difficult. There is clearly a need to standardise definitions and classifications to facilitate monitoring. The survey was welcomed by G20 Finance Ministers and Central Bank Governors in 2013. 1 Figures may be understated given that for fixed income the majority of the funds do not report such details on their alloca- tion and infrastructure unlisted equity is often included in other asset classes. Some funds also report their allocation to infra- structure through listed equity (i.e. infrastructure corporates), that for this survey, we have considered as indirect exposure. Fixed income and cash 56% Fixed income and cash 60% Listed equity 28% Listed equity 27% Unlisted infrastructure investment1 1% Unlisted infrastructure investment1 1% Other alternative investments 15% Other alternative investments 12% Large Pension Funds Public Pension Reserve Funds FIGURE 1. AVERAGE ASSET ALLOCATION OF LARGE PENSION FUNDS (LPFs) AND PUBLIC PENSION RESERVE FUNDS (PPRFs), 2012 1 The value is a simple average of the share invested in unlisted infrastructure investments for all LPFs (respectively PPRFs) for which actual asset allocation was available in 2012, independently of their size in terms of assets. Source: OECD. </li></div><div><li>17. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#17">15 “There is a </a> general need to enlarge the worldwide share of financing for long-term capital investment at the expense of short-termism and speculation... ...long-term investment is crucial for the future of the world economy; and it could also play a positive role in financial market stability. A long-term vision is needed to tackle the major challenges facing our societies: climate change, scarce natural resources, environmental protection, poverty, immigration, and education. ” Franco Bassanini, Chairman Cassa Depositi e Prestiti, OECD High-level Financial Roundtable, Paris 2011 </li></div><div><li>18. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#18">16 TABLE 1. LARGE </a> PENSION FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 Netherlands Stichting Pensioenfonds ABP (ABP) 412,4 United States California Public Employees' Retirement System (CalPERS) 248,8 Singapore Central Provident Fund2 190,2 Netherlands Pensioenfonds Zorg en Welzijn (PFZW) 171,0 United States California State Teachers' Retirement System (CalSTRS)2,3 151,3 South Africa Government Employees Pension Fund (GEPF) 143,7 Denmark Arbejdsmarkedets Tillægspension (ATP)2 140,2 Japan Pension Fund Association4 130,8 United States New York City Combined Retirement System 130,0 Canada Ontario Teachers' Pension Plan Board (OTPP) 127,9 United States Florida Retirement System Pension Plan2,3 122,7 Sweden Alecta 83,9 Brazil Previ 81,4 United States Ohio Public Employees Retirement System (OPERS) 80,4 Netherlands Pensioenfonds Metaal en Techniek (PMT) 62,0 Canada Ontario Municipal Employees Retirement System (OMERS) 61,8 United Kingdom BT Pension Scheme 58,6 United Kingdom Universities Superannuation Scheme (USS) 55,5 Australia AustralianSuper 54,6 United States Massachusetts PRIM Board 51,8 Denmark PFA Pension 51,7 Finland Keva2 46,3 Chile AFP Provida 45,8 United Nations United Nations Joint Staff Pension Fund 44,7 Finland Ilmarinen 38,9 Chile AFP Cuprum 33,3 Brazil Petros2 32,6 Australia UniSuper2,3 31,1 Brazil Fundação dos Economiários Federais (FUNCEF) 24,5 Australia Sunsuper 22,5 France Établissement de Retraite Additionnelle de la Fonction Publique (ERAFP) 19,5 Mexico Afore XXI Banorte 18,9 Germany BASF Pensionskasse 15,4 Israel Menora-Mivtachim 12,4 Italy COMETA 9,7 Peru AFP Horizonte Peru 9,0 Turkey Ordu Yardımlasma Kurumu (OYAK) 8,8 Italy FONCHIM 5,0 Russia Lukoil - Garant 4,5 Spain Fonditel 4,5 Brazil Fundação de Assistência e Previdência Social do BNDES (FAPES) 4,3 Nigeria RSA Fund5 4,2 Portugal CGD Pensões 2,1 Spain Previsión Social, Empleados del Grupo Endesa, f.p. (Endesa) 1,8 Nigeria CPF Fund5 1,6 more than direct infrastructure investment of pension funds in OECD countries surveyed in 2012 Assets managed by institutional investors in OECD countries in 2012 22USD TRILLION22 83USD TRILLION Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for more than in OECD countries in 2012 22USD TRILLION22Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for </li></div><div><li>19. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#19">17 0 5 10 15 20 25 30 Pension funds USD 21.8 </a> tn Insurance companies USD 24.5 tn Investment funds USD 30.0 tn PPRFs1 USD 5.0 tn Other2 USD 1.9 tn 2001 2002 USD TRILLIONS 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 PPRFs = Public Pension Reserve Funds. Note: Book reserves are not included in this chart. Pension funds and insurance companies’ assets include assets invested in mutual funds, which may be also counted in investment funds. 1 Data include Australia’s Future Fund, Belgium’s Zilverfonds (2008-2012), Canada’s Pension Plan Investment Board, Chile’s Pension Reserve Fund (2010-2012), France’s Pension Reserve Fund (2003-2012), Ireland‘s National Pensions Reserve Fund, Japan’s Government Pension Investment Fund, Korea’s National Pension Service (OECD estimate for 2012), New Zealand’s Superannuation Fund, Norway’s Government Pension Fund, Poland’s Demographic Reserve Fund, Portugal’s Social Security Financial Stabilisation Fund, Spain’s Social Security Reserve Fund, Sweden’s AP1-AP4 and AP6, United States’ Social Security Trust Fund. 2 Other forms of institutional savings include foundations and endowment funds, non-pension fund money managed by banks, private investment partnership and other forms of institutional investors. Source: OECD Global Pension Statistics, Global Insurance Statistics and Institutional Investors databases, and OECD estimates. FIGURE 2. TOTAL ASSETS BY TYPE OF INSTITUTIONAL INVESTOR IN THE OECD, 2001-2012 TABLE 1. LARGE PENSION FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 Spain Fondo de Pensiones de Empleados de Bankia (Bankia) 1,3 Portugal Banco BPI Pension Fund 1,2 Russia VTB 1,2 Nigeria AES Fund (5) 0,7 Portugal Fundo de Pensões Petrogal (Petrogal) 0,4 Spain Santander Empleados Pensiones, FP (Santander) 0,1 Portugal Fundo de Pensões Pessoal da Império-Bonança (Império-Bonança) 0,1 Portugal Fundo de Pensões Fidelidade (Fidelidade) 0,1 Portugal Fundo de Pensões do Pessoal da Mundial Confiança (Mundial Confiança) 0,0 Portugal Fundo de Pensões Galp Energia (Galp Energia) 0,0 Spain Comisiones Obreras (CCOO) 0,0 Total 3 057,3 1 Data correspond to all forms of investment with a value associated to a pension fund/plan. 2 Data have been gathered from publicly available reports. 3 Data refer to the end of June. 4 Data refer to the end of March. 5 In Nigeria, there are three types of pension schemes, namely, the Retirement Savings Account (RSA) Fund, which is contributory; the Closed Pension Funds; and the Approved Existing Schemes (AES). The largest pension fund from each of these three schemes has been selected. Source: OECD. 1%Less than more than Allocations to direct infrastructure investment of pension funds in OECD countries surveyed in 2012 Assets managed by institutional investors in OECD countries in 2012 22USD TRILLION22 83USD TRILLION Assets managed by pension funds in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for </li></div><div><li>20. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#20">18 “Almost every country </a> has an infrastructure deficit and is struggling to finance the infrastructure it needs. Worldwide, the OECD estimates that over $50 trillion in infrastructure investment is needed by 2030. It should be easier to get infrastructure projects off the ground – and we can do that through attracting more private capital into them through sensible pricing policies and better regulatory practices. My hope is to bring policy-makers, financiers and builders together to identify practical ways to increase long-term infrastructure financing. ” Tony Abbott, Prime Minister of Australia, World Economic Forum, Davos 2014 </li></div><div><li>21. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#21">TABLE 2. PUBLIC </a> PENSION RESERVE FUNDS SURVEYED (USD BILLION)1 Country Name of the fund or institution Assets 2012 United States Social Security Trust Fund 2 732,3 Japan Government Pension Investment Fund 1 298,1 Norway Government Pension Fund–Global2 694,4 Saudi Arabia General Organisation for Social Insurance3,4 448,0 Korea National Pension Service3,5 302,9 China National Social Security Fund5 175,9 Canada Canada Pension Plan Investment Board (CPPIB) 173,6 Sweden National Pension Funds (AP1-AP4 and AP6) 147,0 India Employees' Provident Fund Organisation5,6 106,7 Russian Federation National Wealth Fund5,7 88,6 Australia Future Fund 85,7 Spain Social Security Reserve Fund 83,1 France AGIRC - ARRCO3,5 65,7 Argentina Sustainability Guarantee Fund 50,0 France Pension Reserve Fund5 47,9 Canada Quebec Pension Plan 39,3 Norway Government Pension Fund–Norway 27,8 Belgium Zilverfonds 25,3 Ireland National Pensions Reserve Fund5 19,4 New Zealand New Zealand Superannuation Fund 17,2 Portugal Social Security Financial Stabilisation Fund 14,4 Indonesia Jamsostek8 14,1 Chile Pension Reserve Fund 5,9 Poland Demographic Reserve Fund 5,3 Mexico IMSS Reserve 1,6 Bosnia and Herzegovina The Pension Reserve Fund of Republic of Srpska 0,2 Total 6 670,2 1 Data correspond to all forms of investment with a value associated to a pension fund/plan. 2 Norway's Government Pension Fund–Global is a Sovereign Wealth Fund and not a Public Pension Reserve Fund, its mandate goes beyond financing pension expenditures. 3 Data refer to 2011. 4 Source: Asset international's Chief Investment Officer (aiCIO). 5 Data have been gathered from publicly available reports. 6 Data refer to March 2012, and include the Employees Provident Fund, the Employees Pension Fund and the Employees Deposit Linked Insurance Fund. 7 Russia's National Wealth Fund is a Sovereign Wealth Fund, and not a Public Pension Reserve Fund, because its mandate goes beyond financing pension expenditures. 8 The number is available on Jamsostek's webpage and refers to November 2012. Source: OECD and various national sources. more than in OECD countries in 2012 1USD TRILLION New capital inflows to pension funds in OECD countries in 2012 1/3of total pension fund assets worldwide The 86 pension funds in the survey account for </li></div><div><li>22. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#22">20 </a></li></div><div><li>23. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#23">21 OECD-Risklab-APG workshop on </a> pension fund regulation and long-term investment 7 April 2014, Amsterdam, The Netherlands Focus: long-term pension investment strategies under risk-based regulation; risk and pro-cyclicality in pension asset allocation; and regulatory challenges for long-term illiquid assets. Participants: international investment, technical experts, regulatory bodies. ADBI-OECD roundtable on capital market reform in Asia 13-14 March 2014, Tokyo, Japan Focus: implications of quantitative easing (QE) tapering to Asia; global financial regulatory reforms; financial liberalisation in the de-globalisation phase; long-term investment for infrastructure development; and, disaster risk financing and the evolving role of insurance and financial markets. Participants: regulators, policy makers, experts, practitioners, scholars and international organisations. OECD Workshop on infrastructure investment and credit risk 4 December 2013, Paris, France Focus: the reliance of the pension fund sector on credit rating agencies. Participants: pensions funds and credit rating agencies. APEC-OECD-Indonesia seminar on institutional investors and infrastructure financing in Indonesia 29 August 2013, Palembang, Indonesia Focus: infrastructure financing in Indonesia. Participants: representatives from the Indonesian government and central bank, local and international investors. Events and highlights from selected events Since the launch of the project in early 2012, the OECD has organised, or co-organised with partners, close to 30 events. This page lists a number of these events. A full list of events and related materials can be found online at www.oecd.org/finance/lti. Compiled list of speakers from high-level events Richard Abadie Global Head, Capital Projects Infrastructure, PwC Vedat Akgiray Chairman, Capital Markets Board of Turkey Irfa Ampri Vice Chairman of Fiscal Policy Agency for Climate Change Financing and Multilateral Policy, Ministry of Finance, Indonesia Pablo Antolín Lead Economist, OECD Nick Ashmore Deputy Director, National Pensions Reserve Fund, Ireland Serkan Bahçeci Ph.D. Executive Director, Head of Infrastructure Research JP Morgan Asset Management Michela Bariletti Director, Standard Poor’s Chris Barrett Ambassador and Permanent Representative of Australia to the OECD, Australia Franco Bassanini Chairman, Cassa Depositi e Prestiti, Italy Johan Bastin Chief Executive Officer, CapAsia, Singapore Philippe Benaroya Managing Director, Co-Head of European Infrastructure Debt, BlackRock Jean Bensaïd Chief Executive Officer, CDC Infrastructure Frédéric Blanc-Brude Research Director, EDHEC Risk Institute-Asia Adrian Blundell-Wignall Special Advisor to the OECD Secretary-General on Financial Markets and Deputy Director of the OECD Directorate for Financial and Enterprise Affairs Andrey A. Bokarev Director, Department for International Financial Relations, Ministry of Finance, Russian Federation Christophe Bories Head of International Financial System and Summits Preparation Unit, Directorate-General of the Treasury, Ministry of Finance, France Rory Brennan Director, Infrastructure Australia P. Brett Hammond Managing Director Chief Investment Officer, TIAA-CREF Marie Briere Head of Investor Research Center, Amundi </li></div><div><li>24. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#24">22 OECD roundtable on </a> the investment strategies of insurers and long-term Investment 6 June 2013, Paris, France Focus: off-the-record discussion on insurers as long-term investors between OECD Committee members and selected representatives from the insurance sector. Participants: OECD Insurance and Private Pension Committee comprising officials from OECD national regulators, finance ministries and other financial authorities, who meet biannually to review insurance sector related issues in OECD countries and emerging economies. OECD/Euromoney infrastructure summit 29 May 2013, Paris, France Focus: research related to infrastructure financing, infrastructure as an asset class, project bonds and debt, new models for infrastructure financing, opportunities in renewable and emerging markets. Participants: institutional investors, financial industry representatives (banks, asset managers, rating agencies), policy makers. G20 Russian Presidency/OECD high-level roundtable on long-term investment: from problems to solutions 28 May 2013, Paris, France Focus: research on long-term investment, regulation, governance, infrastructure investment, G20 deliverables. Participants: senior representatives of pension funds, insurers and SWFs and policy makers. OECD roundtable on financing investment for the long-term: challenges, players, instruments 25 April 2013, Paris, France Focus: off-the-record discussion on market and regulatory challenges related to financing for investment between OECD committee members and selected representatives of the financial services sector (banks and rating agencies). Participants: High-level representatives of financial firms and delegates of the OECD Committee on Financial Markets comprising officials from central banks, finance ministries and other financial authorities. Randy Brown Managing Director and Global Head of Deutsche Insurance Asset Management Sharan Burrow General Secretary, International Trade Union Confederation (ITUC) Toby Buscombe Senior Alternative Asset Specialist, Mercer Tim Cable Director, Infrastructure Debt, Hastings Funds Management François Calonne Counsellor, Directorate for Institutional Relations and the European International Cooperation, Groupe Caisse des Dépôts Cosette V. Canilao Executive Director, Public-Private Partnership Center of the Philippines Laurence Carter Director, PPP Advisory Department, IFC Richard Carter Director, Business Environment, BIS, UK Lim Chow Kiat Managing Director and Group Chief Investment Officer GIC, Singapore Ross Clare Director of Research, Association of Superannuation Funds of Australia Elizabeth Corley Chief Executive Officer, Allianz Global Investors, Germany James Courtenay Global Head, Infrastructure Finance and Advisory Standard Chartered Bank Philippe Danjou Member of the International Accounting Standards Board (IASB) Andrew Darling Vice President, Infrastructure, Canada Pension Plan Investment Board Damian Darragh Financial Managing Director, Terra Firma Andrew Davison Senior Vice President, Infrastructure Finance Group, Moody’s Dominique de Crayencour Secretary General, Club of Long Term Investors (Caisse des Dépôts/KfW) Thierry Deau Chief Executive Officer, Meridiam Infrastructure Fund Raffaele Della Croce Lead Manager, Institutional Investment and Long-term Investment Project, OECD Scott Dickens Global Head of Structured Finance, HSBC James J. Donelon President, National Association of Insurance Commissioners, USA Ronnie Downes Deputy Head of Division, Budgeting and Public Expenditures, OECD </li></div><div><li>25. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#25">23 Stefan Dunatov Chief Investment </a> Office, Coal Pension Trustees Ltd Damien Dunn Australian Treasury, Chair of the OECD Task Force on Institutional Investors and Long-Term Financing Christian Edelmann Regional Head, Asia Pacific, Oliver Wyman Richard Ensor Chairman, Euromoney Institutional Investor PLC Carolyn Ervin Director, Directorate for Financial and Enterprise Affairs OECD Dr. Zai Fan Managing Director, China Investment Corporation (CIC) Peter R. Fisher Senior Managing Director, BlackRock Hugo Garduño Chief of Staff to the Deputy Secretary of Finance and Public Credit, Mexico François-Yves Gaudeul Director, Infrastructure Debt, Allianz Global Investors Ken Georgetti President, Canadian Labour Congress Kristina Gerteiser Partner, Oliver Wyman Benjamin Gilmartin Associate Director, Infrastructure, HSBC Jaime Gornsztejn Director, Brazilian Development Bank – BNDES Antoine Gosset-Grainville Deputy Chief Executive Officer, Groupe Caisse des Dépôts Ian Greer Managing Director, Standard Poor’s Örn Greif Head of Debt Business Development, BNP Paris Securities Services Georg Grodski Head of Credit Research, Legal General Steve Gross Senior Managing Director, Macquarie Infrastructure and Real Assets Andin Hadiyanto Advisor to the Minister of Finance of Indonesia, and Alternate Chair of APEC Finance and Central Bank Deputies Meeting Jérôme Haegeli Managing Director, Head of Investment Strategy, Swiss Re Claus-Michael Happe Head of Division, Multilateral Development Banks Ministry of Finance, Germany and Co-Chair of G20 Study Group on Long-Term Investment Financing Scott Hartz Executive Vice President of General Account Investments Manulife Financial Garry Hawker Director of Strategic Research, Mercer Brett Himbury Chief Executive Officer, IFM Investors OECD/ICC/ADB workshop on turning environmental infrastructure proposals into reality 7-8 February 2013, Paris, France Focus: identifying good practices for enhancing the soundness and bankability of infrastructure projects in developing countries. Participants: multilaterals, developers, international investors, technical experts. OECD/Allianz AM/RiskLab/APG seminar on regulation and long-term investment 6 February 2013, Amsterdam, Netherlands Focus: the definition of long-term investment and long-term investors, evidence available, impact on investment strategies of current regulatory changes, in particular solvency. Participants: international investors, technical experts, regulatory bodies. OECD/IOPS global forum on private pensions 23-24 October 2012, Santiago, Chile Focus: the pension industry in Latin America; the cost and coverage of pension systems; long-term investing and infrastructure; designing default options; financial education and pensions communication. Participants: representatives from developed and developing pension systems, business and academia. OECD high-level roundtable on long-term investment 23 May 2012, Paris, France Focus:: sustainable growth in an integrated world economy; financing infrastructure projects and the transition to a low carbon economy; improving corporate governance to encourage long-term investors. Participants: senior representatives from the government, business and finance communities. OECD forum session on long-term investment 23 May 2012, Paris, France Focus: attracting long-term investment in cities, a source of change and growth. Participants: senior representatives from the government, business and finance communities. Second annual world pensions and investment forum 9 February 2012, Paris, France Focus: launch of the OECD long-term investment project; allocating long-term assets and devising investment solutions; the benefits of diversification within an asset class. Participants: senior representatives from governments, pension funds, endowment and sovereign wealth funds, researchers. </li></div><div><li>26. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#26">24 G20/OECD High-level Roundtable </a> on Long-term Investment: From Problems to Solutions 28 May 2013, OECD Conference Centre, Paris, France High-level government officials, institutional investors, regulators, trade unions and representatives from international organisations and the private sector met in Paris on 28 May 2013 to examine opportunities and challenges in long-term investment. Participants discussed policy measures and initiatives to address the constraints to long- term investment by institutional investors identified by the OECD and the G20. Discussion summary and key messages Session 1: Impact of Regulation of Institutional Investors on Long-Term Financing n Policy makers should carefully monitor the total impact of regulation on long-term investment and consider possible adverse effects, such as incentives for pro- cyclical investment strategies by institutional investors. n There is a need for a comprehensive and integral policy approach including current and new financial markets reforms, tax, accounting and corporate governance. Policy reforms should tackle regulatory arbitrage by companies, and ensure global implementation in a predictable manner, while reflecting the differences in development stages of countries. n Regulatory reform should be calibrated to the specific risk categories of institutional investors and needs to consider the stage of development of capital markets and the governance and risk management maturity of institutional investors, as well as their expertise in infrastructure investment. Session 2: Governance of and by Institutional Investors and the Investment Management Chain n Greater transparency, along with a shorter investment chain and better alignment between savers’ and investors’ incentives can be a solution to the growing short-termism in capital markets. n For long-term investment, risk may not merely be defined as volatility, but rather should be based on longer-term metrics. n Compensation should be in line with the investment horizon, and hence focus on long-term performance. n There is a need to rethink the fiduciary duty of institutional investors in order to better inculcate a long-term perspective. Patrick Hoedjes Director of Operations, EIOPA Georg Inderst Independent Adviser, Inderst Advisory Mats Isaksson Head, Corporate Affairs Division, OECD Mark Johnson Editor, Euromoney Conferences Peter Johnston Executive Director, Infrastructure Hastings Funds Management Olav Jones Deputy Director General, Insurance Europe Ross Jones Former President, International Organisation of Pension Supervisors Jean-Pierre Jouyet Chief Executive Officer, Groupe Caisse des Dépôts, France Li Junfeng Director of the National Center for Climate Strategy and International Cooperation, National Development and Reform Commission, China François Jurd de Girancourt Partner, McKinsey and Company Dr. Patrick Justen Executive Director, J.P. Morgan Asset Management Global Insurance Solutions Scott E. Kalb Executive Director, Sovereign Investor Institute and Former Chief Investment Officer, Korea Investment Corp. John Kay Economist and Author of the Kay Review of UK Equity Markets and Long-Term Decision Making, United Kingdom Christopher Kaminker Economist, Environment Directorate, OECD Dr. Masahiro Kawai Former Dean and Chief Executive Officer, ADBI Osamu Kawanishi Senior Policy Analyst, Environment Directorate, OECD Con Keating Head of Research, Brighton Rock Group Angelien Kemna Chief Investment Officer, APG, The Netherlands Clive Kerner Chief Executive Officer, Clifford Capital Niels Kortleve Innovation Manager, PGGM Peter Kraneveld Independent Consultant Tjerk Kroes Director, Corporate Strategy and Policy, APG Barthold Kuipers Principal Expert, EIOPA André Laboul Head, Financial Affairs Division, OECD Michel Leduc Senior Vice President, Canada Pension Plan Investment Board </li></div><div><li>27. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#27">25 “We recognize the </a> scale of the challenge in changing short-term attitudes and behaviours that have become all too ingrained in business, investment and society. We are not looking at an immediate fix to the problem of short- termism. This will take time, persistence and commitment from all involved. ” Mark Wiseman, President and Chief Executive Officer, Canada Pension Plan Investment Board, 2013 </li></div><div><li>28. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#28">26 Kyungjik Lee Head of </a> Global Public Market Investment Division National Pension Service, Korea Trevor Lewis Public-Private Partnership Specialist Asian Development Bank Matti Leppälä Secretary General, CEO, PensionsEurope Robin Li Chief Investment Officer, Manulife Asset Management, Asia Ernesto Lopez Mozo Chief Financial Officer, Ferrovial Bertrand Loubieres Head of Specialised Product Group, BNP Parisbas Stefan Lundbergh Head of Innovation, Cardano Mark Machin Senior Vice-President and Head of International Canada Pension Plan Investment Board Cledan Mandri-Perrot Lead Infrastructure Finance Specialist, World Bank Nicolás Merigó Chief Executive Officer, Marguerite Adviser Martin Merlin Head of Financial Services Policy, Internal Markets European Commission Brigitte Miksa Head of International Pensions, Allianz AM Robert Milliner Sherpa, B20 Australia Scott Minerd Global Chief Investment Officer, Guggenheim Partners Patrick Mispagel Associate Managing Director, Moody’s Torben Möger Pedersen Chief Executive Officer, PensionDanmark, Denmark Mahmoud Mohieldin Special Envoy for the President of the World Bank Ashby Monk Executive Director, Global Projects Centre Stanford University Cormac Murphy Head of TENs and Infrastructure Division European Investment Bank (EIB) Nhlanhla Musa Nene Deputy Minister of Finance, South Africa Ian Nolan Chief Investment Officer, UK Green Investment Bank John O’Brien Partner, Financial Strategy Group, Mercer Makoto Okubo General Manager, Nippon Life Insurance Company John Oliphant Chief Investment Officer, Government Employees Pension Fund, South Africa Chris Ostrowski Head of Infrastructure, Euromoney Conferences Session 3: Policy Incentives and Instruments for Investment in Infrastructure by Institutional Investors n Strong institutions and stable policy environments are vital and governments need to ensure these as preconditions for investment. n Financial markets have a role to play through securitisation, long dated bonds and swaps, and foreign exchange markets. n Credit enhancements in the form of guarantees from national or supranational bodies can play an important kick-starting role in driving infrastructure investment. n Consider risk segregation in the different phases of project, i.e. construction, development and operation. Session 4: High-level Principles of Long-term Investment Financing by Institutional Investors n Long-term financing should be seen as the means to an end and should be designed for the ultimate users of any service, and not necessarily the financial intermediaries. n It is the role of governments to match the needs of their economies with the needs of institutional investors. n Long-term investment can take many forms besides infrastructure (i.e. equipment manufacturing, real estate). n Long-term investing entails active ownership and value investing in private and public markets, and tends to be counter-cyclical. n The OECD High-level Principles provide a key input into the development of a sound policy environment for guiding long-term investment. n The OECD is to set up a formal consultative network of institutional investors in response to the success of the public consultation process for the High-level Principles. </li></div><div><li>29. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#29">27 Pier Carlo Padoan Minister </a> of Economy and Finance, Italy; former OECD Deputy Secretary-General Hubert Pénot Chief Investment Officer for EMEA, MetLife Darrin Pickett Portfolio Manager, Ontario Teachers’ Pension Plan Evgeniy Pogrebnyak Managing Director, Department for Strategic Analysis, Bank for Development and Foreign Economic Affairs (Vnesheconombank) Eduard Ponds Head Research Innovation Pensions, APG Jim Rasque Policy Advisor, Prudential Regulation, Insurance Europe Mark Rathbone Asia Pacific Capital Projects and Infrastructure Leader, PricewaterhouseCoopers LLP Donald M. Raymond Chief Investment Strategist, Senior Vice President Canada Pension Plan Investment Board, Canada Dima Rifai Managing Partner, Paradigm Change Capital Partners Andreas Reuss Partner, IFA Edoardo Reviglio Chief Economist, Cassa depositi e prestiti (CDP), Italy Aaron Russell-Davison Global Head, Bond Syndication, Standard Chartered Freddy Saragih Director of Fiscal Risk Policy Office, Ministry of Finance, Indonesia John Saunders Managing Director, Blackrock Inc., Hong Kong Dr. Gerhard Scheuenstuhl Managing Director, risklab GmbH Christian Schmitt Managing Director, risklab GmbH Tokihiko Shimizu Director General, Research Department Government Pension Investment Fund (GPIF), Japan Zenko Shinoyoma Director, Infrastructure Finance Group Japan Bank for International Cooperation Michael Siegel Managing Director, Global Head GSAM Insurance Asset Management Mahendra Siregar Vice Minister of Finance of Indonesia and G20 Sherpa for Indonesia Scott Sleyster Chief Investment Officer, Prudential Yngve Slyngstad Chief Executive Officer, Norges Bank Investment Management, Norway Sergey Storchak Deputy Minister of Finance of the Russian Federation William Streeter Head of Debt, Asia, Hastings Fund Management and Infrastructure Debt Advisor, Westpac Davide Taliente Managing Partner, Oliver Wyman Europe OECD/Euromoney Infrastructure Summit 29 May 2013, Intercontinental Hotel, Paris, France Co-organised by the OECD and Euromoney, this event brought together institutional investors, financial industry representatives (banks, asset managers, rating agencies) and policy makers to discuss investment opportunities and financing solutions for investors. Questions and issues considered during the panel discussions and workshops included: n Infrastructure investment and the search for yield in a low interest rate environment n Basel-III, Solvency 2 and the effect of regulation on infrastructure financing n Why “originate to distribute” is necessary and securitisation is not a bad word in infrastructure n Debt or equity? Fixed or floating? Invest directly or indirectly? Credit risk or liquidity premium? n Lessons from Canada and Australia: what have the governments and regulators here done right? n Pension fund investing: the effect of defined benefit vs. defined contribution plans n Play safe with mature Brownfield assets or bear Greenfield construction risks? n Infrastructure as asset class? No – it has to be classified under listed/unlisted debt/equity. Yes – it has specialised characteristics of its own and now offers sub asset classes. n Is this the year of project bonds? n From structuring PPPs to passing the litmus test: can this project be purely private and yet viable? n The extinction of monoline insurers – good or bad? And how to assess credit risk and enhance creditworthiness now? n Infrastructure investment from Brazil to Africa, the need to assess each project’s own merits, and the risks and rewards of being ahead of the crowd in the emerging world n The responsibility of governments and the private sector’s way of mitigating and dealing with political risk n The role of multilateral institutions like IFC and EBRD, and national development banks in kick-starting Greenfield projects in developing countries n Renewable energy projects: the role of consistent government policies on incentives and subsidies, and the need to increase commercial viability </li></div><div><li>30. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#30">28 APEC/OECD Seminar on </a> Enhancing the Role of Institutional Investors in Infrastructure Financing 29 August 2013, Palembang, Indonesia Under the aegis of APEC, the OECD organised a high-level seminar on “Enhancing the Role of Institutional Investors in Infrastructure Financing” in Palembang, Indonesia, on 29 August 2013. The seminar was co- hosted by the Indonesian Ministry of Finance and supported by the Japanese government. Multilaterals such as the World Bank and the Asian Development Bank were involved in the seminar and a background paper on infrastructure financing in Indonesia was prepared. Indonesia’s Vice Minister of Finance, Mahendra Siregar, and OECD Deputy Secretary-General Rintaro Tamaki presided over the seminar which was attended by around 120 high-level participants from both public and private sectors in the Asia Pacific region, as well as experts from financial institutions, international organisations, and academia. Participants examined the important role that can be played by institutional investors and sovereign wealth funds in providing long-term financing for infrastructure investment. The seminar also provided a platform for dialogue about infrastructure among international forums, particularly between APEC and the G20. In discussing infrastructure financing, participants agreed that the issue should not be viewed as an aid or development issue. Rather, it is crucial to approach it from a perspective of how the region can work co-operatively to better channel all available funds from both public and private sources towards more productive investments in infrastructure, in order to promote stronger growth and development. Productive investment in infrastructure can be carried out through creating more transparent regulatory frameworks, better accessibility to capital, more supportive financial markets, and increased capacities in economies to absorb capital flows. In particular, based on work related to the OECD project on long-term investment, the panels deliberated on the vehicles and major initiatives to pool resources to finance infrastructure project, including green projects. Participants also highlighted the need for a clear benchmark for measuring investment performance, seen by many as one of the main barriers to investing in infrastructure. Rintaro Tamaki Deputy Secretary-General, OECD Dr. Leslie Teo Chief Economist, GIC, Singapore Gerassimos Thomas Director Finance, Directorate General Economic and Financial Affairs, European Commission John Thompson Consultant and former Head of the Financial Affairs Division, OECD Konstantin Ugryumov President, National Association of Pension Funds, Russian Federation Junichi Umezu Senior General Manager, Dai-ichi Life International Rob van den Goorbergh Head of Investment Research, APG Han van der Hoorn Principal Risk Manager, PGGM Laurence van Prooijen Senior Investment Officer, French PPP Taskforce, Ministry of Economy, France Lubomir Varbanov Chief Investment Officer and Head of Global Equity, Infrastructure and Natural Resources, International Finance Corporation Erik Vermeulen Vice President Corporate Legal Department Phillips International Kenneth Waller Director, Australian APEC Study Centre RMIT University Vanessa Wang Managing Director, Asia Pacific Head of Pension Services, Citibank Ulrik Dan Weuder Head of Infrastructure and Chief Executive Officer of ATP Alternative Investment, Supplementary Pension of Denmark–ATP Jeroen Wilbrink Head of ALM and Risk Management, Mercer Gavin Wilson Chief Executive Officer, IFC Asset Management Company, World Bank Group Walter Winrow Managing Director, Moody’s Li Yao Chief Executive Officer, China-ASEAN Fund Juan Yermo Senior Advisor, Office of the Secretary-General, OECD; former Deputy Head, Financial Affairs Division, OECD Prof. Bernard Y. Yeung Dean of the National University of Singapore Business School, Member of the Financial Research Council of the Monetary Authority of Singapore Ksenia Yudaeva Chief of the Presidential Experts’ Directorate, Executive Office, Russian Sherpa in G20 to lead Russia’s Presidency, Russian Federation Dominik Zunt Policy Officer, Directorate General Economic and Financial Affairs, European Commission </li></div><div><li>31. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#31">A centre for </a> international research, analysis and dialogue The OECD has for many years led an international research and policy agenda on institutional investors. We are also the leading international organisation in terms of the collection and analysis of statistics and indicators on institutional investors with products such as Global Pensions Statistics, Global Insurance Statistics and the Institutional Investors Database. This project brings together OECD in-house expertise on institutional investors (through work on financial markets and institutions, insurance companies, pension funds and debt management) with a broader policy agenda on long-term investment issues, covering a range of initiatives such as green growth, foreign investment and capital flows, corporate governance, private sector development and financial education. The project involves close co-operation with national policy makers, private sector representatives and academia, as well as other international organisations and governmental bodies, such as the International Organisation of Pension Supervisors, the International Association of Insurance Supervisors, the International Organisation of Securities Commissions and the World Bank. The OECD’s ability to convene high-level representatives from different stakeholder groups and its cross-thematic research capability are key project strengths. The OECD welcomes private sector stakeholders to join us in this project. Join us in this project This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2014. </li></div><div><li>32. <a class="Transcript_link__MLbGS" href="https://www.slideshare.net/slideshow/oecd-ltiproject/35259447#32">Information on all </a> project research and events is available at www.oecd.org/finance/lti For further information, please contact Raffaele Della Croce Lead Manager - Long-term Investment Directorate for Financial and Enterprise Affairs Raffaele.DELLACROCE@oecd.org Caroline Thompson Project Coordinator Directorate for Financial and Enterprise Affairs Caroline.THOMPSON@oecd.org Tel: +33 (0)1 45 24 78 51 </li></div></ul></div></div><div class="actions-menu-container ActionsMenu_root__4k507" data-cy="actions-menu-mobile"><div class="Tooltip_triggerWrapper___S2HG"><button type="button" class="Button_root__i1yp0 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Filling the SDG financing gap and aligning resources in support of sustainable and inclusive development. ","tags":["sustainability","sustainable development","sustainable development goals"],"url":"https://www.slideshare.net/slideshow/oecd-financing-for-sustainable-development/241506712","userLogin":"OECDdev","userName":"Development Co-operation Directorate (DCD-DAC)","viewCount":348},{"algorithmId":"2","displayTitle":"OECD Parliamentary Days 2016 - COP21 Outcomes and implications","isSavedByCurrentUser":false,"pageCount":9,"score":0.3778,"slideshowId":"58375049","sourceName":"ss_similarity","strippedTitle":"oecd-parliamentary-days-2016-cop21-outcomes-and-implications","thumbnail":"https://cdn.slidesharecdn.com/ss_thumbnails/parliamentarydays2016cop21outcomesandimplications-160217135725-thumbnail.jpg?width=600\u0026height=600\u0026fit=bounds","description":"The Paris Agreement achieved key outcomes including establishing a long-term temperature goal of keeping global warming well below 2°C, requiring climate action from all countries through national commitments to reduce emissions and adapt to climate impacts, and creating mechanisms to enhance transparency and accountability. 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It finds that while infrastructure projects could deliver long-term returns for institutional investors, investments in emerging markets require careful structuring. The document analyzes the types of institutional investors and their current limited allocations to emerging market infrastructure. It also examines challenges to increasing such allocations, like sovereign risk and a lack of investable projects. Finally, it considers models for institutional investor involvement in infrastructure in developing countries.","tags":[],"url":"https://www.slideshare.net/slideshow/0bf606a39b0e95cd0142e03f8deae5b91/33182870","userLogin":"arslaanhameed","userName":"Arslan Shani","viewCount":662},{"algorithmId":"3","displayTitle":"A Study on Factors Influencing Investment Decision Regarding Various Financia...","isSavedByCurrentUser":false,"pageCount":4,"score":0.5442,"slideshowId":"239602279","sourceName":"cm_text","strippedTitle":"a-study-on-factors-influencing-investment-decision-regarding-various-financial-products","thumbnail":"https://cdn.slidesharecdn.com/ss_thumbnails/313astudyonfactorsinfluencinginvestmentdecisionregardingvariousfinancialproducts-201130044055-thumbnail.jpg?width=600\u0026height=600\u0026fit=bounds","description":"In the current era of financial inclusion, digitalization and economy driving towards a faster pace, the investors are very much concerned about their savings which can be transferred into investments. The main purpose of investment is to maximize the returns out of it with minimum expenses and risk. There are various factors which affect the investment decision like demographic factors and behavioural biases which decides the type, tenure, amount of the investment. This paper explores that return, advice, tax benefit, liquidity risk appetite of the investors altogether plays a significant part in influencing the investors. Is there any impact of demographic factors like age, gender and income on factors influencing investment decision tried to find out. The results show that factors influencing the investment decision are influenced by income level not by age and gender. Dr. Ankit Jain | Mr Raj Tandel \"A Study on Factors Influencing Investment Decision Regarding Various Financial Products\" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33678.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/33678/a-study-on-factors-influencing-investment-decision-regarding-various-financial-products/dr-ankit-jain\r\n","tags":["accounting and finance","financial inclusion"],"url":"https://www.slideshare.net/ijtsrd/a-study-on-factors-influencing-investment-decision-regarding-various-financial-products","userLogin":"ijtsrd","userName":"ijtsrd","viewCount":731},{"algorithmId":"3","displayTitle":"Klibel5 law 51","isSavedByCurrentUser":false,"pageCount":11,"score":0.5439,"slideshowId":"42080926","sourceName":"cm_text","strippedTitle":"klibel5-law-517sy5wrcn8v","thumbnail":"https://cdn.slidesharecdn.com/ss_thumbnails/klibel5law517sy5wrcn8v-141127012950-conversion-gate01-thumbnail.jpg?width=600\u0026height=600\u0026fit=bounds","description":"An Analysis Of The Concept Of Sustainable Development In The Bilateral Investment Treaties: A Developing Country Perspective","tags":[],"url":"https://www.slideshare.net/slideshow/klibel5-law-517sy5wrcn8v/42080926","userLogin":"klibel","userName":"KLIBEL","viewCount":454},{"algorithmId":"3","displayTitle":"Balancing Long-term Liabilities with Market Opportunities in EMEA","isSavedByCurrentUser":false,"pageCount":26,"score":0.5426,"slideshowId":"83913001","sourceName":"cm_text","strippedTitle":"balancing-longterm-liabilities-with-market-opportunities-in-emea","thumbnail":"https://cdn.slidesharecdn.com/ss_thumbnails/emeabalancing-long-term-liabilities-with-market-opportunities-171212072227-thumbnail.jpg?width=600\u0026height=600\u0026fit=bounds","description":"How are EMEA investors responding to changing macroeconomic and regulatory environments, stakeholder objectives and pressures, and market conditions? 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Γεωργόπουλος","viewCount":34},{"algorithmId":"4","displayTitle":"Letter from the Elders: Open Letter on COP reform to All States that are Part...","isSavedByCurrentUser":false,"pageCount":6,"score":0,"slideshowId":"273355455","sourceName":"LATEST","strippedTitle":"letter-from-the-elders-open-letter-on-cop-reform-to-all-states-that-are-parties-to-the-convention","thumbnail":"https://cdn.slidesharecdn.com/ss_thumbnails/openletteroncopreformtoallstatesthatarepartiestotheconvention1-241116102931-a16170d3-thumbnail.jpg?width=600\u0026height=600\u0026fit=bounds","description":"on COP29\nNo longer Fit for Purpose","tags":["cop29","un","club of rome"],"url":"https://www.slideshare.net/slideshow/letter-from-the-elders-open-letter-on-cop-reform-to-all-states-that-are-parties-to-the-convention/273355455","userLogin":"wyakab","userName":"Energy for One World","viewCount":44},{"algorithmId":"4","displayTitle":"FESE Capital Markets Fact Sheet 2024 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3700】昆士兰大学毕业证书办理_UQ毕业证和学位证书仿造、成绩单、offer留信学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。\r\n\r\n主要有文凭办理、毕业证购买、毕业证成绩单购买、文凭购买，毕业证办理业务。一比一还原国外大学毕业证，定制国外大学学历，制作国外大学文凭，复刻国外大学毕业证书。办理毕业证、办理文凭、 买大学毕业证、买大学文凭，海量学校供您选择 · 学校真实原版工艺 · 十年从业经验专业可靠 · 您值得信赖的合作商家！\r\n\r\n【关于学历材料质量】\r\n我们承诺采用的是学校原版纸张（原版纸质、底色、纹路）我们工厂拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有成品以及工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！提供美国毕业证制作、加拿大毕业证定做、美国文凭订购、加拿大大学毕业证、美国大学文凭办理，加拿大文凭办理等业务。\r\n【业务选择办理准则】\r\n一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信号bwp0011】文凭即可\r\n二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信号bwp0011】即可\r\n三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。\r\n\r\n【成绩单有没有必要办理】\r\n成绩单的意义主要体现在证明学习能力、评估学术背景、展示综合素质、提高录取率，以及是作为留信认证申请材料的一部分。\r\n成绩单能够体现您的的学习能力，包括课程成绩、专业能力、研究能力。具体来说，成绩报告单通常包含学生的学习技能与习惯、各科成绩以及老师评语等部分，因此，成绩单不仅是学生学术能力的证明，也是评估学生是否适合某个教育项目的重要依据！\r\n\r\n留信网认证的作用:\r\n1:该专业认证可证明留学生真实身份\r\n2:同时对留学生所学专业登记给予评定\r\n3:国家专业人才认证中心颁发入库证书\r\n4:这个认证书并且可以归档倒地方\r\n5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息\r\n6:个人职称评审加20分\r\n7:个人信誉贷款加10分\r\n8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才\r\n\r\n留信网服务项目：\r\n1、留学生专业人才库服务（留信分析）\r\n2、国（境）学习人员提供就业推荐信服务\r\n3、留学人员区块链存储服务\r\n\r\n国外留学回国的学生都清楚学历认证【微信:bwp0011】的重要性，一些在留学期间因为意外情况被开除不能毕业的学生，即便在无学位的情况下，也想费尽心思申请一份学历认证为自己证明国外的学位情况。\r\n留学认证学历从最简单的层面来说是对你纪念学习生涯画上一个完美的句号,从另一种角度来说也是对自己的一种交代，更是一种学习能力的证明!\r\n\r\n留信网和中留服的区别：【微信：bwp0011】\r\n办理昆士兰大学毕业证书办理_UQ毕业证【微信:bwp0011】offer/学位证、留信官方学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作\r\n留信网的主办单位是北京留信信息科学研究院，主要职责就是为留学归国人员提供留学生就业等人力资源服务，提供“境外校库”海外院校办学信息查询。留信认证主要是出具“留学生专业人才入库证明”，以及一个留信网网络查询留学经历数据分析报告。\r\n\r\n留服即中国留学服务中心，是教育部直属事业单位，主要从事出国留学、留学回国、来华留学以及教育国际交流与合作等领域的相关服务，其中国企，考公，落户，升学等都是需要留服认证的。\r\n\r\n两种认证用处有所差异，大家肯定都想做更有用的留服认证。须知，留服认证只有在正规大学或项目就读，顺利毕业取得学位的情况下才能认证通过，如果是留学未能完成学业的，没有取得毕业相关证书，则无法通过认证。\r\n\r\n在这种情况下，国外留学无法毕业的留学生如果想要直接认证，则只能选择留信认证了。这种方式可以给予因为各种原因在国外无法完成学业，被退学，被开除的同学更多选择的可能，更多证明留学经历学习背景的机会。\r\n办理昆士兰大学毕业证书办理_UQ毕业证【微信:bwp0011】offer/学位证、留信官方学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作。\r\n\r\n办理昆士兰大学毕业证书办理_UQ毕业证/学位证【qq:74100 3700】在读证明信/文凭证书、留信官方学历认证（永久存档真实可查）采用学校原版纸张、特殊工艺完全按照原版一比一制作\r\n定制昆士兰大学毕业证书办理_UQ毕业证成绩单【qq:74100 3700】不同学院专业模版基本一致，不同年份版本有所区别，严格按照不同年份版本来定制。\r\n留学：一场跨越国界的成长之旅\r\n在人生的广阔画卷中，留学无疑是最为绚烂多彩的一笔。它不仅仅是一次地理上的迁徙，更是心灵与智慧的深度游历，是自我挑战与重塑的宝贵机遇。当飞机划过天际，远离熟悉的土地，每一位踏上留学征途的学子，都怀揣着梦想与不安，迈向了一个全新的世界。\r\n文化的碰撞与融合\r\n留学，首先是一场文化的盛宴。走进异国他乡，每一处风景、每一道菜肴、每一种语言，都是文化的独特印记\r\n总之，留学是一场充满挑战与机遇的旅程。它让学子们在文化的碰撞中拓宽视野，在学术的深耕中提升自我，在独立与成长的磨砺中变得坚韧不拔，在人际关系的构建中拓展世界。这段经历，将成为他们人生中最宝贵的财富之一，激励他们在未来的道路上勇往直前，不断探索未知的世界","tags":["昆士兰大学毕业证书"],"url":"https://www.slideshare.net/slideshow/lg1yw0-pptx/273463083","userLogin":"ldvsttj4","userName":"ldvsttj4","viewCount":8},{"algorithmId":"4","displayTitle":"Item # 7\u00268 -- 215 Argyle Avenue City 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Investors\nand Long-term Investment\nPROJECT\nREPORT\nMay 2014\n ","Project partners in 2012-2013:\nEvent partner in 2013:\nThis brochure provides information about the OECD Project on\nInstitutional Investors and Long-term Investment. It covers the\nfirst two years of activity following the launch of the project in\nFebruary 2012.\n ","Institutional investors such as pension funds, insurers and sovereign wealth funds, due to the longer\nterm nature of their liabilities, represent a potentially major source of long-term financing for illiquid\nassets such as infrastructure. Over the last decade, these investors have been looking for new sources\nof long-term, inflation protected returns. Asset allocation trends observed in recent years show a gradual\nglobalisation of portfolios with an increased interest in emerging markets and diversification into new\nasset classes.\nThe crisis has had a lasting impact on the fund management\nindustry and on the long-term asset allocation strategies of\ninstitutional investors. On the one hand, it has promoted more\ncautious investment strategies and a greater focus on portfolio\nrisk management. On the other hand, the prolonged low-yield\nenvironment has heightened the need for return-enhancing\nstrategies, pushing some investors to invest in alternative assets.\nThe willingness of institutional investors and the private sector\nmore in general to finance major investment projects in any given\ncountry is heavily influenced by the perceptions of a country’s\ninvestment climate and the broad suite of policy settings and\ninstitutions that underpin a country’s economy and political\nprocesses. Through structural reforms, governments need\nto create a more favourable investment climate, build private\nsector confidence to invest and ensure that global savings are\nchannelled into productive investments.\nThe role of institutional investors in long-term financing is also constrained by the short-termism\nincreasingly pervasive in capital markets as well as structural and policy barriers such as regulatory\ndisincentives, lack of appropriate financing vehicles, limited investment and risk management\nexpertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for\nilliquid assets.\nMoving from the current mind-set to a longer-term investment environment requires a transformational\nchange in both government and investor behaviours. Promotion of a public-private dialogue ensuring\na co-ordinated approach between investors, the financial industry and the public sector will be a key\nelement in developing this new “investment culture”.\nThe OECD is ideally placed to do this. Partnering with some of the largest institutional investors in\nthe world, the OECD has developed an ambitious project on “Institutional Investors and Long-term\nInvestment”. Through this project and its large network of investors and private sector representatives,\nthe OECD aims to provide a platform for dialogue about long-term investment issues amongst\ninternational forums such as the G20 and APEC.\nPreface\nRintaro Tamaki, OECD Chief Economist and Deputy Secretary-General\n ","2\n ","3\nAt the OECD we have been conducting analysis on institutional investors for many years based on our\nlarge network of financial authorities in charge of institutional investors. The OECD project on “Institutional\nInvestors and Long-term Investment” was launched in February 2012 to consolidate previous work\nand help broaden policy makers’ knowledge and understanding of institutional investors’ needs and\nchallenges so that supportive legislation and regulation can be drafted and enforced where relevant.\nIn order to make this happen, institutional investors needed to be\nbrought into the debate with policy makers. This is why the OECD\ndecided to engage with some of the largest investors across the\nworld, creating a network of institutions actively collaborating\non our research and participating in events. Institutions already\npartnering with the OECD include the Canadian pension fund\nCanada Pension Plan Investment Board, the Club of Long-\nTerm Investors, the Dutch pension fund asset manager APG,\nGuggenheim Partners and Oliver Wyman.\nBuilding on this dialogue with investors and financial\nauthorities, 2013/14 highlights include:\nn Development of the G20/OECD High-level Principles on\nLong-term Investment Financing by Institutional Investors,\nendorsed at the G20 summit, St Petersburg;\nTaking the research\nand policy agenda forward\nn G20/OECD High-level Roundtable on Institutional Investors and Long-term\nInvestment, Paris, 28 May 2013;\nn OECD/Euromoney Infrastructure Summit, Paris, 29 May 2013;\nn APEC/OECD Seminar on Institutional Investors and Infrastructure Investment,\nPalembang, Indonesia, 29 August 2013;\nn Significant contributions to different G20 initiatives such as the OECD report on\nthe pooling of institutional investors’ capital, the OECD survey on large pension\nfunds, the work on the High-level Principles, and developing a checklist for self-\nassessment by governments of their long-term investment initiatives;\nn Data collection on institutional investors and practical research on issues relating\nto long-term investment. Data is already being collected from 86 large investors\nwho in total manage nearly USD 10 trillion in assets.\nMuch more can be done to promote further involvement by institutional investors in long-term\ninvestments. The OECD is providing numerous contributions to the G20 and APEC, taking a clear\nleadership on issues relating to institutional investors. This will call for further data and analysis on the\nvarious obstacles to long-term investment by institutional investors and the development of related\npolicy recommendations. We welcome collaboration from investors and interested parties on this\nimportant project.\nAndré Laboul, Head, OECD Financial Affairs Division\n ","4\nLong-term investment is important because:\nn Patient capital allows investors to access\nilliquidity premia, lowers turnover, encourages\nless pro-cyclical investment strategies and\ntherefore a higher net investment rate of\nreturns, and greater financial stability;\nn Engaged capital encourages active voting\npolicies, leading to better corporate\ngovernance; and\nn Productive capital supports infrastructure\ndevelopment, green growth initiatives, SME\nfinancing, etc., leading to sustainable growth.\nThe OECD Project on Institutional Investors and\nLong-term Investment (the project) aims to facil-\nitate long-term investment (LTI) by institutional\ninvestors such as pension funds, insurance com-\npanies, and sovereign wealth funds, addressing\nboth potential regulatory obstacles and market\nfailures. The project relies on close co-operation\nbetween OECD economies, some non-OECD\neconomies, including G20 and APEC members,\nmajor investors, and other key stakeholders.\nEngaging institutional investors and policy mak-\ners will ultimately enable the OECD to develop\neffective policy recommendations at the highest\npolitical level.\nWork on the project is organised in a series of\nmodules such as data collection, governance,\nregulation and real assets (i.e. infrastructure).\nThe project looks at both long-term investors (i.e.\nhow institutional investors can be encouraged to\nact in their long-term capacity, providing stable,\ncounter-cyclical financing and acting as engaged\nshareholders) and long-term investments (i.e. how\nto finance infrastructure and other real assets,\ngiven the constraints in government, corporate\nand financial sector balance sheets).\nThe OECD project on institutional investors\nand long-term investment\nOn institutional investment, expertise and\noversight is provided through the G20/OECD Task\nForce on Institutional Investors and Long-term\nFinancing, as well as the OECD Insurance and\nPrivate Pensions Committee and the Committee\non Financial Markets. The project also benefits\nfrom input from other international bodies such\nas the World Bank, IMF, FSB, UN, IOPS, IAIS,\nand IOSCO, access to the OECD databases of\npensions and insurance statistics, and collabo-\nration with an extensive network of institutional\ninvestors.\nData collection\non institutional\ninvestors\nInfrastructure\nand green investment\nRegulation Governance\nEmerging\nmarkets\nORGANISATIONAL STRUCTURE\nPROJECT DELIVERABLES\nData\ncollection\nPolicy\nanalysis\nEvents\nBuilding on existing OECD databases to\nmonitor and analyse institutional investors’\nasset allocation on a micro level directly\nfrom institutional investors (data on assets,\nflows, performance, etc.) with a specific\nfocus on alternative investments such as\ninfrastructure.\nDetailed and practical research on\ninstitutional investors and LTI issues\n(infrastructure and green investment,\nregulation, governance and emerging\nmarkets) which will ultimately lead to the\nformulation of policy recommendations.\n.\nOperational-level events, either managed\nby the OECD or co-organised with partners,\nengage institutional investors and policy-\nmakers (governments, regulators) on\nrelevant issues; high-level policy events\n(CEOs/Ministers) present research results\nand generate support for recommendations\n(i.e. G20/B20).\n ","5\n“The fallout from financial crisis has exposed\nthe limitations of relying on traditional sources\nof long-term investment finance such as banks.\nGovernments are looking for other sources of\nfunds to support the long-term projects that are\nessential to sustaining a dynamic economy.\nThere is huge potential among institutional\ninvestors to support development in a range of\nareas such as infrastructure, new technology\nand small businesses.\n”\t\t Angel Gurría, OECD Secretary-General\n\t\t G20 Leaders’ Summit, St Petersburg, September 2013\n ","6\n“…it is important to bear in mind the difficulties in implementing the Principles and putting\nthe various proposals into practice. This will require substantial further work and integration\nof effort across governments, supranational bodies such as the OECD, asset managers and\nof course, institutional investors.\n”Chris Hitchen, Chief Executive, Railway Pension Investments Limited, Consultation on the G20/OECD High-level Principles, 2013\nEngaging in the policy discussion\nG20-OECD work on long-term financing\nG20 leaders have highlighted the importance of long-term financing, in particular infrastructure\ninvestment, to foster long-term growth and this a top priority of the Australian G20 presidency in 2014.\nMeeting in Moscow on 15-16 February 2013, G20 ministers welcomed diagnostic reports by inter-\nnational organisations assessing factors affecting long-term financing. The OECD contributed a report\ntitled “The Role of Banks, Equity Markets and Institutional Investors in Long-Term Financing for Growth\nand Development”. At that time, several international organisations were given mandates and the OECD\nwas asked to:\nn Develop G20/OECD High-level Principles on Long-term Investment\nFinancing by Institutional Investors, subsequently endorsed by G20\nLeaders in September 2013;\nn Conduct an Annual Survey of Large Pension Funds and Public Pension\nReserve Funds, circulated to G20 leaders in October 2013;\nn Prepare an analysis of different government and market-based\ninstruments and incentives used for stimulating the financing of long-\nterm investment.\nG20 leaders endorsing the High-level Principles called on the OECD and other interested participants\nto identify approaches for their implementation by the next summit. In addition to the implementation\nof the Principles in 2014, the OECD is taking the lead on six further reports to the G20 on various\naspects of the investment agenda and providing contributions to five reports led by other international\norganisations.\n ","7\nThe G20/OECD High-level Principles on Long-term Investment Financing by Institutional Investors were\ndeveloped throughout 2013 by the G20/OECD Task Force on Institutional Investors and Long-term\nFinancing. The Task Force operates under the aegis of the OECD Committee on Financial Markets and the\nOECD Insurance and Private Pensions Committee. The Task Force is open to governmental experts from\nOECD and selected non-OECD countries, including G20, FSB and APEC governmental members. The Task\nForce is currently following up on the call by G20 Leaders to identify approaches to the implementation of\nthe High-level Principles.\nThe G20/OECD High-level Principles on Long-term Investment Financing by\nInstitutional Investors:\nn Identify the preconditions for long-term investment, including a favourable business and\ninvestment climate, stable macroeconomic conditions, regulatory stability, adequate cost benefit\nanalysis, and opportunities for public-private partnerships.\nn Address the need to promote long-term savings and institutional investors through savings\nmobilisation policies.\nn Call for strengthened governance of institutional investors, providing the right incentives for a\nlong-term investment perspective and ensuring that the governing body has the necessary skills\nto manage and oversee long-term investments, including their associated risks.\nn Set out basic objectives for financial and tax regulation, such as avoiding incentives for\npro-cyclical investment strategies and facilitating international investment.\nn Set out the basic preconditions for public intervention in long-term investment projects and\nhighlight the role of national development banks and multilateral development agencies in\nsupporting long-term investment financing.\nn Refer to the need for better information sharing and disclosure to facilitate long-term\ninvestment by institutional investors as well as a stronger emphasis on financial education\nand consumer protection.\n ","8\nThe Asia-Pacific Economic Cooperation (APEC) has\ngrown to become one of the world’s most important\nregional forums. Its 21 member economies are\nhome to more than 2.7 billion people and represent\napproximately 53% of world real GDP and 44% of\nworld trade.\nLong-term investment, in particular infrastructure\ninvestment, was one of the main priorities of the\nAPEC Indonesian presidency in 2013 and is of high\nimportance for the Chinese presidency in 2014.\nWhen APEC Finance Ministers welcomed the G20/\nOECD High-level Principles at their September 2013\nmeeting in Bali, they asked the OECD to join the\nnew APEC PPP (Public Private Partnership) Experts\nAdvisory Panel, one of the main initiatives of the\nIndonesian presidency.\nUnder the aegis of the APEC, the OECD organised a\nSeminar on Infrastructure Financing in Palembang,\nIndonesia, on 29 August 2013.\nAn APEC Seminar on long-term and stable financing for\ninfrastructure development co-hosted by the Chinese\nMinistry of Finance will be organised in June 2014 in\nDalian, Liaoning China.\nAPEC-OECD work on\nlong-term financing\n ","9\nPrivate financing and government support to\npromote long term investments in infrastructure –\nReport for G20 (forthcoming 2014)\nThis report presents an overview of the different\ntypes of public assistance to private investors in\ninfrastructure and of the new instruments and\ntechniques that financial markets have developed\nin response to the recent financial and sovereign\ndebt crisis. The report is part of a wider project on the\nanalysis of different government and market-based\ninstruments and incentives used for stimulating the\nfinancing of long-term investment.\nPooling of institutional investors capital:\nSelected case studies in unlisted equity\ninfrastructure - Report for G20 (2014)\nThis paper aims to clarify some of the issues as-\nsociated with the evolving field of infrastructure in-\nvestment and highlights some of the new models\nthat are being used to facilitate the flow of financing.\nThe paper describes new initiatives that have been\ndeveloped in response to drawbacks and early inef-\nficiencies, highlighting specific case studies of co-\ninvestment platforms, government-led initiatives and\nrevised unlisted infrastructure funds that are provid-\ning opportunities for institutional investors interested\nin investing in unlisted equity infrastructure assets.\nLong-term finance for investment: Institutional\ninvestment and infrastructure finance in Indonesia\n(forthcoming 2014)\nIndonesia, like other Asian emerging market econ-\nomies, plans to accelerate investment in infra-\nstructure sharply in the coming years and to finance\na large share of that investment through the financial\nmarkets. This report analyses the capability of the\nIndonesian financial system to support the projected\nhigh level of investment in infrastructure, stressing the\nkey role of institutional investors and capital markets.\nResearch and data\nInstitutional investors and infrastructure financing\n(2013)\nThis paper seeks to identify the main trends in\nlong-term financial intermediation focusing on the\nrole of institutional investors in providing long-term\nfinance for growth and development. It highlights\ninfrastructure as one specific sector that is facing\nmajor challenges in long-term financing.\nAnnual survey of large pension funds and\npublic pension reserve funds: Pension funds’ long-\nterm investments - Report for G20 (2013)\nThis survey illustrates the role that large institutional\ninvestors can play in providing a source of stable\nlong-term capital. The survey reviews trends in\nassets and asset allocation by 86 large pension\nfunds and Public Pension Reserve Funds, which in\ntotal manage nearly USD 10 trillion in assets, more\nthan one third of the total worldwide assets held by\nthis class of institutional investors.\nPension fund investment in infrastructure:\nA comparison between Australia and Canada\n(2013)\nThis paper compares and contrasts the experience\nof institutional investors in Australia and Canada\nlooking at factors such as infrastructure policies,\nthe pension system, investment strategies and\ngovernance of pension funds. Australian pension\nfunds have been pioneers in this field since the early\n1990s, and their financial industry invented the label\n‘infrastructure investing’ as such. The Canadian\npension funds are often held as some of the world’s\nleading infrastructure investors, especially for their\n‘Canadian model’ of direct investing.\n ","10\nLong-term investment, the cost of capital and the\ndividend and buyback puzzle (2013)\nThe paper argues that interest rates are at extremely\nlow levels to support banks, and the search for yield\nhas pushed the liquidity driven speculative bubble\nfrom real estate, derivatives and structured products\nmarkets into the corporate debt market.\nThe role of banks, equity markets and institutional\ninvestors in long-term financing for growth and\ndevelopment - Report for G20 (2013)\nThis report identifies the main trends in long-term\nfinancial intermediation focusing on the role of\ninstitutional investors in providing long-term finance\nfor growth and development. It also highlights\ninfrastructure as one specific sector that is facing\nmajor challenges in long-term financing.\nThe effect of solvency regulations and accounting\nstandards on long-term investing: Implications for\ninsurers and pension funds (2012)\nThis report reviews recent accounting and\nregulatory changes as well as a summary of the\nevidence gathered to date of their impact on long-\nterm investing. It describes recent trends in asset\nallocation by pension funds and insurers across the\nOECD and identifies instances where the regulatory\nframework – particularly solvency rules – may have\nan effect on investment decisions.\nTrends in large pension fund investment\nin infrastructure (2012)\nThis paper is based on a survey of some of the\nlargest pension funds across different regions,\naccounting for over USD 7 trillion of assets under\nmanagement. It looks at how much these investors\nhave allocated to infrastructure, what is considered\nas infrastructure, where infrastructure fits in the total\nportfolio allocation, the approaches and forms of\ninvestment that have been taken, and recent trends\nin relation to infrastructure and asset allocation,\nregulation and green investment.\nGlobal imbalances and the development of capital\nflows among Asian countries (2012)\nAgainst a backdrop of huge potential demands for\ninfrastructure investment in the Asian region, this\nnote makes recommendations to help develop\nbond markets in Asia. It also makes proposals for\nfacilitating the financial inclusion of SMEs which\noutnumber other types of business in Asia.\nInfrastructure investment in new markets:\nChallenges and opportunities for pension funds\n(2012)\nThis report reviews the existing evidence on pension\nfunds’ investment in infrastructure in “new” markets,\nincluding countries such as Brazil, Chile, China,\nIndia, Indonesia, Mexico and South Africa. The\nreport examines the role of both domestic and\nforeign pension funds in infrastructure investment\nand provides a set of policy recommendations to\nfacilitate such investments.\n ","11\nComparing pension\nfund investment\nin infrastructure\nin Australia\nand Canada\nMany governments have decided to encourage private in-\nvestment in infrastructure to bridge the infrastructure gap.\nPrivate sector participation can bring additional capital but\nalso end-user benefits from a more competitive environment\nin the form of lower costs, as well as the use of the private\nsector’s technological and managerial competences in the\npublic interest.\nYet at the same time, a number of failed public-private part-\nnerships in infrastructure sectors demonstrate the challenges\nfacing policy makers. Infrastructure investment involves con-\ntracts and regulatory frameworks which are more complex\nand of longer duration than in most other parts of the economy,\noperated under the double imperative of ensuring financial\nsustainability and meeting user needs and social objectives.\nThe challenges are even more acute when governments bring\nin institutional investors, such as pension funds, whose first\nresponsibility is to provide adequate retirement income for\ntheir members. Infrastructure investments will only be made\nif investors are able to earn adequate risk-adjusted returns\nand if appropriate market structures are in place to access\nthis capital.\nPension fund investment in infrastructure: A comparison\nbetween Australia and Canada compares and contrasts the\nexperience of Australian and Canadian pension funds which\nhave been pioneers in infrastructure investing since the early\n1990s. These countries also have the highest asset allocation\nto infrastructure around the globe today. Important lessons\ncan be learnt not only by investors but also by policy makers as\npolitical and regulatory stability are paramount for long-term\ninvestment strategies.\n ","12\nThe OECD Directorate for Financial and Enterprise Affairs and the Environment Directorate have been\ninvestigating how institutional investors have been involved in green initiatives and how to better engage\ninvestors in green infrastructure investments.\nReports relating to green growth published to date include:\nG20/OECD policy note on pension fund financing for green infrastructure and initiatives (2012)\nPension funds represent a potential source of financing for long-term, green growth infrastructure. This\npolicy note examines existing barriers and problems and puts forward proposals that policy makers may\nwish to consider when addressing the financing of green initiatives.\nInstitutional investors and green infrastructure investments: Selected case studies (2013)\nThe report examines the channels through which institutional investors can access green infrastructure,\nassesses the extent to which this is happening, and identifies barriers to scaling up these investment flows.\nFour case studies present utility-scale solar PV power generation in the United States, sustainable agriculture\nin Brazil, off-shore wind energy in the United Kingdom, and the securitisation of on-shore wind farms in\nGermany and France.\nInstitutional investors and green growth\n ","13\nThe role of institutional investors in financing clean energy (2012)\nEven if governments were to improve the coherence and ambition of their climate policies, they cannot\nassume that capital will flow in the quantities needed and in the timeframe required. There are aspects of the\ninvestment environment that also need to be improved if clean energy is going to be an attractive proposition\nfor some of the large pools of capital managed by institutional investors.\nDefining and measuring green investment (2012)\nThis paper provides a comprehensive review of the concepts and definitions related to green investments\ncurrently in use. This research does not take a position on a specific definition but rather explores what is\nbeing generally used, identifying commonalities, inconsistencies and lessons to be drawn. The paper also\nexamines how green investments are defined across different asset classes and provides some estimates\nof the size of these investments.\nThe role of pension funds in financing green growth initiatives (2011)\nThis paper examines some of the initiatives currently under way around the world to assist and encourage\npension funds to help finance green growth projects. It informs current OECD work on engaging the private\nsector in financing green growth. Different financing mechanisms are outlined, and suggestions made as to\nthe role governments in general, and pension fund regulatory and supervisory authorities in particular, can\nplay in supporting pension funds investment in this sector.\n ","14\nThis OECD survey illustrates the role that large\ninstitutional investors can play in providing a source\nof stable long-term capital. The survey reviews\ntrends in assets and asset allocation by 86 large\npension funds and Public Pension Reserve Funds\n(PPRFs), which in total manage nearly USD 10 trillion\nin assets, more than one third of the total worldwide\nassets held by this class of institutional investors.\nBoth pension funds and PPRFs exhibit similar asset\nallocation trends: decreasing equities, increasing\nfixed income and increasing alternatives/other over\nthe last two years. Based on a group of 46 pension\nfunds that populated data in both the 2010 and 2012\ntime periods, there is evidence that allocations to\nalternative asset classes, such as infrastructure and\nprivate equity, are slowly increasing.\nLarge pension fund survey\nThe survey results show a still low level of investment\nin infrastructure on average among the surveyed\nfunds, despite evidence of a growing interest by\npension fund managers. This seems to confirm the\nexistence of considerable barriers and disincentives\nwhich limit such investments and the relevance\nand need for policy makers to address them. If\nwe consider total assets under management for\nthe complete survey (i.e. 69 funds), infrastructure\ninvestment in the form of unlisted equity and debt\nwas USD 72.1 billion in 2012, representing 0.9%\nof the total assets under management of the\nsurveyed funds.\nThirty three pension funds reported an allocation\nto unlisted infrastructure equity. Total investment\nin unlisted infrastructure equity at the end of 2012\nwas USD 64.0 billion, which represented 3% of total\nassets of these funds. In 2011, this amount was\nUSD 55 billion, which corresponds to a nominal\nincrease of 16.5% but a status quo when reported\nas a ratio to total assets1\n. However, some funds have\nramped up their direct infrastructure exposures.\nNotably, Australia’s Future Fund increased its\ntotal portfolio allocations to unlisted equity by\n0.8 percentage points. Among pension funds,\nFUNCEF increased the infrastructure allocation by\n2.3 percentage points. Still, the room for manoeuvre\nfor most pension funds is still very large and there\nare clear opportunities for further increase in pension\nfunds’ investment in infrastructure.\nThe survey shows that data on long-term investment\n– and in particular infrastructure investment – by\npension funds is readily available from the funds\nthemselves. However, the methodologies and\ndefinitions used to classify such investments can\ndifferwidely,renderingcomparisonsandaggregation\ndifficult. There is clearly a need to standardise\ndefinitions and classifications to facilitate monitoring.\nThe survey was welcomed by G20 Finance Ministers\nand Central Bank Governors in 2013.\n1 \nFigures may be understated given that for fixed income the majority of the funds do not report such details on their alloca-\ntion and infrastructure unlisted equity is often included in other asset classes. Some funds also report their allocation to infra-\nstructure through listed equity (i.e. infrastructure corporates), that for this survey, we have considered as indirect exposure.\nFixed income and cash\n56%\nFixed income and cash\n60%\nListed equity\n28%\nListed equity\n27%\nUnlisted infrastructure\ninvestment1\n1%\nUnlisted infrastructure\ninvestment1\n1%\nOther alternative investments\n15%\nOther alternative investments\n12%\nLarge Pension Funds\nPublic Pension Reserve Funds\nFIGURE 1. AVERAGE ASSET ALLOCATION OF LARGE PENSION FUNDS\n(LPFs) AND PUBLIC PENSION RESERVE FUNDS (PPRFs), 2012\n1 The value is a simple average of the share invested in unlisted infrastructure\ninvestments for all LPFs (respectively PPRFs) for which actual asset allocation\nwas available in 2012, independently of their size in terms of assets.\nSource: OECD.\n ","15\n“There is a general need to enlarge the worldwide share of\nfinancing for long-term capital investment at the expense of\nshort-termism and speculation... ...long-term investment is\ncrucial for the future of the world economy; and it could also\nplay a positive role in financial market stability. A long-term vision\nis needed to tackle the major challenges facing our societies:\nclimate change, scarce natural resources, environmental\nprotection, poverty, immigration, and education.\n”\t\t Franco Bassanini, Chairman Cassa Depositi e Prestiti, OECD High-level Financial Roundtable, Paris 2011\n ","16\nTABLE 1. LARGE PENSION FUNDS SURVEYED (USD BILLION)1\n\t\nCountry Name of the fund or institution Assets 2012\nNetherlands Stichting Pensioenfonds ABP (ABP) 412,4\nUnited States California Public Employees' Retirement System (CalPERS) 248,8\nSingapore Central Provident Fund2\n190,2\nNetherlands Pensioenfonds Zorg en Welzijn (PFZW) 171,0\nUnited States California State Teachers' Retirement System (CalSTRS)2,3\n151,3\nSouth Africa Government Employees Pension Fund (GEPF) 143,7\nDenmark Arbejdsmarkedets Tillægspension (ATP)2\n140,2\nJapan Pension Fund Association4\n130,8\nUnited States New York City Combined Retirement System 130,0\nCanada Ontario Teachers' Pension Plan Board (OTPP) 127,9\nUnited States Florida Retirement System Pension Plan2,3\n122,7\nSweden Alecta 83,9\nBrazil Previ 81,4\nUnited States Ohio Public Employees Retirement System (OPERS) 80,4\nNetherlands Pensioenfonds Metaal en Techniek (PMT) 62,0\nCanada Ontario Municipal Employees Retirement System (OMERS) 61,8\nUnited Kingdom BT Pension Scheme 58,6\nUnited Kingdom Universities Superannuation Scheme (USS) 55,5\nAustralia AustralianSuper 54,6\nUnited States Massachusetts PRIM Board 51,8\nDenmark PFA Pension 51,7\nFinland Keva2\n46,3\nChile AFP Provida 45,8\nUnited Nations United Nations Joint Staff Pension Fund 44,7\nFinland Ilmarinen 38,9\nChile AFP Cuprum 33,3\nBrazil Petros2\n32,6\nAustralia UniSuper2,3\n31,1\nBrazil Fundação dos Economiários Federais (FUNCEF) 24,5\nAustralia Sunsuper 22,5\nFrance Établissement de Retraite Additionnelle de la Fonction\nPublique (ERAFP)\n19,5\nMexico Afore XXI Banorte 18,9\nGermany BASF Pensionskasse 15,4\nIsrael Menora-Mivtachim 12,4\nItaly COMETA 9,7\nPeru AFP Horizonte Peru 9,0\nTurkey Ordu Yardımlasma Kurumu (OYAK) 8,8\nItaly FONCHIM 5,0\nRussia Lukoil - Garant 4,5\nSpain Fonditel 4,5\nBrazil Fundação de Assistência e Previdência Social do BNDES\n(FAPES)\n4,3\nNigeria RSA Fund5\n4,2\nPortugal CGD Pensões 2,1\nSpain Previsión Social, Empleados del Grupo Endesa, f.p. (Endesa) 1,8\nNigeria CPF Fund5\n1,6\nmore than\ndirect infrastructure investment\nof pension funds in OECD countries\nsurveyed in 2012\nAssets managed by\ninstitutional investors\nin OECD countries in 2012\n22USD TRILLION22\n83USD TRILLION\nAssets managed by\npension funds\nin OECD countries in 2012\n1USD TRILLION\nNew capital inflows\nto pension funds\nin OECD countries in 2012\n1/3of total pension fund\nassets worldwide\nThe 86 pension funds\nin the survey account for\nmore than\nin OECD countries in 2012\n22USD TRILLION22Assets managed by\npension funds\nin OECD countries in 2012\n1USD TRILLION\nNew capital inflows\nto pension funds\nin OECD countries in 2012\n1/3of total pension fund\nassets worldwide\nThe 86 pension funds\nin the survey account for\n ","17\n0\n5\n10\n15\n20\n25\n30\nPension funds\nUSD 21.8 tn\nInsurance companies\nUSD 24.5 tn\nInvestment funds\nUSD 30.0 tn\nPPRFs1\nUSD 5.0 tn\nOther2\nUSD 1.9 tn\n2001 2002\nUSD TRILLIONS\n2003 2004 2005 2006 2007 2008 2009 2010 2011 2012\nPPRFs = Public Pension Reserve Funds.\t\t\t\t\t\t\t\t\nNote: Book reserves are not included in this chart. Pension funds and insurance companies’ assets include assets invested in\nmutual funds, which may be also counted in investment funds.\t\n1\nData include Australia’s Future Fund, Belgium’s Zilverfonds (2008-2012), Canada’s Pension Plan Investment Board, Chile’s\nPension Reserve Fund (2010-2012), France’s Pension Reserve Fund (2003-2012), Ireland‘s National Pensions Reserve\nFund, Japan’s Government Pension Investment Fund, Korea’s National Pension Service (OECD estimate for 2012), New\nZealand’s Superannuation Fund, Norway’s Government Pension Fund, Poland’s Demographic Reserve Fund, Portugal’s\nSocial Security Financial Stabilisation Fund, Spain’s Social Security Reserve Fund, Sweden’s AP1-AP4 and AP6, United\nStates’ Social Security Trust Fund.\n2\nOther forms of institutional savings include foundations and endowment funds, non-pension fund money managed by\nbanks, private investment partnership and other forms of institutional investors.\t\nSource: OECD Global Pension Statistics, Global Insurance Statistics and Institutional Investors databases, and\nOECD estimates.\nFIGURE 2. TOTAL ASSETS BY TYPE OF INSTITUTIONAL INVESTOR IN THE OECD, 2001-2012\nTABLE 1. LARGE PENSION FUNDS SURVEYED (USD BILLION)1\n\t\nCountry Name of the fund or institution Assets 2012\nSpain Fondo de Pensiones de Empleados de Bankia (Bankia) 1,3\nPortugal Banco BPI Pension Fund 1,2\nRussia VTB 1,2\nNigeria AES Fund (5) 0,7\nPortugal Fundo de Pensões Petrogal (Petrogal) 0,4\nSpain Santander Empleados Pensiones, FP (Santander) 0,1\nPortugal Fundo de Pensões Pessoal da Império-Bonança\n(Império-Bonança)\n0,1\nPortugal Fundo de Pensões Fidelidade (Fidelidade) 0,1\nPortugal Fundo de Pensões do Pessoal da Mundial Confiança\n(Mundial Confiança)\n0,0\nPortugal Fundo de Pensões Galp Energia (Galp Energia) 0,0\nSpain Comisiones Obreras (CCOO) 0,0\nTotal 3 057,3\n1\nData correspond to all forms of investment with a value associated to a pension fund/plan.\n2\nData have been gathered from publicly available reports.\n3\nData refer to the end of June.\n4\nData refer to the end of March.\n5\nIn Nigeria, there are three types of pension schemes, namely, the Retirement Savings Account (RSA)\nFund, which is contributory; the Closed Pension Funds; and the Approved Existing Schemes (AES).\nThe largest pension fund from each of these three schemes has been selected.\nSource: OECD.\n1%Less than\nmore than\nAllocations to\ndirect infrastructure investment\nof pension funds in OECD countries\nsurveyed in 2012\nAssets managed by\ninstitutional investors\nin OECD countries in 2012\n22USD TRILLION22\n83USD TRILLION\nAssets managed by\npension funds\nin OECD countries in 2012\n1USD TRILLION\nNew capital inflows\nto pension funds\nin OECD countries in 2012\n1/3of total pension fund\nassets worldwide\nThe 86 pension funds\nin the survey account for\n ","18\n“Almost every country has an infrastructure deficit and is\nstruggling to finance the infrastructure it needs. Worldwide, the\nOECD estimates that over $50 trillion in infrastructure investment\nis needed by 2030. It should be easier to get infrastructure\nprojects off the ground – and we can do that through attracting\nmore private capital into them through sensible pricing policies\nand better regulatory practices. My hope is to bring policy-makers,\nfinanciers and builders together to identify practical ways to\nincrease long-term infrastructure financing.\n”\t\n\t\t Tony Abbott, Prime Minister of Australia, World Economic Forum, Davos 2014\n ","TABLE 2. PUBLIC PENSION RESERVE FUNDS SURVEYED (USD BILLION)1\nCountry Name of the fund or institution Assets 2012\nUnited States Social Security Trust Fund 2 732,3\nJapan Government Pension Investment Fund 1 298,1\nNorway Government Pension Fund–Global2\n694,4\nSaudi Arabia General Organisation for Social Insurance3,4\n448,0\nKorea National Pension Service3,5\n302,9\nChina National Social Security Fund5\n175,9\nCanada Canada Pension Plan Investment Board (CPPIB) 173,6\nSweden National Pension Funds (AP1-AP4 and AP6) 147,0\nIndia Employees' Provident Fund Organisation5,6\n106,7\nRussian Federation National Wealth Fund5,7\n88,6\nAustralia Future Fund 85,7\nSpain Social Security Reserve Fund 83,1\nFrance AGIRC - ARRCO3,5\n65,7\nArgentina Sustainability Guarantee Fund 50,0\nFrance Pension Reserve Fund5\n47,9\nCanada Quebec Pension Plan 39,3\nNorway Government Pension Fund–Norway 27,8\nBelgium Zilverfonds 25,3\nIreland National Pensions Reserve Fund5\n19,4\nNew Zealand New Zealand Superannuation Fund 17,2\nPortugal Social Security Financial Stabilisation Fund 14,4\nIndonesia Jamsostek8\n14,1\nChile Pension Reserve Fund 5,9\nPoland Demographic Reserve Fund 5,3\nMexico IMSS Reserve 1,6\nBosnia and Herzegovina The Pension Reserve Fund of Republic of Srpska 0,2\nTotal 6 670,2\n1\nData correspond to all forms of investment with a value associated to a pension fund/plan.\n2\nNorway's Government Pension Fund–Global is a Sovereign Wealth Fund and not a Public Pension\nReserve Fund, its mandate goes beyond financing pension expenditures.\n3\nData refer to 2011.\n4\nSource: Asset international's Chief Investment Officer (aiCIO).\n5\nData have been gathered from publicly available reports.\n6\nData refer to March 2012, and include the Employees Provident Fund, the Employees Pension\nFund and the Employees Deposit Linked Insurance Fund.\n7\nRussia's National Wealth Fund is a Sovereign Wealth Fund, and not a Public Pension Reserve\nFund, because its mandate goes beyond financing pension expenditures.\n8\nThe number is available on Jamsostek's webpage and refers to November 2012.\nSource: OECD and various national sources.\nmore than\nin OECD countries in 2012\n1USD TRILLION\nNew capital inflows\nto pension funds\nin OECD countries in 2012\n1/3of total pension fund\nassets worldwide\nThe 86 pension funds\nin the survey account for\n ","20\n ","21\nOECD-Risklab-APG workshop on pension fund regulation\nand long-term investment\n7 April 2014,\nAmsterdam,\nThe Netherlands\nFocus: long-term pension investment strategies\nunder risk-based regulation; risk and pro-cyclicality\nin pension asset allocation; and regulatory\nchallenges for long-term illiquid assets.\nParticipants: international investment, technical\nexperts, regulatory bodies.\nADBI-OECD roundtable on capital market reform in Asia\n13-14 March 2014,\nTokyo, Japan\nFocus: implications of quantitative easing (QE)\ntapering to Asia; global financial regulatory reforms;\nfinancial liberalisation in the de-globalisation\nphase; long-term investment for infrastructure\ndevelopment; and, disaster risk financing and the\nevolving role of insurance and financial markets.\nParticipants: regulators, policy makers, experts,\npractitioners, scholars and international\norganisations.\nOECD Workshop on infrastructure investment and credit risk\n4 December 2013,\nParis, France\nFocus: the reliance of the pension fund sector on\ncredit rating agencies.\nParticipants: pensions funds and credit rating\nagencies.\nAPEC-OECD-Indonesia seminar on institutional investors\nand infrastructure financing in Indonesia\n29 August 2013,\nPalembang,\nIndonesia\nFocus: infrastructure financing in Indonesia.\nParticipants: representatives from the Indonesian\ngovernment and central bank, local and\ninternational investors.\nEvents and highlights from selected events\nSince the launch of the project in early 2012, the OECD has organised,\nor co-organised with partners, close to 30 events. This page lists a\nnumber of these events. A full list of events and related materials can\nbe found online at www.oecd.org/finance/lti.\nCompiled list of speakers\nfrom high-level events\nRichard Abadie\nGlobal Head, Capital Projects Infrastructure, PwC\nVedat Akgiray\nChairman, Capital Markets Board of Turkey\nIrfa Ampri\nVice Chairman of Fiscal Policy Agency for Climate\nChange Financing and Multilateral Policy,\nMinistry of Finance, Indonesia\nPablo Antolín\nLead Economist, OECD\nNick Ashmore\nDeputy Director, National Pensions Reserve Fund,\nIreland\nSerkan Bahçeci\nPh.D. Executive Director, Head of Infrastructure\nResearch JP Morgan Asset Management\nMichela Bariletti\nDirector, Standard Poor’s\nChris Barrett\nAmbassador and Permanent Representative of Australia\nto the OECD, Australia\nFranco Bassanini\nChairman, Cassa Depositi e Prestiti, Italy\nJohan Bastin\nChief Executive Officer, CapAsia, Singapore\nPhilippe Benaroya\nManaging Director, Co-Head of European Infrastructure\nDebt, BlackRock\nJean Bensaïd\nChief Executive Officer, CDC Infrastructure\nFrédéric Blanc-Brude\nResearch Director, EDHEC Risk Institute-Asia\nAdrian Blundell-Wignall\nSpecial Advisor to the OECD Secretary-General on\nFinancial Markets and Deputy Director of the OECD\nDirectorate for Financial and Enterprise Affairs\nAndrey A. Bokarev\nDirector, Department for International Financial\nRelations, Ministry of Finance, Russian Federation\nChristophe Bories\nHead of International Financial System and Summits\nPreparation Unit, Directorate-General of the Treasury,\nMinistry of Finance, France\nRory Brennan\nDirector, Infrastructure Australia\nP. Brett Hammond\nManaging Director Chief Investment Officer,\nTIAA-CREF\nMarie Briere\nHead of Investor Research Center, Amundi\n ","22\nOECD roundtable on the investment strategies of insurers\nand long-term Investment\n6 June 2013,\nParis, France\nFocus: off-the-record discussion on insurers as\nlong-term investors between OECD Committee\nmembers and selected representatives from the\ninsurance sector.\nParticipants: OECD Insurance and Private Pension\nCommittee comprising officials from OECD\nnational regulators, finance ministries and other\nfinancial authorities, who meet biannually to review\ninsurance sector related issues in OECD countries\nand emerging economies.\nOECD/Euromoney infrastructure summit\n29 May 2013,\nParis, France\nFocus: research related to infrastructure financing,\ninfrastructure as an asset class, project bonds\nand debt, new models for infrastructure financing,\nopportunities in renewable and emerging markets.\nParticipants: institutional investors, financial\nindustry representatives (banks, asset managers,\nrating agencies), policy makers.\nG20 Russian Presidency/OECD high-level roundtable on\nlong-term investment: from problems to solutions\n28 May 2013,\nParis, France\nFocus: research on long-term investment,\nregulation, governance, infrastructure investment,\nG20 deliverables.\nParticipants: senior representatives of pension\nfunds, insurers and SWFs and policy makers.\nOECD roundtable on financing investment for the long-term:\nchallenges, players, instruments\n25 April 2013,\nParis, France\nFocus: off-the-record discussion on market and\nregulatory challenges related to financing for\ninvestment between OECD committee members\nand selected representatives of the financial\nservices sector (banks and rating agencies).\nParticipants: High-level representatives of financial\nfirms and delegates of the OECD Committee on\nFinancial Markets comprising officials from central\nbanks, finance ministries and other financial\nauthorities.\nRandy Brown\nManaging Director and Global Head of Deutsche\nInsurance Asset Management\nSharan Burrow\nGeneral Secretary, International Trade Union\nConfederation (ITUC)\nToby Buscombe\nSenior Alternative Asset Specialist, Mercer\nTim Cable\nDirector, Infrastructure Debt,\nHastings Funds Management\nFrançois Calonne\nCounsellor, Directorate for Institutional Relations\nand the European International Cooperation,\nGroupe Caisse des Dépôts\nCosette V. Canilao\nExecutive Director, Public-Private Partnership Center\nof the Philippines\nLaurence Carter\nDirector, PPP Advisory Department, IFC\nRichard Carter\nDirector, Business Environment, BIS, UK\nLim Chow Kiat\nManaging Director and Group Chief Investment Officer\nGIC, Singapore\nRoss Clare\nDirector of Research, Association of Superannuation\nFunds of Australia\nElizabeth Corley\nChief Executive Officer,\nAllianz Global Investors, Germany\nJames Courtenay\nGlobal Head, Infrastructure Finance and Advisory\nStandard Chartered Bank\nPhilippe Danjou\nMember of the International Accounting Standards\nBoard (IASB)\nAndrew Darling\nVice President, Infrastructure, Canada Pension Plan\nInvestment Board\nDamian Darragh\nFinancial Managing Director, Terra Firma\nAndrew Davison\nSenior Vice President, Infrastructure Finance Group,\nMoody’s\nDominique de Crayencour\nSecretary General, Club of Long Term Investors\n(Caisse des Dépôts/KfW)\nThierry Deau\nChief Executive Officer, Meridiam Infrastructure Fund\nRaffaele Della Croce\nLead Manager, Institutional Investment and\nLong-term Investment Project, OECD\nScott Dickens\nGlobal Head of Structured Finance, HSBC\nJames J. Donelon\nPresident, National Association of Insurance\nCommissioners, USA\nRonnie Downes\nDeputy Head of Division,\nBudgeting and Public Expenditures, OECD\n ","23\nStefan Dunatov\nChief Investment Office, Coal Pension Trustees Ltd\nDamien Dunn\nAustralian Treasury, Chair of the OECD Task Force\non Institutional Investors and Long-Term Financing\nChristian Edelmann\nRegional Head, Asia Pacific, Oliver Wyman\nRichard Ensor\nChairman, Euromoney Institutional Investor PLC\nCarolyn Ervin\nDirector, Directorate for Financial and Enterprise Affairs\nOECD\nDr. Zai Fan\nManaging Director, China Investment Corporation (CIC)\nPeter R. Fisher\nSenior Managing Director, BlackRock\nHugo Garduño\nChief of Staff to the Deputy Secretary of Finance\nand Public Credit, Mexico\nFrançois-Yves Gaudeul\nDirector, Infrastructure Debt, Allianz Global Investors\nKen Georgetti\nPresident, Canadian Labour Congress\nKristina Gerteiser\nPartner, Oliver Wyman\nBenjamin Gilmartin\nAssociate Director, Infrastructure, HSBC\nJaime Gornsztejn\nDirector, Brazilian Development Bank – BNDES\nAntoine Gosset-Grainville\nDeputy Chief Executive Officer,\nGroupe Caisse des Dépôts\nIan Greer\nManaging Director, Standard Poor’s\nÖrn Greif\nHead of Debt Business Development,\nBNP Paris Securities Services\nGeorg Grodski\nHead of Credit Research, Legal General\nSteve Gross\nSenior Managing Director, Macquarie Infrastructure\nand Real Assets\nAndin Hadiyanto\nAdvisor to the Minister of Finance of Indonesia,\nand Alternate Chair of APEC Finance and Central Bank\nDeputies Meeting\nJérôme Haegeli\nManaging Director, Head of Investment Strategy,\nSwiss Re\nClaus-Michael Happe\nHead of Division, Multilateral Development Banks\nMinistry of Finance, Germany and Co-Chair of G20\nStudy Group on Long-Term Investment Financing\nScott Hartz\nExecutive Vice President of General Account\nInvestments Manulife Financial\nGarry Hawker\nDirector of Strategic Research, Mercer\nBrett Himbury\nChief Executive Officer, IFM Investors\nOECD/ICC/ADB workshop on turning environmental infrastructure\nproposals into reality\n7-8 February 2013,\nParis, France\nFocus: identifying good practices for enhancing\nthe soundness and bankability of infrastructure\nprojects in developing countries.\nParticipants: multilaterals, developers, international\ninvestors, technical experts.\nOECD/Allianz AM/RiskLab/APG seminar on regulation\nand long-term investment\n6 February 2013,\nAmsterdam,\nNetherlands\nFocus: the definition of long-term investment and\nlong-term investors, evidence available, impact\non investment strategies of current regulatory\nchanges, in particular solvency.\nParticipants: international investors, technical\nexperts, regulatory bodies.\nOECD/IOPS global forum on private pensions\n23-24 October\n2012,\nSantiago, Chile\nFocus: the pension industry in Latin America;\nthe cost and coverage of pension systems;\nlong-term investing and infrastructure; designing\ndefault options; financial education and pensions\ncommunication.\nParticipants: representatives from developed\nand developing pension systems, business and\nacademia.\nOECD high-level roundtable on long-term investment\n23 May 2012,\nParis, France\nFocus:: sustainable growth in an integrated world\neconomy; financing infrastructure projects and\nthe transition to a low carbon economy; improving\ncorporate governance to encourage long-term\ninvestors.\nParticipants: senior representatives from the\ngovernment, business and finance communities.\nOECD forum session on long-term investment\n23 May 2012,\nParis, France\nFocus: attracting long-term investment in cities,\na source of change and growth.\nParticipants: senior representatives from the\ngovernment, business and finance communities.\nSecond annual world pensions and investment forum\n9 February 2012,\nParis, France\nFocus: launch of the OECD long-term investment\nproject; allocating long-term assets and devising\ninvestment solutions; the benefits of diversification\nwithin an asset class.\nParticipants: senior representatives from\ngovernments, pension funds, endowment and\nsovereign wealth funds, researchers.\n ","24\nG20/OECD High-level Roundtable on Long-term\nInvestment: From Problems to Solutions\n28 May 2013, OECD Conference Centre, Paris, France\nHigh-level government officials, institutional investors, regulators, trade\nunions and representatives from international organisations and the\nprivate sector met in Paris on 28 May 2013 to examine opportunities\nand challenges in long-term investment. Participants discussed\npolicy measures and initiatives to address the constraints to long-\nterm investment by institutional investors identified by the OECD and\nthe G20.\nDiscussion summary and key messages\nSession 1: Impact of Regulation of Institutional Investors\non Long-Term Financing\nn\tPolicy makers should carefully monitor the total impact\nof regulation on long-term investment and consider\npossible adverse effects, such as incentives for pro-\ncyclical investment strategies by institutional investors.\nn\tThere is a need for a comprehensive and integral policy\napproach including current and new financial markets\nreforms, tax, accounting and corporate governance.\nPolicy reforms should tackle regulatory arbitrage by\ncompanies, and ensure global implementation in a\npredictable manner, while reflecting the differences in\ndevelopment stages of countries.\nn\tRegulatory reform should be calibrated to the specific\nrisk categories of institutional investors and needs to\nconsider the stage of development of capital markets\nand the governance and risk management maturity\nof institutional investors, as well as their expertise in\ninfrastructure investment.\nSession 2: Governance of and by Institutional Investors and\nthe Investment Management Chain\nn\tGreater transparency, along with a shorter investment\nchain and better alignment between savers’ and\ninvestors’ incentives can be a solution to the growing\nshort-termism in capital markets.\nn\tFor long-term investment, risk may not merely be\ndefined as volatility, but rather should be based on\nlonger-term metrics.\nn\tCompensation should be in line with the investment\nhorizon, and hence focus on long-term performance.\nn\tThere is a need to rethink the fiduciary duty of\ninstitutional investors in order to better inculcate a\nlong-term perspective.\nPatrick Hoedjes\nDirector of Operations, EIOPA\nGeorg Inderst\nIndependent Adviser, Inderst Advisory\nMats Isaksson\nHead, Corporate Affairs Division, OECD\nMark Johnson\nEditor, Euromoney Conferences\nPeter Johnston\nExecutive Director, Infrastructure\nHastings Funds Management\nOlav Jones\nDeputy Director General, Insurance Europe\nRoss Jones\nFormer President, International Organisation\nof Pension Supervisors\nJean-Pierre Jouyet\nChief Executive Officer, Groupe Caisse des Dépôts,\nFrance\nLi Junfeng\nDirector of the National Center for Climate Strategy\nand International Cooperation, National Development\nand Reform Commission, China\nFrançois Jurd de Girancourt\nPartner, McKinsey and Company\nDr. Patrick Justen\nExecutive Director, J.P. Morgan Asset Management\nGlobal Insurance Solutions\nScott E. Kalb\nExecutive Director, Sovereign Investor Institute\nand Former Chief Investment Officer,\nKorea Investment Corp.\nJohn Kay\nEconomist and Author of the Kay Review\nof UK Equity Markets and Long-Term Decision Making,\nUnited Kingdom\nChristopher Kaminker\nEconomist, Environment Directorate, OECD\nDr. Masahiro Kawai\nFormer Dean and Chief Executive Officer, ADBI\nOsamu Kawanishi\nSenior Policy Analyst, Environment Directorate, OECD\nCon Keating\nHead of Research, Brighton Rock Group\nAngelien Kemna\nChief Investment Officer, APG, The Netherlands\nClive Kerner\nChief Executive Officer, Clifford Capital\nNiels Kortleve\nInnovation Manager, PGGM\nPeter Kraneveld\nIndependent Consultant\nTjerk Kroes\nDirector, Corporate Strategy and Policy, APG Barthold\nKuipers Principal Expert, EIOPA\nAndré Laboul\nHead, Financial Affairs Division, OECD\nMichel Leduc\nSenior Vice President,\nCanada Pension Plan Investment Board\n ","25\n“We recognize the scale of the challenge in\nchanging short-term attitudes and behaviours\nthat have become all too ingrained in business,\ninvestment and society. We are not looking\nat an immediate fix to the problem of short-\ntermism. This will take time, persistence and\ncommitment from all involved.\n”\tMark Wiseman, President and Chief Executive Officer,\nCanada Pension Plan Investment Board, 2013\n ","26\nKyungjik Lee\nHead of Global Public Market Investment Division\nNational Pension Service, Korea\nTrevor Lewis\nPublic-Private Partnership Specialist\nAsian Development Bank\nMatti Leppälä\nSecretary General, CEO, PensionsEurope\nRobin Li\nChief Investment Officer, Manulife Asset Management,\nAsia\nErnesto Lopez Mozo\nChief Financial Officer, Ferrovial\nBertrand Loubieres\nHead of Specialised Product Group, BNP Parisbas\nStefan Lundbergh\nHead of Innovation, Cardano\nMark Machin\nSenior Vice-President and Head of International\nCanada Pension Plan Investment Board\nCledan Mandri-Perrot\nLead Infrastructure Finance Specialist, World Bank\nNicolás Merigó\nChief Executive Officer, Marguerite Adviser\nMartin Merlin\nHead of Financial Services Policy, Internal Markets\nEuropean Commission\nBrigitte Miksa\nHead of International Pensions, Allianz AM\nRobert Milliner\nSherpa, B20 Australia\nScott Minerd\nGlobal Chief Investment Officer, Guggenheim Partners\nPatrick Mispagel\nAssociate Managing Director, Moody’s\nTorben Möger Pedersen\nChief Executive Officer, PensionDanmark, Denmark\nMahmoud Mohieldin\nSpecial Envoy for the President of the World Bank\nAshby Monk\nExecutive Director, Global Projects Centre\nStanford University\nCormac Murphy\nHead of TENs and Infrastructure Division\nEuropean Investment Bank (EIB)\nNhlanhla Musa Nene\nDeputy Minister of Finance, South Africa\nIan Nolan\nChief Investment Officer, UK Green Investment Bank\nJohn O’Brien\nPartner, Financial Strategy Group, Mercer\nMakoto Okubo\nGeneral Manager, Nippon Life Insurance Company\nJohn Oliphant\nChief Investment Officer, Government Employees\nPension Fund, South Africa\nChris Ostrowski\nHead of Infrastructure, Euromoney Conferences\nSession 3: Policy Incentives and Instruments for Investment in\nInfrastructure by Institutional Investors\nn\tStrong institutions and stable policy environments\nare vital and governments need to ensure these as\npreconditions for investment.\nn\tFinancial markets have a role to play through\nsecuritisation, long dated bonds and swaps, and\nforeign exchange markets.\nn\tCredit enhancements in the form of guarantees from\nnational or supranational bodies can play an important\nkick-starting role in driving infrastructure investment.\nn\tConsider risk segregation in the different phases of\nproject, i.e. construction, development and operation.\nSession 4: High-level Principles of Long-term Investment Financing\nby Institutional Investors\nn\tLong-term financing should be seen as the means\nto an end and should be designed for the ultimate\nusers of any service, and not necessarily the financial\nintermediaries.\nn\tIt is the role of governments to match the needs of their\neconomies with the needs of institutional investors.\nn\tLong-term investment can take many forms besides\ninfrastructure (i.e. equipment manufacturing, real\nestate).\nn\tLong-term investing entails active ownership and value\ninvesting in private and public markets, and tends to be\ncounter-cyclical.\nn\tThe OECD High-level Principles provide a key input\ninto the development of a sound policy environment for\nguiding long-term investment.\nn \tThe OECD is to set up a formal consultative network of\ninstitutional investors in response to the success of the\npublic consultation process for the High-level Principles.\n ","27\nPier Carlo Padoan\nMinister of Economy and Finance, Italy;\nformer OECD Deputy Secretary-General\nHubert Pénot\nChief Investment Officer for EMEA, MetLife\nDarrin Pickett\nPortfolio Manager, Ontario Teachers’ Pension Plan\nEvgeniy Pogrebnyak\nManaging Director, Department for Strategic Analysis,\nBank for Development and Foreign Economic Affairs\n(Vnesheconombank)\nEduard Ponds\nHead Research Innovation Pensions, APG\nJim Rasque\nPolicy Advisor, Prudential Regulation, Insurance Europe\nMark Rathbone\nAsia Pacific Capital Projects and Infrastructure Leader,\nPricewaterhouseCoopers LLP\nDonald M. Raymond\nChief Investment Strategist, Senior Vice President\nCanada Pension Plan Investment Board, Canada\nDima Rifai\nManaging Partner, Paradigm Change Capital Partners\nAndreas Reuss\nPartner, IFA\nEdoardo Reviglio\nChief Economist, Cassa depositi e prestiti (CDP), Italy\nAaron Russell-Davison\nGlobal Head, Bond Syndication, Standard Chartered\nFreddy Saragih\nDirector of Fiscal Risk Policy Office,\nMinistry of Finance, Indonesia\nJohn Saunders\nManaging Director, Blackrock Inc., Hong Kong\nDr. Gerhard Scheuenstuhl\nManaging Director, risklab GmbH\nChristian Schmitt\nManaging Director, risklab GmbH\nTokihiko Shimizu\nDirector General, Research Department\nGovernment Pension Investment Fund (GPIF), Japan\nZenko Shinoyoma\nDirector, Infrastructure Finance Group\nJapan Bank for International Cooperation\nMichael Siegel\nManaging Director, Global Head\nGSAM Insurance Asset Management\nMahendra Siregar\nVice Minister of Finance of Indonesia and G20 Sherpa\nfor Indonesia\nScott Sleyster\nChief Investment Officer, Prudential\nYngve Slyngstad\nChief Executive Officer, Norges Bank Investment\nManagement, Norway\nSergey Storchak\nDeputy Minister of Finance of the Russian Federation\nWilliam Streeter\nHead of Debt, Asia, Hastings Fund Management\nand Infrastructure Debt Advisor, Westpac\nDavide Taliente\nManaging Partner, Oliver Wyman Europe\nOECD/Euromoney Infrastructure Summit\n29 May 2013, Intercontinental Hotel, Paris, France\nCo-organised by the OECD and Euromoney, this event brought together\ninstitutional investors, financial industry representatives (banks, asset\nmanagers, rating agencies) and policy makers to discuss investment\nopportunities and financing solutions for investors.\nQuestions and issues considered during the panel discussions and\nworkshops included:\nn\tInfrastructure investment and the search for yield in a low\ninterest rate environment\nn\tBasel-III, Solvency 2 and the effect of regulation on\ninfrastructure financing\nn\tWhy “originate to distribute” is necessary and securitisation\nis not a bad word in infrastructure\nn\tDebt or equity? Fixed or floating? Invest directly or\nindirectly? Credit risk or liquidity premium?\nn \tLessons from Canada and Australia: what have the\ngovernments and regulators here done right?\nn\tPension fund investing: the effect of defined benefit\nvs. defined contribution plans\nn\tPlay safe with mature Brownfield assets or bear Greenfield\nconstruction risks?\nn\tInfrastructure as asset class? No – it has to be classified\nunder listed/unlisted debt/equity. Yes – it has specialised\ncharacteristics of its own and now offers sub asset classes.\nn \tIs this the year of project bonds?\nn\tFrom structuring PPPs to passing the litmus test: can this\nproject be purely private and yet viable?\nn\tThe extinction of monoline insurers – good or bad? And how\nto assess credit risk and enhance creditworthiness now?\nn\tInfrastructure investment from Brazil to Africa, the need\nto assess each project’s own merits, and the risks and\nrewards of being ahead of the crowd in the emerging world\nn\tThe responsibility of governments and the private sector’s\nway of mitigating and dealing with political risk\nn\tThe role of multilateral institutions like IFC and EBRD, and\nnational development banks in kick-starting Greenfield\nprojects in developing countries\nn\tRenewable energy projects: the role of consistent\ngovernment policies on incentives and subsidies, and the\nneed to increase commercial viability\n ","28\nAPEC/OECD Seminar on Enhancing the Role\nof Institutional Investors in Infrastructure Financing\n29 August 2013, Palembang, Indonesia\nUnder the aegis of APEC, the OECD organised a high-level seminar on\n“Enhancing the Role of Institutional Investors in Infrastructure Financing”\nin Palembang, Indonesia, on 29 August 2013. The seminar was co-\nhosted by the Indonesian Ministry of Finance and supported by the\nJapanese government. Multilaterals such as the World Bank and the\nAsian Development Bank were involved in the seminar and a background\npaper on infrastructure financing in Indonesia was prepared.\nIndonesia’s Vice Minister of Finance, Mahendra Siregar, and OECD\nDeputy Secretary-General Rintaro Tamaki presided over the seminar\nwhich was attended by around 120 high-level participants from both\npublic and private sectors in the Asia Pacific region, as well as experts\nfrom financial institutions, international organisations, and academia.\nParticipants examined the important role that can be played by\ninstitutional investors and sovereign wealth funds in providing long-term\nfinancing for infrastructure investment. The seminar also provided a\nplatform for dialogue about infrastructure among international forums,\nparticularly between APEC and the G20.\nIn discussing infrastructure financing, participants agreed that the\nissue should not be viewed as an aid or development issue. Rather, it\nis crucial to approach it from a perspective of how the region can work\nco-operatively to better channel all available funds from both public and\nprivate sources towards more productive investments in infrastructure,\nin order to promote stronger growth and development. Productive\ninvestment in infrastructure can be carried out through creating more\ntransparent regulatory frameworks, better accessibility to capital, more\nsupportive financial markets, and increased capacities in economies to\nabsorb capital flows. In particular, based on work related to the OECD\nproject on long-term investment, the panels deliberated on the vehicles\nand major initiatives to pool resources to finance infrastructure project,\nincluding green projects. Participants also highlighted the need for\na clear benchmark for measuring investment performance, seen by\nmany as one of the main barriers to investing in infrastructure.\nRintaro Tamaki\nDeputy Secretary-General, OECD\nDr. Leslie Teo\nChief Economist, GIC, Singapore\nGerassimos Thomas\nDirector Finance, Directorate General Economic\nand Financial Affairs, European Commission\nJohn Thompson\nConsultant and former Head of the Financial Affairs\nDivision, OECD\nKonstantin Ugryumov\nPresident, National Association of Pension Funds,\nRussian Federation\nJunichi Umezu\nSenior General Manager, Dai-ichi Life International\nRob van den Goorbergh\nHead of Investment Research, APG\nHan van der Hoorn\nPrincipal Risk Manager, PGGM\nLaurence van Prooijen\nSenior Investment Officer, French PPP Taskforce,\nMinistry of Economy, France\nLubomir Varbanov\nChief Investment Officer and Head of Global Equity,\nInfrastructure and Natural Resources, International\nFinance Corporation\nErik Vermeulen\nVice President Corporate Legal Department\nPhillips International\nKenneth Waller\nDirector, Australian APEC Study Centre\nRMIT University\nVanessa Wang\nManaging Director, Asia Pacific Head of Pension\nServices, Citibank\nUlrik Dan Weuder\nHead of Infrastructure and Chief Executive Officer\nof ATP Alternative Investment, Supplementary Pension\nof Denmark–ATP\nJeroen Wilbrink\nHead of ALM and Risk Management, Mercer\nGavin Wilson\nChief Executive Officer, IFC Asset Management\nCompany, World Bank Group\nWalter Winrow\nManaging Director, Moody’s\nLi Yao\nChief Executive Officer, China-ASEAN Fund\nJuan Yermo\nSenior Advisor, Office of the Secretary-General, OECD;\nformer Deputy Head, Financial Affairs Division, OECD\nProf. Bernard Y. Yeung\nDean of the National University of Singapore Business\nSchool, Member of the Financial Research Council of\nthe Monetary Authority of Singapore\nKsenia Yudaeva\nChief of the Presidential Experts’ Directorate, Executive\nOffice, Russian Sherpa in G20 to lead Russia’s\nPresidency, Russian Federation\nDominik Zunt\nPolicy Officer, Directorate General Economic and\nFinancial Affairs, European Commission\n ","A centre for international research, analysis and dialogue\nThe OECD has for many years led an international research and policy agenda on\ninstitutional investors. We are also the leading international organisation in terms of\nthe collection and analysis of statistics and indicators on institutional investors with\nproducts such as Global Pensions Statistics, Global Insurance Statistics and the\nInstitutional Investors Database.\nThis project brings together OECD in-house expertise on institutional investors\n(through work on financial markets and institutions, insurance companies,\npension funds and debt management) with a broader policy agenda on long-term\ninvestment issues, covering a range of initiatives such as green growth, foreign\ninvestment and capital flows, corporate governance, private sector development\nand financial education.\nThe project involves close co-operation with national policy makers, private sector\nrepresentatives and academia, as well as other international organisations and\ngovernmental bodies, such as the International Organisation of Pension Supervisors,\nthe International Association of Insurance Supervisors, the International Organisation\nof Securities Commissions and the World Bank. The OECD’s ability to convene\nhigh-level representatives from different stakeholder groups and its cross-thematic\nresearch capability are key project strengths.\nThe OECD welcomes private sector stakeholders to join us in this project.\nJoin us in this project\nThis work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments\nemployed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries.\nThis document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the\ndelimitation of international frontiers and boundaries and to the name of any territory, city or area.\n© OECD 2014.\n ","Information on all project research and events is available at www.oecd.org/finance/lti\nFor further information, please contact\nRaffaele Della Croce\nLead Manager - Long-term Investment\nDirectorate for Financial and Enterprise Affairs\nRaffaele.DELLACROCE@oecd.org\nCaroline Thompson\nProject Coordinator\nDirectorate for Financial and Enterprise Affairs\nCaroline.THOMPSON@oecd.org\nTel: +33 (0)1 45 24 78 51\n "],"twitterShareUrl":"https://twitter.com/intent/tweet?via=SlideShare\u0026text=Institutional+investors+and+long-term+investment%3A+2014+project+report+by+%40OECD_BizFin+https%3A%2F%2Fwww.slideshare.net%2Fslideshow%2Foecd-ltiproject%2F35259447","type":"document","slideDimensions":{"height":842,"width":595},"topReadSlides":[],"user":{"id":"58526457","isFollowing":false,"login":"OECD-DAF","name":"OECD Directorate for Financial and Enterprise Affairs","occupation":"International Organisation","organization":"OECD Directorate for Financial and Enterprise Affairs","photo":"https://cdn.slidesharecdn.com/profile-photo-OECD-DAF-48x48.jpg?cb=1718368463","photoExists":true,"shortName":"OECD Directorate for"},"views":6674},"_nextI18Next":{"initialI18nStore":{"en":{"common":{"ad":{"fallbackText":"Ad for Scribd subscription","label":"Ad","close":"Close Ad","dismiss_in":"Dismiss in","ad_info_title":"Why are you seeing this?","ad_info_description":"We use ads to keep content free and accessible for everyone. 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