Znaczenie OFE w gospodarce transformującej się: perspektywa ładu korporacyjnego
The role of Private Pension Funds in a transition economy: corporate governance perspective

Summary/Abstract: The aim of this paper is to examine whether OFE, as important shareholders at the Warsaw Stock Exchange, engage in corporate governance. In particular, the study will analyze their preferences for shareholder activism. The empirical analysis was carried out based on information gathered during the survey conducted with the general managers and/or investment directors of 13 out of 14 private pension funds in 2012-2013. The results show that managers of private pension funds engage in a limited spectrum of shareholder activities. Most often, they seek to contact the company’s management board members as well as supervisory board members. Ocasionally, they use their voting rights at the general meeting. They do not draw on focus lists, writing letters to the regulator or participating in organizations that promote good corporate governance practices, which are not associated with the high cost of monitoring over companies portfolio.

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