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German Institute for Japanese Studies
Project on Intergenerational Equity, Hitotsubashi University
Asia Foundation

The Future of Corporate Pensions in the United States and Japan

15.04.2003

Koordination: Harald Conrad

Abriss

The Japanese pension market is one of the largest in the world, second only to that of the United States.  However, with the Japanese population aging rapidly, securing old-age provisions has become increasingly difficult.  Public pension benefits have been curtailed substantially in recent years, whereas new corporate pension legislation is aimed at increasing the role of employment-based pensions within a new public-private pension mix.
The most recent regulations regarding the Japanese corporate pension market have been influenced strongly by the US experience, and hopes are that the Japanese pension market might achieve results similar to those experienced by the US market since the mid-1970s.  However, prospects for future returns seem less promising given the current slowdown of world stock markets and the uncertainty regarding the extent of financial scandals that have occurred in the United States (e.g., Enron, WorldCom) and Europe (e.g., Ahold).  These concerns have observers wondering whether and how corporate pension plans can adapt to these challenges so that they can effectively manage their funds in the best interest of their sponsors.  By comparing recent developments in regulations and practices in the US and Japan, this symposium addresses these issues from a comparative perspective: What role should pension funds play in corporate governance? How and where can pension funds invest to overcome the current slump in stock markets? What are the likely effects of demographic changes on pre-funded pension plans? What kind of regulatory changes and tax policies are necessary to ensure stability and growth in future?

In co-operation with Nikko Financial Intelligence, Inc.

Programm


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12:30 – 13:00 Registration
13:00 – 13:15 Opening Session
  Andrew Horvat, Japan Representative, The Asia Foundation
Noriyuki Takayama, Professor, Director General & CEO, Project on Intergenerational Equity, Hitotsubashi University
Tadashi Nakada, Vice Chairman of The Advisory Council, Nikko Financial Intelligence, Inc.


13:15 – 14:00 The U.S. Perspective
  William Dale Crist, Former President of the Board of Administration, California Public Employees' Retirement System (CalPERS)

14:00 – 14:30 The Japanese Perspective
  Tomomi Yano, Executive Managing Director, Japanese Pension Fund Association

14:30 – 15:00 The Role of Institutional Investors in Improving Corporate Governance Practices
  Franck Wiebe, Chief Economist, The Asia Foundation

15:00 – 15:20 Coffee Break
15:20 – 16:55 Discussion including Floor Discussion
  Panel:
William Dale Crist, Tomomi Yano, Franck Wiebe, Tomoyuki Kubo (Chief Researcher, Pension Research Institute, The Sumitomo Trust & Banking Co., Ltd.)

  Chair:
Harald Conrad

16:55 – 17:00 Closing Session
  Harald Conrad

Veranstaltungsort

Hitotsubashi Memorial Hall, National Center of Sciences
〒101-8430 Tokyo, 2-1-2 Hitotsubashi, Kanda, Chiyoda-ku

Lageplan

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