China's Enterprise Annuity Corporate Governance Structure Of Fiduciary

With the advent of global aging, public pensions face enormous pressure to pay, corporate old-age security pension system as the second pillar is playing an increasingly important role. At present, China's enterprise annuity market in a period of rapid growth, annuities and long-term security of the principle of payment called for the establishment of sound corporate governance structure of pension. A sound governance structure will be given to the operation and supervision of all the plans the subject of an effective incentive to ensure their best interests on behalf of participants. Reasonable norms of governance structure of the enterprise annuity can be an effective guard against the risk and investment risk management, to address the financial crisis and to improve the operational efficiency of enterprise annuity.In the present mode of China's Enterprise Annuity Trust governance framework, the specialized agencies of the legal person entrusted with a clear legal status, the actual capacity is stronger than the Council of fiduciary model, a better role of the trustee, to highlight the central position of trustee and control the main body qualifications. Corporate trustee of the binding mode model to strengthen the dominant position of the trustee and supervisory functions, have played a pension regulatory body and integration of the economies of scale advantages, ease of trustees of an "empty shell" of the problem. However, the bundle model, there was some risk of principal-agent, trustees and other managers of mutual checks and balances between the needs of the internal control mechanisms and strict separation of risks, information incentives to prevent "moral hazard" and related party transactions and so on. Therefore, the establishment of the trustee as the core of the bundle model of enterprise annuity, sound corporate governance structure of the institutional arrangements is to improve the governance structure of China's Enterprise Annuity an important part, and the health of the enterprise annuities have an important impact on development.