Die Rechtsstellung der Prämien-, Bedingungs- und Deckungsstocktreuhänder nach dem VVG und dem VAG

The legal statuses of ?trustee for premium changes“, ?trustee for condition changes“ and ?trustee for coverage fund“ are comparable. All of them act under private law. Their function is slot in ahead of the grievance control of the supervising agency. The trustees are supposed to relieve the supervising agency and to inform it about the competitive practices of the insurance companies. The legal provisions concerning the trustees for premium and condition changes as stated in the VAG rank equally with those stated in the VVG. The rights to adapt contracts stated in §§ 172 and 178 g VVG have the characteristics of a one-sided right according to § 315 BGB. These rights allow the insurance company to pass on the risk of future changes of actuarial bases. Under private law, the independence of the trustees is merely a formal condition. Their declaration of consent has to include the reasons for the consent.     

Attracting Flows by Attracting Big Clients

We explore a new channel for attracting inflows using a unique data set of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee. We find that family trustees significantly overweight, and are reluctant to sell, their 401(k) client firm's stock. Trustee overweighting is more pronounced when the relationship is more valuable to the trustee family, and is concentrated in those funds receiving the greatest benefit from the inflows. We quantify this flow benefit and find that inclusion in the 401(k) plan has an economically and statistically large, positive effect on inflows.     

Piercing the veneer of the trust in the South African Trust Law: Liability of trustees of a business trust for fraudulent trading

The trust, whichever form it is moulded in, is a useful instrument for estate planning. However, many family businesses nowadays take the form of a business trust without any change in the circumstances surrounding it. This submits the trust to diatribe and suspicion because the protection the trust offers is often exploited. In Land and Agricultural Bank of South Africa v Parker and Others 2005 (2) SA 77 (SCA) it was obiter the court's view that it might be necessary to extend well-established company law principles also to trusts. The court referred to the Turquand principle and the principle of “piercing the corporate veil”. The motivation is that assets allegedly vesting in the trustees of a trust, in fact belong to one or more of the trustees personally. This view may have obvious and important implications in case of the sequestration of the trustee's estate. It implies that the assets concerned may be used in satisfaction of the trustee's debts because “in fact it belongs to the trustee”. However, it may also be used in satisfaction of debts “to the repayment of which the trustees purported to bind the trust”. Thus, if the trust's estate is sequestrated, the assets may be used in satisfaction of the trust's debts. If the personal estate of the trustee is sequestrated, these assets may be utilized in satisfaction of the trustee's personal debts. Consequently it is relevant to ask the question whether the trustee's personal estate (irrespective of sequestration) would be liable for restitution in favour of the beneficiaries for these actions in breach of trust in competition with the creditors of the trustee. Copyright © 2008 John Wiley & Sons, Ltd.     

Management Information Needs and Perceptions in Smaller Charities: An Exploratory Study

This article explores the extent and nature of management information needs of trustees, as perceived by selected trustees of smaller charities. It links these perceptions to questions concerning charity performance, drawing on assumptions in the literature (often implicit) that the quality of management information can be gauged. Also, that there is a corresponding link between meeting management information needs and improving organisational performance. The research methodology comprised a general pilot study and trustee survey, followed by accounts analysis and in-depth interviews in selected charities. From this, vignettes of trustees' perceptions were drawn up and case study accounts of three charities' approach to trusteeship, management information handling strategies, and self-assessment of performance were developed. The study discovered the existence of an 'expectations gap'between what charity trustees are supposed to do and what they can actually achieve.     

Trustee reputation in securitization: When does it matter?

We consider the role of trustees–who are nominated to protect the interests of investors–in securitization pricing and whether investors rely on them to mitigate risks. In particular, we examine the effect of trustee reputation on initial yield spreads of European mortgage‐backed security (MBS) issuances between 1999 and the first half of 2007. We find that engaging reputable trustees led to lower spreads during the credit boom period prior to the 2007–2009 financial crisis. Our findings suggest that trustees’ reputation was considered by investors to be more important when risk assessment became more challenging.     

The Ex‐Ante Monitoring Role of Accounting Covenants in Public Debt

In contrast to what is known about accounting covenants in private debt, little empirical evidence on the role of accounting covenants in public debt exists. Diffuse ownership, arm's length monitoring, and collective action problems are unique to the public debt setting and raise the question of whether these covenants serve their intended role. As such, this study investigates whether including covenants reliant upon accounting inputs influences borrowers’ actions to prevent adverse credit events. Accounting covenants in the public debt setting provide firms with a disciplining mechanism to renegotiate ahead of costly technical default – a stark contrast to the ex‐post renegotiation ‘trip wire’ role covenants play in private debt. In particular, the results show that including accounting covenants in public debt is associated with an increased probability of ex‐ante renegotiation, that is, negotiation through consent solicitations ahead of covenant violation. This ex‐ante renegotiation, in turn, is associated with decreased adverse credit events. Cross‐sectional results support these findings as the ex‐ante renegotiation role of accounting covenants varies with bondholders’ and trustees’ monitoring ability.     

The Designation and Removal of Trustee Stock Status: Wealth Effects

This study investigates the impact of trustee stock status announcements on shareholders' wealth in Singapore. An event study methodology is used to ascertain the abnormal returns around the announcement day. The results show that there is a positive and permanent wealth effect on trustee stocks resulting from designation announcements. Conversely, when trustee stocks lose their status, the significant negative abnormal returns suggest that shareholders' wealth is adversely affected. This reaction, however, appears to be a temporary phenomenon and is not simply a mirror image of designation announcements. The differences in the underlying regulatory structures partially explain the findings.     

国家出资人代表与国资委的法律关系研究

国家出资人代表与国资委的法律关系,目前有代理人说、代管人说、受托人说等理论,但均存在难以自圆其说的缺憾。国家出资人代表负有公法上的国资经营与监督职责,实质为国资委代表国家委派的公务代表,其与国资委当为公法上的委任与代表关系。     

The hospital capital crisis: issues for trustees

The erosion of the capital position in the hospital industry--one of the most complex and overregulated industries in the United States--is a major challenge to trustees. Hospital trustees have often neglected to examine their hospitals' capital needs on more than a project-by-project basis. In dealing with their hospitals' capital needs, trustees, most of whom are successful business people, too often take off their "business" hats and put on their "social worker" hats. In doing so they not only neglect to subject their hospitals' capital and operating programs to searching cost-benefit review, but they also overlook much useful knowledge about how to use corporate organization to shelter new ventures and strengthen their hospitals' market position and solvency. In this article, the authors discuss how hospitals can adopt successful corporate restructurings and strategies to respond to the adverse financial developments they will have to face in the coming years.     

THE MANAGEMENT OF COMMON PROPERTY RESOURCES: Finding a Cooperative Solution

When will villagers come together to supply themselves withgoods and services that they all need but could not providefor themselves individually? Can locally based collective actionbe a viable way to manage common property resources? Many writerson collective action and common property are pressimistic aboutthe ability of people who face problems with common propertyresources to organize sustainable patterns of use for themselves.Some writers favour privatization of the commons as the onlyviable solution; others, the imposition of state regulation.This article shows, with reference to Mancur Olson's "logicof collective action, " that the analytical basis for this pessimismis weak for the village-based use of common property resources.There can thus be no general presumption that collective actionwill fail in the management of common property resources, anymore than there can be a general presumption that it will work.The article suggests that the chances of success through collectiveaction depend on the characteristics of the resources, the usergroup, and group-state relations.      

When boards use related parties: outsourcing and superannuation fund performance

Superannuation funds heavily outsource key fund functions to service providers who play a crucial role in superannuation fund operations and affecting Australians’ retirement savings. We examine the impact of related party service provider usage and trustee‐director affiliation on investment performance. We find that for‐profit funds significantly underperform when using related party service providers. The underperformance is more severe when the board is controlled by more affiliated trustee‐directors and belongs to a vertically integrated conglomerate group. Our results raise concerns about whether recent regulatory reforms increasing trustee‐directors’ duties effectively address the conflicts of interest inherent in related party service provider arrangements.     

The new joint pension scheme established by collective agreement between the Norwegian employers' confederation and the Norwegian federation of trade unions

Abstract

Norway has a statutory old age pension scheme covering the whole population over 70 years of age. Since 1959, pensions are granted without a means test. As from 1 April 1962, the annual pension amounts are 3348 crowns for a single person and 5028 crowns for a married couple. For special groups, such as seamen, fishermen and forestry workers, additional pension schemes have been established by law. Many private companies, especially the larger firms, have established staff pension schemes on a voluntary basis, either in the form of actuarial pension funds, or through collective pension insurance. Many of these schemes cover only staff employees, not workers. In other cases both groups are covered, but with relatively higher benefits for staff than for workers.     

The knowledge of price and the price of knowledge

Social science is enmeshed from the outset in an interaction between individual agents, collective action and analytical response. The desire to implement policy and create a preferred outcome provides further complication. There is a fundamental confusion between knowledge in the system and knowledge about it. Classical market analysis divorces the two; in practice agents use both. Moreover, they use their knowledge to change the system. A given set of rules may therefore produce a variety of outcomes. Unless this phenomenon is better understood and analysed, policy-making will continue to produce unexpected and indeed undesired outcomes. Complex systems approaches offer a way forward into these issues which is beginning to bear fruit in thinking clearly about how systems can and should be analysed.     

Zum Treuhänder des Sicherungsvermögens unter dem neuen Versicherungsaufsichtsgesetz – Auswirkungen der Solvency II-Umsetzung

This paper is about the consequences of the transposition of the Solvency II Directive into the new German insurance supervisory law (VAG 2016) on the trustee for monitoring of the guarantee assets. The trustee of the guarantee assets is a national security mechanism to protect policyholders in case of insolvency of their insurance undertaking. The previous German Regulation of Investments (AnlV) is not valid any more for insurance undertakings falling under Solvency II since 01.01.2016. Instead of legal investments rules insurance undertakings are now obliged to have a (written) internal investment policy, which is also the basis for monitoring of guarantee assets by the trustee. Challenges arise because of the clash of the accounting view (German local GAAP) and the market valuation view of Solvency II. Our analysis contributes to a better understanding of the interplay between unchanged legal provisions and the new economic, risk based perspective of Solvency II.     

资本的左手

此次中国公司所遭遇到的前所未有的信用危机,深刻的提醒了所有的中国企业——获得"右手"好处的同时,也请正视和尊重"左手"的力量。"神的右手是慈爱的,但是他的左手却是可怕的。"泰戈尔在《飞鸟集》里如是说。在资本汹涌的今天,更多企业看到的是资本的"右手"——获得资金、提升知名度,而忽视了同时存在的左慈爱的,但怕的。"泰里如是说。的今天,更资本的"右金、提升知时存在的左     

反思农村公共品供给制度演变:一个建设性分析框架

城乡差距拉大,三农问题凸现,这在很大程度上是农村公共品供给的缺失和低效率造成的。形成这一局面的根源是制度性的,而公共财政体制设计的缺陷只是问题的一个方面,从长期发展来看,农村自愿集体行动秩序的拓展受到抑制可能是更加需要关注的问题。本文提出了一个多元化农村公共品供给制度演进的分析框架,并针对性地讨论了若干关键环节。     

审计委员会若干理论问题的探讨

我国对审计委员会的研究处于探索阶段,因此对审计委员会发展阶段的划分、审计委员会理论基础以及目的等理论问题存在诸多分歧。本文认为审计委员会发展应分为三个阶段,不同阶段有不同的标志;审计委员会不仅仅是受托责任,更主要是委托责任,其理论基础是委托代理理论;审计委员会的目的不仅仅是监督,而是制衡,是再监督。     

理事会受托模式下的企业年金管控

理事会受托模式是我国企业年金管理模式之一,有其优势和劣势。大型公司必须采取切合实际的方法和措施保证理事会托管的企业年金管理和风险防控的有效性。     

Social Security with Heterogeneous Populations Subject to Demographic Shocks

In a previous paper, we showed how a pay-as-you-go social security scheme, based on voluntary contributions, can be an appropriate institution to reach an optimal sharing of risks among generations in the presence of demographic uncertainties. We study here the functioning of such schemes when there are different population strata, with different demographic shocks and wages. We show that while a collective voluntary pay-as-you-go scheme can provide efficient intergenerational risk sharing, it is likely to be destabilized by pensions funds specialized by agents' types. This is true both when there is a complete set of contingent markets, where the risk pooling capabilities of a collective fund are potentially of less interest, and when markets are incomplete. In this last circumstance, a collective fund may help the living agents to share their intragenerational risks. However, we show that the resulting allocation does not Pareto dominate the outcome of individual funds by agent types, and that there are incentives for agents to separate from any collective organization.     

论我国企业年金管理模式改革的战略方向

通过对我国企业年金管理模式纵横两方面的比较,本文认为,从微观的企业年金管理的层面上讲,法人受托模式下的2+2和3+1捆绑模式是目前企业年金管理的两种较好方式;从宏观的企业年金改革的层面上讲,企业年金管理改革的战略方向有四:从非信托模式走向信托模式;从理事会受托模式走向法人受托模式;从法人受托分拆模式走向法人受托捆绑模式;从传统金融机构捆绑模式走向养老金管理公司捆绑模式。