美國退休基金機構參與公司治理之探討

Study on U.S. Pension Fund Involvement in Corporate Governance

本研究係配合政府近年來推動改革公司治理政策，探討如何藉由機構投資者之參與，以提升企業之公司治理。在眾多機構投資者中，尤以退休基金攸關老年經濟安全之保障最為重要，未來在公司治理角色扮演上，必定具有關鍵性及決定性因素。本文首先探討機構投資者與公司治理之關連性；其次介紹美國大型退休基金保管機構CalPERS及TIAA-CREF，說明兩者本身之治理機制及參與企業公司治理所採取的相關原則、指引與政策觀點等方式；最後綜合歸納退休基金參與公司治理之分析，提出我國退休基金保管機構在公司治理推動角色上應有之作為、可行性的作法，以及相關政策建議。

In consonance with the government's policy in recent years of promoting corporate governance reform, this paper studies how to enhance corporate governance through the participation of institutional investors. Among the many institutional investors, pension funds are the most important, and will certainly play a key and decisive role in shaping corporate governance practices. The paper first examines the relationship between institutional investors and corporate governance. It then spotlights two large U.S. pension funds, the California Public Employees' Retirement System (CalPERS) and the Teachers Insurance and Annuity Association, College Retirement Equities Fund (TIAA-CREF), examining their corporate governance mechanisms and the principles, guidelines and policy stances they adopt for their participation in corporate governance. Finally, drawing upon analysis of these two U.S. pension funds’ involvement in corporate governance, the paper presents policy recommendations for feasible approaches to enhancing the role of Taiwan’s pension funds in promoting corporate governance.