年金運用改革 ガバナンス強化を優先したい

The Yomiuri Shimbun
Prioritize reinforcing governance of public pension fund management
年金運用改革　ガバナンス強化を優先したい

To manage a massive amount of funds safely and efficiently, it is vital to build an effective organization and system suited to carrying out the task.
　巨額の資金を安全かつ効率的に運用するには、それにふさわしい実効性ある組織や体制を構築することが肝要である。

A council of the Health, Labor and Welfare Ministry has proposed that the current ban on direct stock investment by the Government Pension Investment Fund (GPIF) remain in place, at least for the time being.
　年金積立金管理運用独立行政法人（ＧＰＩＦ）による株式の直接運用の可否について、厚生労働省の審議会が、当面は認めず、現状を維持することが望ましいとする報告書をまとめた。

The ruling coalition of the Liberal Democratic Party and Komeito has supported the proposal. The government has decided not to include direct stock investment by the GPIF in a bill related to pension reforms, which it plans to submit to the current Diet.
　自民、公明両党も、この内容を了承した。政府は、今国会に提出する予定の年金改革関連法案に直接運用を盛り込まない方針だ。

This was a reasonable conclusion, as it is not only doubtful if the GPIF, under the current structure and human resources, would be able to make appropriate stock investment decisions but also difficult to ensure impartiality and transparency in such investments.
　妥当な結論である。現在のＧＰＩＦの体制や人材で的確な投資判断ができるか、疑問が拭えないうえ、株式運用の公平・透明性を確保することも困難だからだ。

The GPIF, which manages the reserve funds of corporate employees’ pension programs and the national pension program — worth a combined total of about ¥140 trillion — is one of the world’s largest institutional investors.
　約１４０兆円に上る厚生年金、国民年金の積立金を運用するＧＰＩＦは、世界最大級の機関投資家である。

In principle, the GPIF manages funds through trust banks and other financial institutions, and is prohibited from making direct equity investments.
信託銀行などを通じた資金運用が原則で、株式への直接投資は認められていない。

The GPIF had called for lifting the ban on direct stock investment on the grounds that by flexibly responding to capital market movements, it will be able to earn more profits, while reducing the commissions it pays to the trust banks.
　ＧＰＩＦは、直接運用の解禁を求めていた。市場の動きに機動的に対応できれば、運用益が向上し、信託銀行へ払う運用委託手数料も節約できるという理屈だ。

But the decision-making power of the GPIF has been concentrated on its president, and few of its staff members specialize in fund management.
　しかし、ＧＰＩＦは現在、権限が理事長に集中しており、資金運用の専門人材も少ない。

Expert panel appropriate

The council’s proposal calls for reinforcing the GPIF’s governance structure to increase public trust in it.
　報告書は、国民の信頼を高めるため、ＧＰＩＦのガバナンス（統治）体制の強化を求めた。

The main point of the proposal is to establish an executive committee, comprising financial experts and other people, with a collegial decision-making system to consider such important matters as the component ratio of management assets. This is an appropriate recommendation.
金融専門家らを集めた経営委員会を新設し、運用資産の構成比率などの重要案件を合議制で決めることが柱だ。適切な提案である。

To carry out asset management stably over the long term, it will be important to develop its own specialists in fund management and enhance risk-management capabilities.
　長期的に安定した資産運用を行うためには、専門人材を自前で育成し、リスク管理能力を高めることも大切となろう。

The fund’s organizational reforms, led by welfare minister Yasuhisa Shiozaki, ran into difficulties last year due to differences of opinion with the Pension Bureau. We hope efforts to develop a new structure will be expedited.
　塩崎厚労相が主導した組織改革は昨年、年金局との意見の不一致で暗礁に乗り上げた。新たな体制整備を急いでもらいたい。

The ministry says it plans to study the issue of direct stock investment again three years from now.
　厚労省は、直接運用を３年後に再び検討するとしている。

Needless to say, there is risk involved in investing in stocks that fluctuate widely. Safety is an essential consideration to manage pension funds over the long term.
　だが、言うまでもなく、値動きが大きい株式投資にはリスクが伴う。長期の年金資金の運用には、安全性への配慮は不可欠だ。

There is also the problem that if the GPIF takes a more active role in investing in stocks with massive amounts of pension funds, it will likely have greater influence on stock markets. This is because stock prices likely would be affected by which stock the GPIF buys and how much.
　巨額の年金資金を使って株式投資を積極化すれば、ＧＰＩＦの市場に対する影響力は一段と大きくなるという問題もある。ＧＰＩＦがどの会社の株式をどれだけ買うかによって、株価を左右する恐れが高まるからだ。

The GPIF’s fund management reforms are seen as part of the government’s measures to prop up stock prices. Should pension funds be used with short-term price increases in mind, it will distort stock prices. Sufficient consideration should also be given in this respect.
　市場では、ＧＰＩＦの運用改革が株価対策と受け取られている面もある。年金資金を短期的な株価下支えに使えば、株価形成を歪ゆがめる。こうした点にも十分に目配りせねばならない。

(From The Yomiuri Shimbun, Feb. 22, 2016)