Abstract
The growing literature on pension governance identifies desirable governance characteristics, and links them to improved organizational performance. However, actual pension plan organization and governance are often a result of a series of historical events and cultural factors. Governance best practices that could feasibly be implemented in one country might be impractical in another. This article focuses on one specific element of governance: stakeholder management. We show that this element has played a critical role in moving Washington State Investment Board toward the optimal end of the governance scale within the legal and historical constraints within which public sector pension funds operate in the United States.
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