If you’re going to read one thing this weekend, I suggest you make it Imogen Rose-Smith’s recent article on the ongoing effort to reform New York City’s pension. It’s a painful reminder of the realities facing those (...like me...) that would love to see the governance improved and the management professionalized at many public pensions and sovereigns around the world. As this case demonstrates, it’s one thing to know what’s required for success – and it’s another thing altogether to be able to actually implement what’s required. (And it seems harder still to prevent stakeholders from cutting their nose to spite their face).
