Pension de-risking strategies have been widely adopted by firms with defined-benefit (DB) pension plans to reduce pension risk. This paper investigates the influence of board composition on pension de-risking strategies within the UK, focusing particularly on three strategies: changes to pension asset allocations, switches from DB to defined-contribution (DC) pension plans and pension buy-ins and buy-outs. Our findings suggest that firms with larger boards and more independent directors are less likely to invest their pension assets in equities. Survival analysis shows that firms with larger boards are slower to switch from DB to DC pension plans. This is consistent with stakeholder theory, in that firms with large boards or more independent directors are more likely to protect employees’ benefits when de-risking their DB pension plans. However, firms with more female directors are faster to switch fully from DB to DC pension plans and slower to engage in pension buy-in and buy-out transactions. This suggests that female directors encourage fully switching DB pension plans, while they are concerned with the significant costs of pension buy-in or buy-out. This research provides clear evidence that pension de-risking strategies are influenced by board composition. UK pension trustees play a key role in determining switches from DB to DC pension plans, mitigating the impact of independent directors.

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董事会组成对养老金去风险策略的影响

养老金去风险策略已被具有固定收益 (DB) 养老金计划的公司广泛采用，以降低养老金风险。本文调查了董事会组成对英国养老金去风险策略的影响，特别关注三种策略：养老金资产配置的变化、从 DB 转向固定缴款 (DC) 养老金计划以及养老金买入和买入。出局。我们的研究结果表明，拥有更大董事会和更多独立董事的公司不太可能将其养老金资产投资于股票。生存分析表明，董事会规模较大的公司从 DB 转向 DC 养老金计划的速度较慢。这与利益相关者理论一致，因为拥有大型董事会或更多独立董事的公司在降低其 DB 养老金计划的风险时更有可能保护员工的利益。然而，拥有更多女性董事的公司更快地从 DB 完全转向 DC 养老金计划，而更慢地参与养老金收购和收购交易。这表明女性董事鼓励完全转换 DB 养老金计划，同时她们担心养老金买进或买断的巨大成本。这项研究提供了明确的证据，表明养老金去风险策略受到董事会组成的影响。英国养老金受托人在确定从 DB 到 DC 养老金计划的转变、减轻独立董事的影响方面发挥着关键作用。而他们担心养老金买进或买断的巨大成本。这项研究提供了明确的证据，表明养老金去风险策略受到董事会组成的影响。英国养老金受托人在确定从 DB 到 DC 养老金计划的转变、减轻独立董事的影响方面发挥着关键作用。而他们担心养老金买进或买断的巨大成本。这项研究提供了明确的证据，表明养老金去风险策略受到董事会组成的影响。英国养老金受托人在确定从 DB 到 DC 养老金计划的转变、减轻独立董事的影响方面发挥着关键作用。