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Home > What is the Pension Fund Association? > Investment of Pension Fund Association > Pension Fund Association Investment Advisory Committee
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Pension Fund Association Investment Advisory Committee

Pension Fund Association Investment Advisory Committee

The Pension Fund Association Investment Advisory Committee has been established, which consists of external academic experts and selected members of PFA, as an advisory panel for the President to solicit opinions and obtain advice on important matters related to the investment of pension assets of PFA.

PFA established a Pension Asset Management Committee, consisting of PFA executives and employees, in November 1983. In March 1991, this committee was reorganized by adding external academic experts. The name of the committee was successively changed to PFA Pension Asset Investment Committee, the Pension Fund Association Pension Asset Investment Committee, and PFA Pension Asset Investment Advisory Committee before adopting its current name of the Pension Fund Association Investment Advisory Committee.

Agendas of Investment Advisory Committee Meetings

Date and Agenda

November 12, 2024

  • Investment overview
  • Subsequent on the progress of Policy Plan for Promoting Japan as a Leading Asset Management Center
  • Stewardship activities of investment managers
  • Activity report on engagement at PFA

August 28, 2024 (deliberation in writing)

  • Policy on the Asset Owner Principles

July 16, 2024

  • Investment overview
  • Review of policy asset mix
  • Exercise of shareholder voting rights for in-house investments
  • PFA's effort and subsequent on the progress of Policy Plan for Promoting Japan as a Leading Asset Management Center

June 12, 2024 (deliberation in writing)

  • FY2023 investment overview (preliminary report)

February 7, 2024

  • Investment overview
  • Revisions to the Guidelines for the Exercise of Shareholder Voting Rights
  • Policy Plan for Promoting Japan as a Leading Asset Management Center

November 13, 2023

  • Investment overview
  • Stewardship activities of investment managers
  • Activity report on engagement at PFA

July 19, 2023

  • Investment overview
  • Review of policy asset mix
  • Exercise of shareholder voting rights for in-house investments

June 14, 2023

  • Investment overview
  • Recent developments in corporate pension asset investment

February 8, 2023

  • Investment overview
  • Other

November 15, 2022

  • Investment overview
  • Stewardship activities of investment managers
  • Stewardship activities of organizations contracted by PFA or of which PFA is a member

July 14, 2022

  • Investment overview
  • Review of policy asset mix
  • Exercise of shareholder voting rights

June 21, 2022

  • Investment overview
  • Amendment of Principal Policy for Investment

February 8, 2022

  • Investment overview
  • Other

November 2, 2021

  • Investment overview
  • Policy asset mix
  • Stewardship activities of PFA and investment managers

July 12, 2021

  • Investment overview
  • Review of policy asset mix
  • Guidelines for the Exercise of Voting Rights

June 16, 2021

  • Investment overview
  • Guidelines for the Exercise of Voting Rights

February 8, 2021

  • Investment overview
  • Revision of the Guidelines for the Exercise of Voting Rights

November 9, 2020

  • Investment overview
  • FY2019 stewardship activities of investment managers
  • ALM analysis

July 6, 2020

  • Investment overview
  • Review of policy asset mix
  • Revision of the Policy for the Fulfillment of Stewardship Responsibilities
  • FY2019 stewardship activities report

June 12, 2020 (deliberation in writing)

  • FY2019 investment overview (preliminary report)

Guidelines for Establishment of the Investment Advisory Committee

（Purpose）

Article 1.
For the purpose of soliciting opinions and obtaining advice on important matters concerning the management and investment of the reserves for pension benefits ("pension assets") of Pension Fund Association (the "Association"), the Pension Fund Association Investment Advisory Committee (the "Committee") shall be established as an advisory panel for the President of PFA in accordance with the Pension Fund Association Principal Policy for Investment of Pension Assets.

（Organization）

Article 2.
The Committee shall be composed of external members and executives and employees of PFA as designated by the President of PFA.

（External Members）

Article 3.
External members shall be academic experts and shall be appointed by the President of PFA.
2
The number of external members shall not exceed five (5).

（Term of Office）

Article 4.
The term of office of external members shall be two (2) years. However, the term of office of a substitute member shall be the remaining term of his/her predecessor.

（Chairperson）

Article 5.
The Committee shall have a chairperson, who shall preside over meetings.
2
The chairperson shall be appointed by the President of PFA from among the Committee members.
3
he Committee may appoint an acting chairperson from among the Committee members upon nomination by the chairperson. The acting chairperson shall preside over a meeting if the chairperson is unable to attend the meeting.

（Meeting）

Article 6.
The Committee shall be convened by the President of PFA.
2
In principle, Committee meetings shall be held four times a year on a quarterly basis; however, the President of PFA may convene other Committee meetings as necessary.
3
If there is no time to convene a Committee meeting, a Committee meeting may be held in writing or by other means.
4
In addition to holding Committee meetings, the President of PFA may solicit opinions and receive advice on specific matters from individual Committee members.

（Matters to Be Advised）

Article 7.
The Committee shall give its opinions and advice on the following matters related to the pension assets of PFA:
（1）Principal policies on asset management
（2）Investment policy
（3）Policy asset mix
（4）Risk management
（5）Selection and evaluation of investment managers
（6）Other matters related to investment of pension assets

（Minutes）

Article 8.
Minutes shall be prepared for the deliberations at the Committee meetings. Such minutes shall be administered by PFA.
2
The minutes of deliberations at the Committee meetings shall be summarized and reported to the Board of Directors and the Board of Trustees.

（Information Disclosure）

Article 9.
Overviews of the Committee meetings shall be disclosed on the website.
2
In principle, summaries of minutes reported to the Board of Directors and the Board of Trustees in accordance with the preceding article shall be disclosed in accordance with the preceding paragraph.

（Administrative Affairs）

Article 10.
The administrative affairs of the Committee shall be assigned to the Pension Investment Department of PFA.

（Miscellaneous Provisions）

Article 11.
In addition to the matters provided in these Guidelines, necessary matters concerning the Committee shall be separately provided.

External Members of the Investment Advisory Committee (Honorific Titles Omitted, in Japanese Alphabetical Order)

As of April 1, 2025
NameTitle
Yoshiaki Akeda Former Special Research Fellow, Japan Securities Research Institute
Masaharu Usuki Professor Emeritus, Nagoya City University
Tomonori Uchiyama Professor, Graduate School of Management, Tokyo Metropolitan University
Katsumasa Nishide Professor, Graduate School of Business and Finance, Waseda Business School
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