A Framework for Corporate Governance in Pension Funds from an Ecosystem Perspective: Explaining Its Dimensions and Components

Document Type : Original Article

Authors

1 Department of Business Management, Allameh Tabataba'i University

2 Department of Public Administration, Allameh Tabataba'i University

3 Department of Business Management, Allameh Tabataba'i University

10.22054/spsa.2026.94364.1179
Abstract
Pension funds are among the most important economic and social institutions, playing a significant role in ensuring income security during retirement, managing long-term financial resources, and balancing the interests of different generations. However, the complexity of stakeholder relationships, financial and actuarial challenges, weaknesses in transparency, deficiencies in oversight, and ambiguities in decision-making mechanisms have intensified the need to rethink the corporate governance of these funds. Accordingly, the present study aimed to identify and explain the components of corporate governance in pension funds from an ecosystem perspective. The study was applied in purpose and qualitative in approach. Data were collected through semi-structured interviews with 15 experts in the fields of pension funds, corporate governance, and public policy, who were selected purposively. The data were analyzed using thematic network analysis.The findings indicated that corporate governance in pension funds from an ecosystem perspective can be explained through six domains: (1) the legal order governing corporate governance in pension funds, (2) legitimacy-building interactions with actors in the ecosystem environment, (3) actors represented in the highest governing body of pension funds, (4) the architecture of corporate governance bodies, (5) mechanisms for ensuring effective, transparent, and accountable corporate governance, and (6) sustainable value creation. Accordingly, corporate governance in pension funds is not merely an intra-organizational phenomenon; rather, it is shaped through legal, institutional, managerial, and stakeholder interactions, and its effectiveness depends on coherence across different levels of governance.


Articles in Press, Accepted Manuscript
Available Online from 25 October 2026

  • Receive Date 22 July 2026
  • Revise Date 17 September 2026
  • Accept Date 03 October 2026