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2000

George Washington University Law School

Government Contracts

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Full-Text Articles in Law

Accounting Standards And German Supplementary Pensions: The Emerging Framework Underpinning Global Finance, Daniel I. Gordon Jan 2000

Accounting Standards And German Supplementary Pensions: The Emerging Framework Underpinning Global Finance, Daniel I. Gordon

GW Law Faculty Publications & Other Works

In this paper we focus on the current status of German employer-sponsored supplementary pensions in the context of moves towards the harmonization of international accounting standards. We emphasize the changing standards used to measure pension liability, and the consequences of these changes for (firstly) corporate management discretion and (secondly) German under-funded systems of defined benefit pensions. In combination, we show that claimed historical differences between the Anglo-American market for corporate control and the German system of entrenched management within interlocking boards of supervision are now less compelling than assumed. Adoption of international and US financial accounting standards by leading German ...


German Social Market In The World Of Global Finance: Pension Investment Management And The Limits Of Consensual Decision Making, Daniel I. Gordon, Daniel Mansfield, Adam Tickell Jan 2000

German Social Market In The World Of Global Finance: Pension Investment Management And The Limits Of Consensual Decision Making, Daniel I. Gordon, Daniel Mansfield, Adam Tickell

GW Law Faculty Publications & Other Works

In a previous paper we emphasised the changing national and international accounting standards used to measure net pension liability. Beginning with the implications of this analysis for the financing of German employer-sponsored pensions, in this paper we focus upon the internal management of corporate pension assets and liabilities. Two issues drive the analysis. One has to do with the emerging coalescence of interests joining corporate management and shareholders in relation to the management of pension assets and liabilities. The second issue has to do with the allocation of risk and uncertainty between social partners when negotiating the financing and final ...