In this paper we investigate the governance structure of Italian Pensions Funds. We first proceed to a short but critical review of the theoretical and empirical literature, so as to identify the areas where major improvements are necessary: i) skills and competence of the trustees; ii) clear definition of tasks and responsibilities; iii) handling of conflicts of interests. Secondly, we assess the governance of closed and open Pension Funds in Italy by analyzing their statutes and other informative documents.
Our main findings are: i) despite the remarkable improvements of professional requirements imposed by recent reforms, the average skill level of the trustees is still inadequate; ii) there is not a clear definition of responsibilities among different bodies; iii) conflicts of interest are not adequately addressed. Finally we observe that in such areas the potential role of self-regulation has not been fully exploited.