CORPORATE GOVERNANCE AND THE FINANCIAL PERFORMANCE OF PENSION FUND ADMINISTRATORS IN NIGERIA
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ABSTRACT
This study was designed to empirically investigate the effect of corporate governance on the financial performance of pension fund administrators in Nigeria within the period of 2004 – 2014. The study employed the use of secondary data sourced from the websites and audited financial statements of pension fund administrators in Nigeria. For the purpose of the study, board size and board composition were used as the proxy for corporate governance and return on asset was used a proxy for the financial performance of pension fund administrators. These variables were then subjected to a multiple regression analysis using the Ordinary Least Squares (OLS) estimator at 5% level of significance with the return on asset as the dependent variable. From the study, it was found that board size has a positive and statistically insignificant relationship with the return on asset of pension fund administrators. On the other hand, board composition measured by ratio of board members with financial expertise (experience in banking/investment, insurance and/or pension), to total number of the board members was found out to have a negative but no statistically significant relationship with the return on asset of pension fund administrators. This could be as a result of involving more board members who are not financial expertise in the board of pension fund administrators and as such, their decisions and their inexperience of financial matters tends to be detrimental to the performance of the pension fund administrators in Nigeria. The study therefore recommended that, in board composition, there should be a reduction in the number of board members who do not have financial expertise especially in the area of banking/investment, insurance and/or pension as this professional expertise is vital for high profitability of pension fund administrators in Nigeria.
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