Governance Models for a Changing Asset Management Landscape
论证治理质量是投资有效性和机构可信度的核心决定因素，以加拿大养老金模型为案例，说明基于合法性的治理结构如何改善决策、问责和绩效，对资产管理机构、资产所有者和董事会具有参考价值。
The asset management industry is undergoing structural change driven by fee compression, rising client expectations, expanding investment complexity, and heightened scrutiny of fiduciary responsibility. While much attention has focused on investment innovation, far less emphasis has been placed on the role of governance and organizational design in determining long-term outcomes. This article argues that governance quality is a central determinant of investment effectiveness and institutional credibility. This article draws on insights from economics, behavioral finance, and organizational theory, and uses the evolution of the Canadian Pension Model as a unifying case study, to show how legitimacy-based governance structures improve decision-making, accountability, and performance. The discussion highlights why traditional conformity-driven models struggle in today’s environment. It also explains how asset management firms can adapt by redesigning boards, leadership roles, and delegation frameworks to support long-horizon value creation. The findings are relevant for asset managers, asset owners, and boards seeking to adapt organizational structures to meet the demands of a rapidly changing industry.