The insistence on the business management of bankrupt pension funds continues while many of them are struggling with numerous financial problems. The addition of shares in Khark Petrochemical and the Islamic Republic Railways to the ownership of the national pension fund indicates the management of these funds' disregard for the government's macro policies aimed at reducing state ownership.
Why is the law being ignored?
In a situation where pension funds are facing a resource deficit and severe imbalance, the policy of continuing business management seems to contradict the seventh five-year development plan law. This law explicitly obligates pension funds to distance themselves from business management and divest their excess and managerial shares.
However, there is clearly no sign of a reduction in managerial shares, and the serious question arises as to why the implementation of the law has been sidelined and why there is no effective oversight over this process?