·
All episodes
Dubravko Štimac
Episode · #96

OSIGURAJ SE Dubravko Štimac

Guest Dubravko ŠtimacHosted by Marijana MatkovićMay 3, 2026
About this episode
What you'll hear in this conversation

The financial world often sees pension fund managers as custodians of capital, quietly allocating vast sums. But Dubravko Štimac, who has been at the heart of Croatia's pension system since its inception in the mid-90s, describes his role as anything but passive. He has spent decades navigating market shifts and public criticism, often countering the charge that pension funds simply funnel money into state bonds. This conversation reveals why what appears to be a conservative investment strategy has, in fact, generated significant returns for members, and how these funds are now pushing for a deeper, more active role in the national economy. You'll hear how a singular focus on member returns guides decisions from bond allocation to corporate governance, and why Štimac believes pension funds are the ideal partners for a more efficient future.

Insights from the conversation
What to take from this episode
01
The PBZ Croatia osiguranje pension fund holds 62% of its portfolio in state bonds, a figure Dubravko Štimac defends as a rational strategy that has consistently delivered strong returns—like 13.45% for Fund A this year. What appears to be a conservative allocation is often a calculated move, proving that sometimes the best returns come from leaning into what the market is already offering.
02
Critics frequently chided pension funds for their heavy bond exposure, but Štimac argues that "if we had listened to those people who criticized us...today we would have had lower returns." The market's offers change, and a fund's job isn't to chase public sentiment, but to stay with the asset class that is actually generating returns until the trend clearly shifts.
03
Croatia's economy suffers from a disproportionately large state presence, which Štimac identifies as a root cause of "inefficiency, low productivity, and inability to create new jobs." He frames pension funds as the "best, highest-quality, and largest national savings for investment" to help the state privatize assets and make the economy more dynamic.
04
The failed privatization of HAC (Croatian Motorways) was met with public resistance, with critics arguing citizens would "again buy something they are constantly paying for." Štimac dismisses this as a "wrong way of thinking," arguing that rational investment decisions by pension funds, if beneficial for members, should outweigh populist sentiment about who 'owns' what.
05
Podravka, a major Croatian company, saw its net profit soar from 20-50 million HRK to 210 million HRK after pension funds gained representation on its Supervisory Board. This example demonstrates that pension funds can be a "useful factor in raising the quality of corporate governance," driving efficiency and profitability even when not majority owners.
06
A seat on a Supervisory Board is not the end goal, Štimac clarifies; "the essence is in changing corporate culture." Pension funds push for better governance to unlock greater efficiency, which then creates higher wages, more jobs, and increased tax revenue—a broader benefit than just investment returns.
07
Štimac finds it "completely irrational" that a significant owner, holding sixty or seventy percent of a company, should have to "specially influence" its performance. When ownership is concentrated, the ability to direct strategy and governance should be straightforward, not an uphill battle against structural impediments.
Explore further
ScenariosBusiness challengesCardsEducational cardsTimelineTopic evolution