The concept of "workers' capital" is not a universal condition to labour’s approach to corporate governance so far as it is strongly correlated with the mode of financing of the national pension system. However, it is no less crucial for the labour movement in a globalised and financialised economy. Workers' capital constitutes an important policy issue in jurisdictions where pension financing relies extensively on pre-funding (by opposition to pay-as-you-go redistributive pension systems) as it is the case in Anglo-American common law jurisdictions. Workers' pension savings are invested in financial markets by their pension funds, including in equity. In the US, the UK, Canada, and Australia, pension funds' holdings in equity amount to circa a fifth of those countries’ stock market capitalisation.