en Designing a Regulatory Governance Model for Investment Policy in Iran’s ‎Social Insurance Funds: An Institutional Approach with Emphasis on the ‎Central Bank’s Role اقتصاد Economics پژوهشی اصیل - گزارش موردی Original Research - Case Study This study develops an evidence-based regulatory governance model for investment policy in Iran&rsquo;s social insurance funds, emphasizing the strategic and supervisory role of the Central Bank. Using a qualitative grounded theory approach, 18 semi-structured interviews were conducted with policymakers, financial regulators, central bank officials, fund managers, and independent experts. The data were coded in three stages (open, axial, selective) and triangulated with secondary data. Comparative insights from Norway, Canada, and the Netherlands were incorporated.<br> Four institutional challenges were identified: overlapping roles, fragmented oversight, conflicts of interest, and lack of developmental performance metrics. The proposed model integrates strategic investment policy, multi-tier regulatory oversight, outcome-based accountability, and participatory institutional alignment. The model addresses gaps between monetary regulation and social investment governance, offering a phased implementation roadmap adaptable to Iran&rsquo;s legal and institutional context. Comparative analysis highlights similarities and limitations relative to global practices. This article contributes a context-specific yet internationally informed framework linking institutional theory with practical governance reform in emerging economies.<br> &nbsp; This study develops an evidence-based regulatory governance model for investment policy in Iran&rsquo;s social insurance funds, emphasizing the strategic and supervisory role of the Central Bank. Using a qualitative grounded theory approach, 18 semi-structured interviews were conducted with policymakers, financial regulators, central bank officials, fund managers, and independent experts. The data were coded in three stages (open, axial, selective) and triangulated with secondary data. Comparative insights from Norway, Canada, and the Netherlands were incorporated.<br> Four institutional challenges were identified: overlapping roles, fragmented oversight, conflicts of interest, and lack of developmental performance metrics. The proposed model integrates strategic investment policy, multi-tier regulatory oversight, outcome-based accountability, and participatory institutional alignment. The model addresses gaps between monetary regulation and social investment governance, offering a phased implementation roadmap adaptable to Iran&rsquo;s legal and institutional context. Comparative analysis highlights similarities and limitations relative to global practices. This article contributes a context-specific yet internationally informed framework linking institutional theory with practical governance reform in emerging economies. Investment Governance, Financial Regulation, Social Insurance Funds, Institutional Conflict of Interest, Strategic ‎Policymaking Investment Governance, Financial Regulation, Social Insurance Funds, Institutional Conflict of Interest, Strategic ‎Policymaking 251 274 http://jme.mbri.ac.ir/browse.php?a_code=A-10-691-1&slc_lang=en&sid=1 Seyed Milad Hashemi Mehneh s.hashemimehneh@iau.ir 10031947532846007704 10031947532846007704 No Instructor of PhD student specializing in financial management, Faculty of Economics and Accounting, Azad University, South Tehran Branch,Iran Yousef Ahadi Serkani sy.ahadiserkani@iau.ac.ir 10031947532846007705 10031947532846007705 Yes Associate Professor of Accounting, Faculty of Accounting and Management, Islamic Azad University Mohsen Hamidian m.hamidian1348@iau.ac.ir 10031947532846007706 10031947532846007706 No Associate Professor, Department of Economics and Accounting, South Tehran Azad University