The importance of governance in retirement systems is seriously under-rated. This is despite the recognition that the quality of governance affects the performance of the entire organization and the soundness of the plan.
The quality of governance in a pension system affects relationships among all the parties: the governing bodies, plan sponsors, and the board; relationships within and between the board and the executive; the ability of the system to attract and retain the best people; its stakeholder relations; and, ultimately, the organization's ability to deliver value and benefits to the beneficiaries.
How to bring new trustees up to speed as quickly as they can reasonably learn?