TABLE 4
FROM:
Best-practice pension fund governance
Gordon L Clark and Roger Urwin
BACK TO ARTICLETable 4. Best-practice board/investment committees
| 'Best practice' | 'Best practice' | ||
|---|---|---|---|
| Number |  Ideally 6–8 | Governance reporting | Substantial disclosures Governance beliefs/principles |
| Board member tenure | Three-year terms No term limits Long tenures desirable Organisational memory | Number of meetings/days per annum | 6–8 days Board 3–4 days Sub-Ctees |
| Control over new board members | Investment competency Fit with team | Board core agenda | Items covered by impact Limited time on alpha Traffic light protocols for reporting/escalating |
| Board member evaluation | Annual process Performance management | ||
| Board compensation | Full market rates Time element | Board variable agenda | Joint Ch/CIO agreement Commitment to education/development |
| Board committees | Audit Governance and HR | ||