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Case Studies

Governance

The problem -

Poor governance practices can unwittingly build up over time on a pension scheme board of trustees.

What we found -

When Woodley Trustees took over as Chair, we found the board had developed a highly transactional meeting style. There was also a lack of clarity about the role of the Pensions Manager and CFO at board meetings. Board business was taking place outside meetings without the involvement of all trustees and without the support of a Scheme Secretary or Pensions Manager. Not surprisingly many trustees did not feel engaged and this poor governance was unnecessarily increasing risks.

The solution -

We re-organised meeting arrangements so that there was sufficient discussion time. We clarified the nature of the Pensions Manager’s role as key support for the trustees. We slimmed down the CFO’s attendance to focus on covenant issues.

The result -

Good, solid governance practices are now in place and all trustees feel engaged. We maintain a close relationship with the CFO ensuring a good flow of information.