Pension plans currently face a variety of challenges from the effects of a global pandemic, a changing political climate and a struggling economy. Trustees, those entrusted with the life savings of millions, are expected to understand the intricate workings of finance, demography, technology and more. Are they now required to know how to navigate these uncharted waters as well?
The truth is that pension plan trustees come from a variety of backgrounds, experiences, and perspectives. Whatever a trustee's credentials and qualifications, the fiduciary responsibility remains the same. If good governance practices create the formal infrastructure that guides fiduciary decision-making, here are six guiding principles about governance that will help trustees steady the ship.