UK - Risk management and governance policies by corporate pension funds have improved but are not being followed through with action, according to PriceWaterhouseCoopers (PWC).
More pension funds reported having a formal governance policy to use as a framework than two years ago.
Andrew Evans, partner, PWC, said: "To be useful, a governance policy must be action-oriented and not simply a series of bland statements of good intentions to be ticked off as done but not controlled.
"Similarly, a risk register is next to useless unless it forms the basis of an effective risk management policy."
Mark Harris, director, PWC said corporate pension fund boards were using advisers more often due to the increased complexity of the job.
Harris added: "Trustees spend such little time together as a full group but many are really struggling to use it to deal with just those issues they can't delegate."
Evans concluded the survey showed governance was high on trustee board agendas: "A key challenge going forward will be how boards monitor their own effectiveness and how individual trustees help each other to enhance performance."
More than half of the chairs questioned managed a pension fund with more than £1bn (US$1.98bn) in assets.
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