Trustees embrace new ways of working
Trustees embrace new ways of working
22 Mar 2021
The XPS ‘future of trusteeship’ survey revealed a clear drive from the industry to take the lessons learned from running pension schemes during the COVID-19 pandemic and change the way pension schemes are managed for the long term.
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"In my experience, trustees responded well to the changes thrust upon them and adapted quickly to the new environment. Many have been surprised at how well video conferencing can work, although there is a general feeling that face-to-face meetings still have their place."
Rob Wallace - Head of Governance
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Actions you can take
- Review your business plan – make sure that your meeting frequency, structure and format (face-to-face or virtual) allow you to govern efficiently and effectively.
- Consider your technology – are you making the most of the technology available to help you run meetings as well as electronic communication, document sharing and decision-making?
- Consider new and more flexible approaches to developing trustees’ knowledge and skills.
- Regularly review your trustee board's effectiveness to highlight any potential improvements to the way your scheme is managed.
XPS can help trustees assess their effectiveness and develop and implement a better framework for managing their scheme for the long term.
For further information, please get in touch with Rob Wallace or speak to your usual XPS contact.