John Smith

20.2.03

Trustees of pension and other plans should look to the governance of their own plans to determine to what extent their own procedures, and the accountability within their organizations, need to be improved to minimize the risk to the funds they manage, and to preserve their ultimate ability to provide the anticipated benefits. Secondly, institutional investors need to be concerned about the reliability of the corporations and other entities in which they invest. Lack of sound governance jeopardizes the integrity and viability of capital markets.