This part of the book focuses on the daily practice of trustees and decision makers. In this part, the focus is placed on building effective boards, assessing the quality of the investment set-up and improving it—be it continuously or with a big leap, like the Dutch PFZW and the California Public Employees' Retirement System (CalPERS) have done and many others do as well. In other words, the emphasis lies on assessment, change, adaptation and learning.
Trustees new to a pension fund board will hardly ever have the luxury of designing its setup from scratch. They are thrown into an environment comprising other people, and an existing fund DNA, culture and structure. Oftentimes, the longer the history of the fund, the stickier or more inflexible the set-up will be. “Culture eats strategy for breakfast”, so to speak.
The starting point for change is the individual trustee as change and improvement must necessarily start with an individual. This individual observes and assesses a situation, feels that it can and should be improved, and then has to start working on it. Scaling up from what the individual sees to a collective and shared view; putting this vision into a shared set of observations, or into a shared language is both difficult and fragile, but necessary to start the process of changing.
CONTRIBUTION OF THIS PART TO INVESTMENT ...
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