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Published online by Cambridge University Press: 05 July 2011
Governance of pension schemes has developed mainly as a result of experience with defined benefit schemes and it is these schemes which comprise the background to most of this chapter. However, the principles of good governance generally apply to defined benefit and defined contribution schemes alike.
Moving towards better governance
The requirement for good governance has increased considerably in recent years. The governance expectations of companies are set out in the Combined Code. Corporate governance received close attention in the 1990s and, following the failures of BCCI and Polly Peck, recommendations for improving and applying the Code were made first by Cadbury, later by others including Greenbury, Hampel, Smith, Turnbull and Higgs.
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