On April 26, 2006, ACGA spoke at a luncheon meeting of the Hong Kong Retirement Schemes Association. Our presentation argued that there was a vacuum in the governance of MPF funds in Hong Kong, primarily in relation to the "one-stop shops" favoured by most MPF providers. This has produced a system with inherent conflicts of interest, since pension fund trustees are typically part of the same corporate holding company as administrators, custodians and investment managers. We believe there is opacity at the top and that 'corporate trustees' are unlikely to be able to provide a sufficient level of oversight of fund behaviour. Instead, a system of pension fund boards, as operates in other developed markets, should be established.

Our speech was covered shortly afterwards in Finance Asia.