The recent TPR Talks discussion on raising standards of trusteeship and governance reignited an important debate across the pensions industry: what does 'good governance' actually look like in practice? Governance spans a wide spectrum of matters from endgame strategy, risk management, cyber security, business continuity, third-party supplier oversight, data quality to AI governance. Trustees are expected to manage pension-specific risks and all the operational risks that could materially impact members and scheme operations. Operational risk management in a highly outsourced model deserves its own article!