These considerations lead to the first important message I would like to emphasize today, namely that the separation between a sponsor and its pension fund should be a key feature of any pension system, to be fervently preserved and promoted. By contrast, in the US the aforementioned problems are mitigated in another way.
In the international arena, the dominance of outsiders is even more pronounced - the Sarbanes-Oxley Act of 2002 in the US envisages that of the 5 members of the Accounting Board only two members can be Certified Public Accountants.