Governance: IORP II requirements

The IORP II requirements reflect the five measures of best practice for the governance of the financing and operations of retirement plans:

access to information to support decision making
insights from individuals (or providers) with specialist knowledge and experience
clear policies covering the key functions and activities
a control framework for disciplined execution
ongoing monitoring and reporting

	Access to information	Insights from specialists	Clear policies	Control framework	Monitoring & reporting
IORP II requirement	Disclosure to supervisory authorities on request. Some publicly available (marked in bold)	Professional qualifications, knowledge & experience. Also good repute & integrity.	Review triennially or after significant changes.	Continuity and regularity of performance. Avoid inappropriate behaviours.	Adequate & effective controls. Policies adhered to & suitable. Information for decision making.
Financing	Report & accounts Investment principles Valuation reports Asset-liability studies Investment holdings	Independent Actuarial	Actuarial activities Strategic asset allocation ESG* factors	Accounting procedures Investment risk processes Asset depositary	Technical provisions Liability experience Investment performance Deficit recovery plans Insurance arrangements Underwriting policy
Operations	Contribution tracking Outsourcing roles Policies & procedures Internal audit report Business documents	Management (>1) Independent Internal Audit	Internal audit Outsourced activities Remuneration	Administrative procedures Contingency plans Outsourced activities Roles & responsibilities Conflict management Free to inform authorities	Performance regularity Internal controls Governance system Outsourced activities

* ESG = Environmental, social and governance

Read more on the IORP requirements around risk management and member communication.