In a sense, there is nothing new to report on investment governance. It is part of the subject of governance in the wider sense, with the principles applied specifically to the governance of institutional investment portfolios. The key principles are well- established, and many relevant lessons have been drawn.

But the principles are not all well known, perhaps not even widely followed. And decision-making is never easy, because as humans we are subject to several well- documented behavioural flaws. So periodically it is worthwhile to remind ourselves of the principles, remember the lessons we have forgotten, and review the latest thinking about improving the processes involved in making decisions, so that those decisions can themselves be better.