(1) The Board of Trustees shall exercise the following due diligence, namely:-
(a) it shall review the desirability of continuance of the pension fund if substantial irregularities are observed and recommend to the Authority its observations;
(b) it shall ensure that the trust property is properly protected, held and administered by the proper persons and by a proper number of such persons;
(c) it shall arrange for test checks of operational and service level agreements;
(d) it shall immediately report to the Authority of any special developments in the domestic pension fund industry.
(2) The Board of Trustees shall exercise the following specific due diligence, namely:-
(a) obtain internal audit reports at regular intervals from auditors appointed by the trustees and the intermediaries;
(b) obtain compliance certificates at regular intervals from all intermediaries under the National Pension System;
(c) hold meeting of trustees periodically;
(d) consider the reports of the auditor and compliance reports of all intermediaries, at the meetings of trustees for appropriate action;
(e) maintain records of the decisions of the trustees at their meetings and of the minutes of the meetings;
(f) ensure that the entities under the National Pension System adhere to the code of ethics;
(g) communicate in writing to all intermediaries of the deficiencies and for rectification of such deficiencies.
CHAPTER IV ACCOUNTS AND MAINTENANCE OF RECORDS