The NPSS should be governed by an independent board with the statutory duty to look after investor interests and publish an annual Parliamentary report, the Investment Management Association has told MPs.In a briefing paper to MPs, the IMA says it is not lobbying for the introduction of the scheme but, if it is implemen-ted, the issue of governance will be crucial to its success. The IMA is working on its response to pension reform minister Stephen Timms’ call for industry engagement over his proposals for an independent board based on the Bank of England’s monetary policy committee. It says the board would be made up of experienced investment professionals with a statutory duty to act in the best interests of investors in the scheme above all other considerations. It says the board should be fully transparent, producing an annual report to Parliament and scrutinised by Parliamentary committees. The IMA says the board would set the overall investment strategy and appoint fund managers on a competitive basis, with firms removed or added on a rolling basis.