In cases where operational and oversight responsibilities are split between different committees within an entity, the governing body is the executive board of the entity. Where the pension fund is not a legal entity, but managed directly by a financial institution, that institution’s board of directors is also the governing body of the pension fund.Governing body (of the pension fund): this is the person(s) ultimately responsible for managing the pension fund with the overriding objective of providing a secure source of retirement income.