Trustees must oversee asset managers, prevent conflicts of interest, and ensure due diligence and investor protections in mutual funds. Trustees must appoint an asset management company with Board approval and enter into an investment management agreement attached to the trust deed; ensure the asset management company's expertise, internal controls and risk management; require systems and reports to prevent mis-selling, undue sponsor influence, market misconduct and conflicts of interest; notify the Board of contraventions and may terminate the assignment subject to Board approval. Trustees must conduct quarterly reviews of inter-company transactions, approve broker empanelment, request information, ensure regulatory compliance, act as custodians of scheme property, undertake ongoing due diligence including audits and compliance certificates, and maintain records and codes of ethics.