Trustees must appoint and oversee MF Lite asset managers, manage conflicts, secure unitholder consent and ensure compliance. Trustees must, with prior Board approval, appoint an MF Lite AMC and enter into a Board prescribed investment management agreement; take remedial steps and inform the Board where the AMC's conduct harms unitholders; terminate the AMC only for specified events with prior Board approval and written communication. Trustees must manage conflicts of interest through transaction reviews and reporting, request information from the AMC, hold scheme property in trust, obtain unitholder consent in prescribed circumstances, oversee compliance and due diligence, and are protected from liability when acting in good faith with adequate due diligence.