Joachim,

I know this dilemma all too well. Consultants, boards, trustees, etc. are not just clouded by emotion, their choices are often dictated by agency costs. They might know full and well that they are making inferior financial choices, but they make them anyway to create the appearance of doing something for clients, other board members, upcoming elections (for trustees), etc. I strongly suspect there might be a place for CFA Institute / the industry to create a curriculum and training and most importantly standards of conduct for institutional boards to hold them to a true fiduciary standard.