TIAA-CREF, the US teachers' pension fund with $275bn (&euro311bn) under management, has set out a five-point reform programme to restore confidence in the US corporate governance system.

Testifying before Congress last week, Peter Clapman, TIAA-CREF senior vice-president and chief counsel, said another Enron-style failure 'is not only possible but also likely' unless the governance system is reformed.