You're correct on the joint governance. The advantage of joint governance is that you can get a consensus from the various stakeholders on the proper balance between security and affordability. That's the reason for it. You have an example here of a group that was able to attain that consensus.
Having said that, not all joint governance plans are able to achieve this consensus. Reaching a consensus between various stakeholders is a challenge if the number of stakeholders is high, if it includes, for example, non-unionized employees, different unions, and pensioners. But if you can resolve that difficulty of achieving consensus, the plan sponsors or the regulator will get a feel for what is the proper trade-off between affordability and security.