17. The IBM Corporation (IBM Corp) is a large multinational company whose head office is in the United States. The Principal Employer is its main UK non-trading arm. The Principal Employer established the Scheme by interim trust deed in 1957 (the 1957 deed). The Trustee is a corporate body and has delegated all Trustee functions to a full committee of the board known as the Trustee Management Committee (TMC). The day-to-day administrative functions of the Scheme are delegated to the Pensions Trust Manager who is also Secretary to the Trustee, and to the pensions trust organisation.