OppenheimerFunds is asking fund shareholders to approve a move to consolidate its fund boards, reports Dow Jones Newswires.

The new 11-director board would watch over 33 mutual funds and four hedge funds. The board would draw on eight members of a board that oversees 24 of the funds and another three members that oversee 13 of the funds.

The new structure would not only satisfy the SEC's 75 percent independent director rule but also reduce costs by cutting one fund board from its current four, reports Dow Jones.  

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