Board of Governors, in response to "urging" from their independent director colleagues, has created an office within the trade organization called the Independent Directors Council.
The newly created IDC at the ICI supplants the Directorsí Committee, which was created in 1995. The Directors' Committee focused on education for directors, while the IDC will reach beyond just education. Among other things, the IDC will continue the Directors' Committee work in submitting letters on regulatory policy.
Marguerite Bateman, coordinator of the Directors' Committee, will be the managing director for the group. She will continue to sit it on independent directors' board meetings at funds.
"The directors want the Independent Directors Council to build on ICIís current program, but operate independently in order to ensure that on issues where the interests are divergent, they can express the views of independent directors," said Bateman.
James H. Bodurtha
of Merrill Lynch Funds is the group's chairman. Heading the other committees is Dawn-Marie Driscoll of Scudder Funds in charge of nominating and governance, Marvin L. Mann from Fidelity Funds on policy, Robert M. Uek of TT International Funds responsible for education and Samuel M. Eisenstat of AIG SunAmerica Trust manning communications.
Chapters in Boston, New York, Chicago, Los Angeles and San Francisco will conduct meetings to provide a forum for directors to communicate with each other.
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