MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 16, 2004 Living Ex-SEC Chairmen Unite Behind Independent Chair Rule All of the living former SEC chairmen sent a message, loud and clear, to current chair William Donaldson on Tuesday: do not drop the independent director issue. The one-page letter was brief and to the point: "[a]n independent mutual fund board chairman would provide necessary support and direction for independent fund directors in fulfilling their duties by setting the board's agenda, controlling the conduct of meetings, and enhancing meaningful dialogue with the adviser." They continued,"[w]e believe an independent board chairman would be better able to create conditions favoring the long-term interests of fund shareholders than would a chairman who is an executive of the adviser."
Ruder is currently a law professor at Northwestern University and heads a independent directors group called the Mutual Fund Directors Forum. Ruder also wrote a May 14 comment letter in support of the independent director proposal on behalf of the MFDF, co-signed by Allan S. Mostoff, president and treasurer of organization. Mostoff said that the organization would release a "best practices" study on mutual funds by the end of June. The ex-SEC chairmen have been busy: earlier this month, five of the former chairmen gathered for a roundtable at the SEC Historical Society to discuss the agency's history and mutual funds. Printed from: MFWire.com/story.asp?s=7410 Copyright 2004, InvestmentWires, Inc. All Rights Reserved | ||||||||||||||||||||||||||||||||||||||||