SEC Proposals Would Give Mutual Fund Boards the Means to Challenge Management
In a move that largely toes the line drawn up by an industry lobbying group earlier this year, the Securities and Exchange Commission proposed new rules Wednesday to help strengthen the role of independent directors on mutual fund boards.
The proposals would make independent directors a majority on fund boards and take their appointments out of the hands of fund executives. They also would give these directors some resources -- their own lawyers and protection from begin assessed legal fees -- that might help them mount a challenge to fund executives, if necessary.| Declaration of Independence | |
| SEC proposals for strengthening independent mutual fund directors include: | |
| Source: Securities and Exchange Commission |
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