New Rules for Independent Directors Will Give Funds More Above-Board Boards

With much fanfare, the Securities and Exchange Commission held a public meeting more than a year ago to propose rules designed to strengthen the role of independent mutual fund directors. In contrast, the SEC quietly adopted the rules last week, just barely completing its fund governance initiative before Chairman Arthur Levitt leaves office next month.

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On the whole, the SEC's proposals survived intense industry lobbying, and the result should be independent fund directors who are more effective advocates for shareholder interests. ...