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The changing role of independent directors of mutual funds
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Journal Article
The changing role of independent directors of mutual funds
2016
Overview
[...]of the crash, revelations of abuse, and the onset of the Great Depression, there now was a desire to regulate the securities markets, including investment companies. The 1940 Act Gave Directors Few Powers The SEC's bill gave fund directors only three powers - annual renewal of the advisory and underwriting contracts and annual selection of the fund's principal accounting officer.3 After negotiations between the SEC and industry representatives, the final Act gave directors two additional powers - selection of the fund's independent public accountant and valuation of securities without readily available market prices. [...]the Act gave fund directors only five powers-annual renewal of the advisory and underwriting contracts, annual selection of the principal accounting officer and independent public accountant, and fair valuation.
Publisher
Aspen Publishers, Inc
