From the Editor...

We're just about to the half-way point of the year but before we begin thinking about the second half of 2018, now's the time to take a breath. Second quarter board meetings are wrapped up and summer has officially arrived. To mark the start of the season, we've published our annual summer reading list for mutual fund directors. You'll find historical fiction, hard-to-believe real-life tales, interesting perspectives on market events, and inspirational reading on this year's list. Relax and enjoy—and send us your reviews!

Before you pick up that next book, however, take some time to read our latest contributed piece from industry veteran Julian Sluyters. In our latest Viewpoints, he takes a look at global regulatory trends and how they are—or may—impact the U.S. fund industry. Please also take a look at our piece on Mutual Fund Directors Forum's latest guide for directors, in which it explores equity fund risk oversight—a subject that is top of mind in a lot of boardrooms.

In legal news, a 36(b) case against BlackRock has survived the summary judgment phase, which means it's headed for trial. We'll update readers this week with details from the judge's opinion, but we reported last week that the case would move forward after a ruling that was similar to that in the Hartford case. Excessive fees cases have become fewer and further between, but around a dozen are still making their way through the legal system, and we're keeping an eye on all of them. 

Finally, this week will mark the last official week that Jamie Baxter chairs Putnam Funds and the MFDF board. She's been part of the fund governance industry for almost a quarter-century, and she'll be missed by many. We were lucky enough to speak with her recently and hear a little bit about her more than 50-year career in financial services. It's a great story!

For now,

Hillary Jackson, founding editor