From the Editor...
Putting together an effective, professional, and reliable mutual fund board is imperative to good governance, most folks in the industry will tell you. And for that reason, boards take seriously the task of recruiting, vetting, and hiring new independent directors when a seat around the table opens up or the decision is made to expand the board's size. We asked directors and the counsel who work with them how to ensure candidates are properly vetted in order to get the right people and to avoid unwelcome surprises down the line. Our most recent 10 Things feature is chock full of great advice on the subject, and well worth the read.
Speaking of 10 Things and reading, we're in the midst of compiling our annual summer book list for subscribers. Please send us your suggestions to firstname.lastname@example.org. The books you recommend can be finance-related, novels, biographies, whatever—we like the list to include a little bit of everything.
We've also been keeping our eyes on the courts, as the market awaits decisions in two 36(b) cases that went to trial last year (wrapping up earlier this year), and developments take place in other mutual fund cases making their way through the legal system. Summary judgment was granted earlier this month in an excessive fees case against Davis Selected Advisers, while an appeals court heard oral arguments last week in a breach of contract case against Sequoia Fund. We'll continue to follow fund litigation and report on any developments.
Summer is nearly officially here, and we hope you're able to enjoy the good weather and a more relaxed atmosphere for a few months. That said, we're still here delivering news, analysis, and information you need to keep doing a great job in the fund governance space!
Hillary Jackson, founding editor