From the Editor...
The Securities and Exchange Commission announced Friday afternoon that it was extending conditional relief from the in-person voting requirement for mutual fund boards through the end of this year. This means fund boards can continue to conduct business virtually and that many are unlikely to gather in person before 2021. The flexibility provided by the SEC's move was welcomed by the industry.
"[Independent Directors Council] appreciates the SEC extending its in-person board meeting relief. This relief has been critical to enabling independent directors and fund boards to quickly adapt to the challenges posed by COVID-19," IDC Managing Director Thomas Kim said earlier today. "The extension will provide flexibility to fund boards as they fulfill their oversight responsibilities on behalf of shareholders during this unique period."
Fund boards and the fund industry as a whole are, indeed, adapting. The lead independent director and interested chairman of Manning & Napier Funds spoke exclusively with FBV last week about the board's efforts to refresh its ranks and update its governance policies. Both agreed that the global pandemic is not slowing them down, even if it is changing the way they approach various tasks. They provide some interesting insights.
Over the weekend we experienced the summer solstice, which ushered in the season. It is now officially summer, and that means we've put out our book recommendations for the year. We love hearing about what folks are reading and have such fun putting together our summer reading list each year. We hope you enjoy it as well!
Hillary Jackson, founding editor