From the Editor...
Mutual fund directors have seen significant annual increases in compensation in recent years, but not in 2019 when pay for almost all segments of the director community was basically flat. However, a small segment of the director community did experience significant pay increases last year, according to Management Practice Inc., which released its annual compensation survey data earlier this month. FBV spoke exclusively with MPI Partner Jay Keeshan about which directors took home more in earnings last year—and why—and other trends revealed in the survey report.
Often, compensation is a topic of discussion when a board is looking to hire a new director, either to fill an empty or soon-to-be empty seat or to expand the number of individuals in the boardroom. With that in mind, we looked recently at how boards are handling filling seats during the current global pandemic. Some of the interviewing and other tasks involved in identifying candidates can be done virtually, but can the entire hiring process be completed without face-to-face meetings? Fund governance professionals weighed in, and their viewpoints are—as always—interesting and varied.
The Professionally Managed Portfolios board is among those boards that managed to complete its recruitment effort before everything changed and is asking shareholders to elect a new director—and some sitting directors—next month. The individual, if elected, will fill the seat long occupied by Dorothy Berry, who died last August.
We've got a great Viewpoints this month from Kate Ives, formerly of OppenheimerFunds. She's celebrating International Internal Auditor Awareness Month and thinks you should too! Give it a read; it contains great pointers on how to best work with internal audit.
And finally, in just over a week's time, Susan Wyderko will leave her post at Mutual Fund Directors Forum after 14 years working with fund boards and on the governance issue they face. She spoke with us last week about the changes and challenges she witnessed during that time and touched on what she anticipates going forward. MFDF Senior Counsel Carolyn McPhillips will take over for Wyderko when she goes.
As always, we're wishing you good health, continued productivity, and sanity during these strange times, and we're hoping to be able to see you in person before too long.
Hillary Jackson, founding editor