From the Editor...
When an investment manager makes a big or unique change to its suite of mutual funds—or just a single fund within that suite–the board overseeing those funds is, of course, involved in the process. Such was the case at Highland Funds when the manager and board faced the unique predicament of a potential substantial amount of money coming into one of its funds as the result of a lawsuit judgment. We spoke to the chairman of the Highland Funds board, Ethan Powell, about the board's involvement in identifying a solution that would protect the fund's shareholders, the decision-making process, and other details from inside the boardroom that you'll only read in Fund Board Views.
Also from inside the nation's boardrooms, there's news of long-serving independent director Peter Meenan of MainStay Funds getting ready to retire at the end of the year. He's already relinquished the chairman's role, and a former chair of that board has stepped back into the leadership position. At T. Rowe Price Funds, there's sad news to report: Tony Deering, lead independent director, passed away earlier this month at the age of 72. He had served on the T. Rowe Funds board for some three decades and spent much of that time involved in broader fund governance efforts.
And in our latest 10 Things list, we've put together a "dos" and "don'ts" guide to attorney-client privilege. It's a subject that has gotten some attention in the past year as the plaintiffs' bar has attempted to challenge protections afforded by the privilege in a couple of excessive fees cases. Industry lawyers maintain that it's a good reminder to review what does and doesn't qualify as privileged. If there's a topic in which you're interested or which you think would lend itself easily to a list, please let us know; you can contact us by phone or email. We're always eager to hear your suggestions.
We are definitely heading quickly toward the end of another calendar year—one that's been fascinating and newsworthy in almost every respect. With the Thanksgiving holiday behind us now (we hope you had a good one!), there are just a few weeks left to check off what's left on the 2017 list. Good luck tying up loose ends and planning for 2018, and watch this space for updates on what's happening in fund governance and among your fellow fund boards.
Hillary Jackson, founding editor