Top of the Agenda - Governance

Q&A: Opening the private markets door to retail investors

As the trend toward opening private investment opportunities to retail investors grows, there are a number of issues coming to the forefront for the fund industry—including fund independent directors—to consider. The most common way to provide access is through closed-end funds that have no (or very low) minimum investment thresholds ... >> CONTINUE READING <<<

ASA board enlarged, timeline to AGM unclear

By Hillary Jackson

ASA Gold and Precious Metals Ltd. shareholders voted at a special meeting last week to enlarge the closed-end fund's board and elected a fifth independent director, one put forward by activist investor Saba Capital Management. That new director, Maryann Bruce, said in a letter to shareholders ahead of the meeting that ... >> CONTINUE READING <<<

Saba-ASA battle: Vote on board size, Saba nominee tomorrow

By Hillary Jackson

Shareholders in ASA Gold and Precious Metals Ltd. are being asked to vote tomorrow to expand the size of the closed-end fund's board and elect a candidate put forward by activist investor Saba Capital Management. Should the proxy campaign succeed, it would give members backed by Saba a majority in a boardroom ... >> CONTINUE READING <<<

Approaching AI: How fund boards can explore new systems

By Hillary Jackson

As the mutual fund industry explores and begins to embrace the potential for artificial intelligence and starts implementing AI tools in various processes, fund independent directors are among those delving into the technology. According to professionals who work with fund boards, directors are intellectually curious about AI and excited about ... >> CONTINUE READING <<<

Industry lawyer, SEC alum Plaze steps off WisdomTree Trust

Fund industry lawyer and former regulator Robert Plaze, who spent three decades at the Securities and Exchange Commission before entering private practice, has resigned from the WisdomTree Trust board after serving for just one year. It is unclear when, or if, his seat will be filled. Although the adviser, WisdomTree ... >> CONTINUE READING <<<

With ETF share class go-ahead in sight, what's a board to do?

By Hillary Jackson

The Securities and Exchange Commission seems poised to grant exemptive relief to one of the earliest applicants seeking to offer an exchange-traded fund share class, just weeks after acting Chairman Mark Uyeda told a fund industry conference the issue was a priority. As mutual fund independent directors wait along with ... >> CONTINUE READING <<<