From the Editor...
Have you had the SPACs talk yet? If not, it's probably going to appear on the board agenda soon, and there's a lot to discuss. How in-depth those conversations are likely to be will vary from boardroom to boardroom, depending on funds' exposure to SPACs—special purpose acquisition companies—but fund governance professionals agree that understanding the investments is worth a board's time. To help get the conversation going, we've put together a list of 10 Things... boards should know about SPACs, so be sure to give it a look.
Our latest Viewpoints, authored by Stradley Ronon partner David Roeber, explores the role of the fund board under the SEC's new rule on fair valuation. Chances are boards have a basic understanding of rule 2a-5 by now, after it was finalized in December and added to the list of new regulations with which funds are working to come into compliance, and this piece will serve as a great resource for management and directors alike as they move forward.
It remains unclear when fund boards will be able to meet in person again, and we spoke recently to governance pros in and around the boardroom about how to best build and maintain culture while directors are kept apart. Intentionality plays a big part, one independent chairman told us. For more, make sure to read the story.
Also, don't miss our latest FBV Monthly, which we posted on the site yesterday. It contains all the stories we published in March in one convenient place. Click to download the PDF. We've also posted a click-through to an interesting Q&A with Practus LLP's Alexandra Alberstadt, in which she talks about her role in the first-ever conversion from open-end fund to exchange-traded fund.
We hope you're able to enjoy sunshine and good weather where you are, and of course, we hope to see you in person in the not-too-distant future. Stay well!
Hillary Jackson, founding editor