From the Editor...

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We're heading into the end of the year, and that's always a busy time for fund boards. We took a look at what independent fund directors are likely to be talking with chief compliance officers about through year-end; the list isn't a short one. There is a lot on the regulatory agenda to discuss, as well as in the legal and governance realms. The story is informative and a useful guide for organizing agendas and to-do lists to ensure all bases are being covered. 

In the legal realm, two 36(b) cases have survived summary judgment and may get their day in court before the end of the year, and in both cases—against Calamos Advisers and Metropolitan West Asset Management—board processes will be scrutinized. Meanwhile, Sequoia Fund was successful in getting a lawsuit against it dismissed in New York, bringing an end to one of several cases that followed the fund's ill-fated investment in Valeant Pharmaceuticals a few years ago. Back in February, another New York court dismissed another suit against Sequoia Fund, its adviser, and its board. One case against the fund remains in play.

Finally, don't miss our latest 10 Things list, this time examining profitability and the board's process of assessing it. We're always open to ideas for 10 Things, so feel free to reach out if there's something you'd like to see. 

For now,

Hillary Jackson, founding editor