From the Editor...
Will the funds your board oversees be impacted by Brexit? If you're not sure, it's a good idea to find out. In our latest contributed Viewpoints article, Gerald Malone, a former member of the British parliament and current independent chair of Aberdeen Funds, lays out some initial steps U.S. mutual fund boards can take to assess potential risks associated with Britain's impending departure from the European Union. It's an issue that's not going away and one that will, no doubt, have a great impact on financial markets and companies in a variety of sectors; it's worth getting regular updates from your adviser on what, in particular, needs to be monitored.
In boardrooms, changes are taking place as new members join and others prepare to take on leadership roles. The board of Mairs & Powers Funds has lined up a new independent chairman to take the helm Jan. 1 when its current chair retires, and new independent and interested directors also will take seats around the table in a few months' time. Independent Directors Council also has positioned its future leadership, electing a vice chair to take over when current chair Jonathan Zeschin steps down next year. Meanwhile, two new independent directors have joined the iShares Trust board.
Speaking of new directors, practices among fund boards vary when it comes to onboarding. We polled a selection of independent directors about the methods their boards use with regard to newcomers, and we've devised a list of 10 Things to consider during this process. We hope all of our 10 Things features are helpful to you in fulfilling your duties to shareholders, and we'd love to take suggestions on topics we should cover going forward. Call or email me at any time to talk over ideas.
Our goal here at Fund Board Views is to cut through the overwhelming amount of general mutual fund industry news and zero in on what effects mutual fund boards most and how independent directors can best do their jobs. You can get mutual fund news anywhere; FBV is where you get mutual fund governance news—and only mutual fund governance news.
Hillary Jackson, founding editor