From the Editor...
According to the latest data from Independent Directors Council, nearly three-quarters of mutual fund boards have an independent chairman. That percentage has climbed—slowly and steadily—in recent years, and the board overseeing funds offered by Edward D. Jones & Co. is among the latest to make the switch from interested leadership to independent leadership. And that's not the only change that has occurred in that boardroom lately; a merger has been completed to established unified governance and oversight, and two new independent directors have joined the group. Access to stories like this one provides our readers with insight into how peers are dealing with various challenges and circumstances, so that insight can be applied internally when similar issues are being tackled. We aim to provide industry intelligence to readers with everything we publish.
One particular challenged faced by all boards in the past year or so has been new rules that have come out of the SEC regarding derivatives use and fair valuation practices. As we close in on the compliance deadlines for rules 18f-4 and 2a-5, there remain some last-minute "t"s to cross and "i"s to dot. To assist independent fund directors in making sure their funds, advisers, and boards are ready, we've put together (with the help of directors and counsel) a list of pointers for the next few months. Don't miss it!
If you haven't yet read our Q&A feature on converting open-end funds to ETFs, give it some time. It's both informative and interesting, and we're grateful to our four participants who shared their experience and expertise for the project.
Think you missed anything else in the last month? Be sure to download our monthly PDF, which is free for all subscribers and makes a handy reference document.
Hillary Jackson, founding editor