June 14, 2006
I am a mutual fund investor who strongly believes that the rules requiring 3/4 of the directors of an open-end mutual fund to be highly beneficial. I have seen first hand the effects of management that was more interested in selling a fund rather than making money for the fund holder. Giving the fund holder more influence by requiring independent directors is a healthy and proper course of action, only opposed by those who would take advantage of the individual investor.
Without the trust or confidence in the honesty of management, the industry would not exist. this is the best method to insure that trust and honesty is regulated into the industry (as much as it can be given human nature).