From: Harold Stahl
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
As a retired stock broker, and as a retiree who investments in mutual funds are crucial to my economic survival, I am writing to express my strong support for the proposed rule requiring that mutual fund boards have an independent chairperson and at least 75 percent independent directors. These rules were among the most important reforms adopted by the SEC in the wake of the mutual fund trading and sales abuse scandals.
Mutual funds routinely rubber stamp excessive management pay. We need independent directors to stand up to the excesses of CEO's.
The Investment Company Act requires that mutual funds be managed in the interests of their shareholders. Requiring independent directors and chairpersons will help ensure this safeguard for the small investor, to make sure the little person gets a fair shake.