From: John and Judy Hesselberth [hesselberth@mindspring.com] |
As mutual fund investors we STRONGLY SUPPORT this proposed rule in its entirety. Although it does not go nearly far enough to break up the "good-old-boys(and girls)" clubs that most Boards of Directors have become, it is a step in the right direction. It is absurd to think that a chairman of a board of a mutual fund who is also employed by a fund management company does not have an irreconcilable and inherent conflict of interest. We must bring some integrity back into the mutual fund business. In addition the requirement that 75% of the directors of a mutual fund must be outside directors is sound. It probably should be 100%, but 75 is a step in the right direction from the current 50%. Also important are your proposals on annual self-assessment, separate sessions, independent director staff, and record keeping for approval of advisory contracts. Please approve this proposed rule as written. Sincerely, John and Judy Hesselberth |