June 15, 2006
Mutual Funds are purchased with the expectation that professional investment management will work expertly purposed to the benefit of the purchaser. Board leadership (and whatever else might be necessary) must reflect this. The main hazard to fulfilling this proper expectation of purchasers has been conflict of interest of the managers or fund ownership. If it costs a fund too much to assure that purchasers get what they need reasonably expect, then that fund doesn't need to exist. I'm sure some funds do prove that it can be done. Outside board chair and membership are crucial.
Please preserve and strengthen as needed outside board member requirements.