March 6, 2004
1. Transaction costs of mutual funds showing the major brokerage firms being used,the total costs and any breakdown such as incentive fees or rebates ,kickbacks for selling or pushing particular funds, any non arms length relationship.
2. Salaries, bonuses,options and any other type of payment to the major five officers of the mutual fund family or corporation need to be made public similar to what corporations now reveal in their 10 Ks. Any performance related remuneration
3. The salaries, bonuses, options and any other type of pay to the managers of each fund, including any performance based remuneration.
4. Full disclosure on all directors including all salary, relationships to management either familial, professional.
5. Chairman of board of directors must be independent.
Majority of board must be independent.
6. 401-K plans also have the potential to abuse the investors both by the sponsor and the manager of the assets who too often is selected without the best interests of the investors . This may be outside the scope of this inquiry but it certainly needs investigation.