Recent Developments in Fund Governance

May 15, 1998	SEC Chairman Arthur Levitt announces plans to hold a national "roundtable" meeting on fund governance in a speech at the Institute’s General Membership Meeting.
February 23-24, 1999	SEC convenes Roundtable on the Role of Independent Investment Company Directors.
March 22, 1999	At the Mutual Funds and Investment Management Conference, Chairman Levitt announces "a major Commission initiative to improve mutual fund governance," including specific proposals that the SEC will consider making. Levitt also calls upon the mutual fund industry to enhance the role of independent directors. In response to Levitt’s challenge, ICI announces the formation of an Advisory Group on Best Practices for Fund Directors. The Advisory Group’s mission is to identify the best practices used by investment company boards to enhance the culture of independence and effectiveness and to recommend those practices that should be considered by all fund boards.
June 24, 1999	The Advisory Group on Best Practices for Fund Directors releases its report highlighting 15 practices and policies to enhance the independence and effectiveness of independent directors and recommending that these practices be considered for adoption by all fund boards.