Industry Leaders Discuss Issues Facing Fund Industry
Washington, DC, May 18-20, 2004 – The 2004 General Membership Meeting (GMM) held in Washington, DC, brought together fund leaders, regulators, and academics to address key issues currently facing the mutual fund industry.
ICI Chairman Calls for Renewed Commitment to Core Values
ICI Chairman Paul G. Haaga, in remarks delivered May 19, urged the industry to adhere to four “core values that … must always be … essential parts of the business of mutual funds.” Haaga said that “the future of mutual funds will be determined not just by our embrace of reforms to combat recently discovered abuses, [but] … by our renewed commitment to the fundamental, time-tested fiduciary principles we forged and committed ourselves to in the six decades before last September.”
ICI President-Elect Stevens Outlines Future Challenges
Paul Schott Stevens, who will take over as president of the Institute in June, predicted in his GMM address that scrutiny of the fund industry will continue. “We should not only expect close scrutiny, but understand that our size and importance demand it,” said Stevens. He expressed eagerness to participate in public policy debates concerning the issues that impact mutual fund investors, ICI members, and the capital markets, and pledged the Institute’s full resources to assist members in implementing new regulatory requirements. “We pledge to bend our energies to realizing the full potential of the SEC's reforms, and in the process reinforcing the fiduciary culture upon which fund shareholders rely,” said Stevens.
Fink Addresses Industry for Last Time as ICI President
In an interview with Tyler Mathisen of CNBC, outgoing ICI President Matthew P. Fink discussed mutual fund industry developments that occurred during his 33-year tenure at the Institute. Fink credited the introduction of money market funds, IRAs, bond funds, and 401(k) plans, as well as changes in retirement savings laws, and a record of integrity and high standards for the fund industry’s vast growth and success. He urged GMM attendees to take an active role in industry issues - by participating in Institute affairs, supporting consensuses reached by the industry, and supporting ICI President-Elect Paul Stevens - and to always put shareholders’ interests first.