The discussion at the June 18 roundtable focused on two critical topics for boards: oversight of omnibus account payments and corporate governance challenges.
The Commission’s staff has indicated fund director oversight of items like platform fees, sub-TA fees, revenue sharing payments, and other similar expenses will be a focus of this year’s inspection program. The discussion at the CFL went beyond a recitation of director obligations under current law and highlight the informational and business constraints fund management faces in this area by considering these issues from the platform providers’ viewpoint.
The corporate governance discussion focused on practical ways that fund leaders can foster highly effective boards. Although the board self-assessment process has evolved, and some funds have introduced peer reviews, the issue of underperforming board members remains a challenge for fund leaders. The discussion focused on approaches for board leaders to deal with these difficult situations.
The CFL is a unique gathering which provides fund independent chairs and lead independent directors with an opportunity to discuss important issues with other fund leaders. The Conference of Fund Leaders (CFL) is a partnership of the Mutual Fund Directors Forum, the Ira M. Millstein Center for Global Markets and Corporate Ownership at the Columbia Law School, and independent leaders of mutual fund boards of trustees.
Sidley Austin LLP
10:00 - 10:15 Welcome
Susan Wyderko, Mutual Fund Directors Forum
Harvey Goldschmid, Columbia Law School
10:15 - 11:30 Board Oversight of Omnibus Account Payments – The Platform Providers’ Viewpoint
Discussion led by David B. Smith, Mutual Fund Directors Forum, with special guest Hardy Callcott, Sidley Austin LLP
11:30 - 12:30 Fostering Effective Boards
Discussion led by Barbara Nugent, Stradley Ronon
12:45 - 2:00 Lunch
The lunch discussion will be an open forum, allowing participants to discuss current topics of interest with their fellow fund leaders.
WHO SHOULD ATTEND
PRESS / MEDIA