Last week, Bruce Crockett, the independent chairman of Invesco AIM Funds' board, sat down with Morningstar and gave a candid and revealing interview about the the workings of his board and the hands-on approach his board takes in the contract renewal process and its other duties. During the interview, Mr. Crockett discussed his thoughts on the outcome of the Jones v. Harris Associates case, how fees charged to institutional investors should, where appropriate, be considered by boards, and how he sees the 15(c) process, not as something that happens once a year, but one that "goes on all year long."
In the interview, Crockett lists amongst his board's achievements reigning in 12b-1 fees where necessary and reexamining how his board oversees proxy voting. He also discussed how his board deals with underperforming funds and their stepped up use of attribution analysis, as well as some details about the assimilation of the Van Kampen and Morgan Stanley retail funds as a result of a recent merger. Mr. Crockett followed up with some thoughts about what fund boards should look for when considering a proposed merger.
The full interview provides a unique look inside the workings of a successful board, and the thoughts of an active and effective independent chairman.
The interview is available at: http://news.morningstar.com/articlenet/article.aspx?id=333072#page=0&part=1