PWC Releases 2023 Mutual Fund Directors Governance Survey
PWC recently released their “2023 Mutual Fund Governance Survey” which highlights how investor expectations, regulatory deluge, and technology are impacting the oversight for fund directors. According to the survey, most directors want to spend more time with fund management on business initiatives, competition, and product innovation. Interestingly, according to the survey, 47% of directors believe the board “is not spending enough time on technology/digital transformation.” Additionally, the survey found that over 70% of fund directors believe the outsized regulatory agenda is “expected to have the most significant impact on the mutual fund industry over the next three years—with fee pressure, movement to passive products, and technology transformation closely following.”
On board diversity, the survey highlights 56% of mutual fund directors “replaced a retiring director with a director that increases the board’s diversity.” When looking for new members, current fund directors believe investment management experience, executive-level management experience, and finance experience are most important. 76% of boards find candidates through direct board member recommendations, while half of boards use search firms.
Click here to read the PWC “2023 Mutual Fund Directors Governance Survey.”