MFDF Releases Board Oversight of Advisory Agreement Renewals - Part 2: Board Processes

MFDF, in coordination with Morgan Lewis, has released Part 2 of its 15(c) White Paper regarding Board Oversight of Advisory Agreement Renewals, entitled 15(c) Board Processes.  The white paper is intended to serve as a reference regarding the advisory agreement renewal process and relevant enforcement actions, as well as a resource of possible approaches to 15(c) board processes and avenues directors may consider when analyzing complex or challenging facts and circumstances in their review. 

Part 2 of the 15(c) White Paper provides helpful background to independent directors on the execution of their responsibilities and different processes that boards have found useful in the 15(c) process including, among others, processes for updating and reviewing the annual 15(c) questionnaire, enhancing efficiencies in the review process, utilizing third parties and vendors, and considering relevant compliance policies and board minutes disclosure.