Chairman Harvey L. Pitt Praises Mutual Fund Directors Forum

FOR IMMEDIATE RELEASE
2002-70

Washington, D.C., May 20, 2002 -- Securities and Exchange Commission Chairman Harvey L. Pitt applauded the formal organization of the Mutual Fund Directors Forum, a non-profit corporation dedicated to improving fund governance by offering continuing education and outreach programs to fund directors. Chaired by David S. Ruder, SEC Chairman from 1987-89, the Forum represents a re-organization of the Mutual Fund Directors Education Council, a group formed in 1999 in response to the SEC's call for improved fund governance.

"I applaud the efforts of David Ruder and the Mutual Fund Directors Forum to provide another vehicle for the continuing education of fund directors," Pitt said. "Mutual funds are the investment of choice for millions of Americans in meeting their retirement, education and other financial goals. Mutual fund investors can benefit from groups like the Forum that seek to improve fund governance and promote the development of vigilant, dedicated and well-informed independent directors."

The Forum has announced that through annual policy conferences, a newsletter, executive education courses and related programs, it intends to provide fund directors a vehicle to improve their skills as fund overseers, as well as an opportunity to exchange ideas, experiences and information. The Forum limits its membership to mutual fund independent directors. Mutual fund directors are charged with monitoring the activities of fund service providers and representing the interests of fund shareholders.