June 15, 2006
I believe it is essential to have independent directors of mutual funds in order to maintain the trust of the investing public in our financial markets. Unscrupulous mutual fund company directors running the fund for the financial well being of the fund company rather than for the benefit of the shareholders undermines the trust of the public in our markets.
The only way to protect the interest of the shareholder is to ensure representation of the shareholder on the board of directors of the fund. Fund companies have only their own interests at heart, and must not be allowed to stack the board of directors of the fund with their cronies