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Sarbanes-Oxley News & Developments
New Rules for Mutual-Fund GovernanceAt least 75% of directors, including the chairman, must be independent.
> > According to the rule:
At least 75% of the directors of the fund must be independent directors. If the fund board has only three directors, all but one must be independent.
The chairman of the board must be an independent director.
The board must perform a self-assessment at least annually.
The independent directors must meet separately at least once a quarter.
The independent directors must be affirmatively authorized to hire their own staff.
The new rule takes effect September 7.
Source: CFO
Published:2004-08-02
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