IDC Update: August 22, 2024

Select Speakers Announced for 2024 IDC Fund Directors Conference on October 21–23

Please join us for the 2024 IDC Fund Directors Conference, the premier event for the independent director community, in Chicago, Illinois from Monday, October 21 through Wednesday, October 23. A stellar lineup of expert speakers and panelists will address important issues facing fund directors and the fund industry at large, including the impact of artificial intelligence, the upcoming US elections, regulatory developments impacting board oversight, and more. The conference will feature focused breakfast discussions, peer-to-peer discussion sessions, networking receptions, and other opportunities to connect with colleagues and meet new directors.  

In addition to Natasha Vij Greiner (Director, Securities and Exchange Commission’s Division of Investment Management, we are pleased to announce that Angelo Manioudakis (Global CIO, Northern Trust Asset Management) and Donna Milrod (Executive Vice President, Chief Product Officer and Head of STT Digital, State Street) have agreed to speak at our conference. For more details on the speaker lineup and panel topics, check out the preliminary program HERE. 

Please register for the conference HERE. 

Register Today for IDC’s Core Responsibilities of Fund Directors on September 16 (Virtual) 

Join IDC on Monday, September 16 for Core Responsibilities of Fund Directors, a half-day virtual presentation on various elements of board oversight, including the legal aspects of serving as a fund independent director. Beginning this year, IDC is hosting this virtual program as a standalone session separate from the Fund Directors Conference. Whether you are currently serving as an independent director or are interested in learning more about the role, please register HERE.  

Core Responsibilities of Fund Directors is closed to the media and regulators and will not be recorded for replay. 

Registration Open for IDC’s Foundations for Fund Directors® Program on December 4–5 (Virtual) 

Registration is open for IDC’s next Foundations for Fund Directors® orientation program, which will be held virtually on Wednesday, December 4 and Thursday, December 5. Designed for current independent directors with up to five years of experience, Foundations for Fund Directors® serves as the definitive orientation program to get directors up to speed on their roles through two days of hands-on exercises in a small group setting. Several experienced independent directors will facilitate discussions focusing on guiding principles for director oversight; oversight of investment management and performance, compliance, and risk management; and advisory contract review. Hallmark features of the program include its in-depth, interactive case studies on directors’ responsibilities and their role as fiduciaries. Participation is limited to fund directors of member funds. Please register HERE. 

Join Other Fund Directors at IDC’s Fall Chapter Meetings in Boston, New York, Philadelphia, and Northern California 

IDC’s chapter meetings are informal and interactive gatherings for independent and interested fund directors. They are open to directors of member funds. Chapter meetings are an ideal opportunity to engage in peer-to-peer discussions relating to your roles as fund directors. Chapter meetings also address governance practices, policy developments, and other current topics relevant to fund boards.  

The Boston Chapter Meeting will be held on Thursday, September 12 at Morgan Stanley (One Post Office Square, Boston, MA 02109). We will be joined by Neil Bathon, Managing Partner of Fuse Research Network, who will discuss industry trends. Please register HERE.  

The New York Chapter Meeting will be held on Wednesday, September 18 at Ropes & Gray (1211 Avenue of the Americas, 38th Floor, New York, NY 10036). We will be joined by Gabriela Santos, Global Market Strategist, J.P. Morgan. You can register HERE.  

The Philadelphia Chapter Meeting will be held on Tuesday, September 24 at Macquarie Asset Management (610 Market Street, Level 9, Philadelphia, PA 19106). You can register HERE.  

The Northern California Chapter Meeting will be held on Thursday, December 12 at Allspring Global Investments (525 Market Street, 12th Floor, San Francisco, CA 94105). We will be joined by Katie D’Angelo, Head of Global Relationship Management, Intermediary Sales, of Allspring Global Investments. You can register HERE.  

Additional details – including guest speakers and locations – will be posted at a future date. 

Reminder: IDC Releases Survey for Independent Directors to Complete 

In light of its 20th anniversary, IDC is conducting a survey of all member independent directors to seek feedback on ways in which IDC can continue to deliver effective programs and strong value in support of independent directors. An email with the survey link was sent August 7 to all member independent directors. Please take a few minutes to fill out the survey at your earliest convenience. If you are a fund independent director and did not receive the email containing the survey link, please contact Scott Wilson at scott.wilson@ici.org. 

Federal Court Strikes Down Missouri Rule Addressing Socially Conscious Investing 

The US District Court for the Western District of Missouri struck down several Missouri Securities Division rules that would have required some financial professionals who provide investment advice that “incorporates a social objective or other nonfinancial objective” (such as environmental, social and governance (ESG) factors) to disclose this fact to their clients and obtain their clients’ written consent to state-mandated language. The Court found that the rules are preempted by the National Securities Markets Improvement Act of 1996 (NSMIA) and the Employee Retirement Income Security Act of 1974 (ERISA) and are unconstitutional under the First and Fourteenth Amendments of the United States Constitution. ICI’s memorandum summarizing the Court’s order is available HERE (login required). 

Mark Your Calendar for Upcoming Events 

All times are shown in eastern time (ET), unless otherwise noted. 

IDC Conferences 

2024 Schedule 

• Fund Directors Conference, October 21–23 (Chicago, IL) 

2025 Schedule 

• Fund Directors Workshop, April 30–May 2 (Washington, DC) 

• Fund Directors Conference, October 27–29 (Scottsdale, AZ) 

Core Responsibilities of Fund Directors 

• September 16 (Virtual) 

Foundations for Fund Directors® 

• December 4–5 (Virtual)  

Chapter Meetings 

• Boston, September 12, 10:00 a.m. 

• New York, September 18, 10:00 a.m. 

• Philadelphia, September 24, 10:00 a.m. 

• Northern California, December 12, 10:00 a.m. (PT) 

A list of IDC events can be found on IDC’s website. Please contact Paul Mussoni for additional information. 

In Case You Missed Recent IDC Webinars or IDC Update Editions 

Be sure to check out our recent webinars available on-demand: 

• Recent Litigation Shaping Regulatory Agencies—What Boards Should Know 

• The Nuts and Bolts of AI: A Primer for Fund Directors 

• Board Oversight of Operational Risk 

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