IDC Update

IDC Update: February 6, 2025

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Join Independent Directors at IDC’s Upcoming Chapter Meetings in Florida, Ohio, North Carolina, and New York 

IDC is pleased to continue the new season of Chapter Meetings for fund independent directors with the following upcoming meetings. We are looking forward to engaging with directors in your communities, so we encourage you to register and bring your independent director friends. Please also send our invitations to your fund board colleagues residing in any of our meeting locations. IDC’s Chapter Meetings are a great opportunity to catch up with peers, make new connections, and learn about the latest issues of interest to fund boards. Attendance is limited to current independent and interested directors. 

IDC’s two Florida Chapter Meetings will be held on Tuesday, February 18 at the Country Club of Naples (join the waitlist HERE) and on Thursday, February 27 at the Country Club at Mirasol in Palm Beach Gardens. Please register HERE. 

IDC’s Ohio Chapter Meeting will take place on Tuesday, March 11 at Thompson Hine (41 South High Street, Suite 1700, Columbus, OH 43215). Please register HERE. 

IDC’s North Carolina Chapter Meeting will take place on Tuesday, April 8 at K&L Gates (300 South Tryon Street, Suite 1000, Charlotte, NC 28202). Please register HERE. 

IDC’s New York Chapter Meeting will take place on Wednesday, April 9 at K&L Gates (599 Lexington Avenue, 32nd Floor, New York, NY 10022). Please register HERE. 

We hope to see you there! Please share these dates with independent or interested directors you think may wish to attend. See below for a schedule of additional 2025 IDC Chapter Meetings.  

Registration Open or IDC’s Core Responsibilities of Fund Directors on February 27 (Virtual) 

Join IDC on Thursday, February 27 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. 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.  

Register Today for IDC’s February Segment Meetings for Newer Directors, Audit Committee Chairs, Board Leaders, and Directors at Small Fund Complexes 

IDC is looking forward to kicking off its 2025 director segment meeting series, beginning in February with Director Segment Meetings for Newer Directors, Audit Committee Chairs, Board Leaders, and Directors at Small Fund Complexes. These meetings will be held virtually and will not be recorded. Each unique call is focused on candid and interactive peer-to-peer discussions among participants. 

  • The Newer Director Engagement Meeting will be on Tuesday, February 11 at 2:00 p.m. ET and facilitated by Karla Rabusch (Lord Abbett Funds). Please register HERE. 
  • The Audit Committee Chair Meeting will be on Thursday, February 13 at 1:00 p.m. ET and facilitated by Sue Coté (SEI Funds). We will also be joined by Daniel Goelzer, retired Baker McKenzie Partner, former PCAOB Member, and former SEC General Counsel. Please register HERE.  
  • The Board Leaders Meeting will be on Thursday, February 13 at 3:00 p.m. ET and facilitated by Pam Carlton (Columbia Funds). Please register HERE. 
  • The Directors at Small Fund Complexes meeting will be on Thursday, February 20 at 2:00 p.m. ET and facilitated by Jonathan DePriest (iMGP Funds). Please register HERE. 

Please scroll down for other scheduled 2025 IDC Director Segment Meeting dates that may apply to you and your board role.  

Scott Bessent Sworn in as U.S. Treasury Secretary 

Scott Bessent recently was sworn in as Secretary of the Treasury of the United States, replacing former Treasury Secretary Janet Yellen. Bessent previously served as Chief Executive Officer and Chief Investment Officer of Key Square Capital Management, a global hedge fund focused on macro investing that he founded. Prior to that time, Bessent was the Chief Investment Officer of Soros Fund Management. In a press release, ICI President and CEO Eric Pan congratulated Bessent on his confirmation, observing that Bessent’s “leadership will be vital to strengthening our country’s economy.” 

Bessent subsequently was designated Acting Director of the Consumer Financial Protection Bureau (CFPB) by President Trump. 

ICI Suggests Amendment to Exchange Proposals Regarding CEF Annual Meeting Requirement 

ICI recently filed a comment letter with the Securities and Exchange Commission (SEC) suggesting an amendment to the New York Stock Exchange and the Cboe BZX Exchange, Inc. proposals to exempt exchange-listed closed-end funds (CEFs) from the annual shareholder meeting requirement. In a related memo (login required), ICI explained that the proposed amendment seeks to address concerns raised by others who commented on the proposals. Under the suggested amendment, the annual meeting requirement would be removed from the Exchanges’ listing standards as proposed, but CEFs listed as of the effective date of the amendments would first be required to ask shareholders whether they wish to retain holding annual shareholder meetings. 

Mark Your Calendar for Upcoming Events 

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

IDC Conferences 

  • Fund Directors Workshop, April 30–May 2 (Washington, DC) 
  • Fund Directors Conference, October 27–29 (Scottsdale, AZ) 

Webinars 

  • Oversight of Alternative Investment Products, April 1, 2:00 p.m. 

Chapter Meetings in 2025 

Foundations for Fund Directors®

  • June 11–12 (in-person, Washington, DC) 
  • December 3–4 (virtual) 

Core Responsibilities of Fund Directors 

Director Segment Meetings (all virtual, except if noted otherwise) 

  • Audit Committee Chairs 
  • February 13, 1:00 p.m. 
  • June 10, 2:00 p.m. 
  • October 28 (In-person, 2025 Fund Directors Conference) 
  • Board Leaders 
  • February 13, 3:00 p.m. 
  • May 22, 2:00 p.m. 
  • October 28 (In-person, 2025 Fund Directors Conference) 
  • Compliance Oversight 
  • March 26, 2:00 p.m. 
  • June 25, 2:00 p.m. (updated date) 
  • October 8, 2:00 p.m. 
  • Directors of Alternative Investment Products 
  • March 5, 2:00 p.m. 
  • June 4, 2:00 p.m. 
  • November 11, 2:00 p.m. 
  • Directors of ETFs 
  • March 13, 2:00 p.m. 
  • May 21, 2:00 p.m. 
  • September 25, 2:00 p.m. 
  • Directors at Small Fund Complexes 
  • February 20, 2:00 p.m. 
  • June 5, 2:00 p.m. 
  • November 19, 2:00 p.m. 
  • Governance Committee Chairs 
  • March 4, 2:00 p.m. 
  • June 3, 2:00 p.m. 
  • October 28 (In-person, 2025 Fund Directors Conference) 
  • New Directors 
  • February 11, 2:00 p.m. 
  • July 8, 2:00 p.m. 
  • October 28 (In-person, 2025 Fund Directors Conference) 

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: 

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