ICI’s President Discusses Independent Directors

Text of sound bite:

"Since 1940, this industry—having grown from $400 million to five and a half trillion—has not had a major self-dealing scandal…and my guess is it’s the independent directors who have prevented that from happening. They’re the watch dogs who look at conflicts and probably a lot of conflicts don’t even arise because the manager wouldn’t dare put a transaction up in front of the directors when a majority of them are independent."

New York media briefing, February 16, 1999