[17331]
March 31, 2004
TO: INVESTMENT COMPANY DIRECTORS No. 15-04
PRIMARY CONTACTS - MEMBER COMPLEX No. 32-04
SEC RULES COMMITTEE No. 29-04
RE: DIRECTORS WRITE LETTER TO THE EDITOR
On March 17, 2004, The Wall Street Journal published an article entitled “As Scandals
Mount, Boards of Mutual Funds Feel the Heat.” The article mischaracterized the role of mutual
fund directors and board practices, particularly in the areas of board nominations, board
oversight of multiple funds, board approval of the advisory contract and directors’ time
commitment to their responsibilities. A number of directors on the Directors’ Committee
worked together on a letter to the editor, which was ultimately signed by the directors of twelve
(12) funds. An edited version of the letter, a copy of which is attached, appeared in The Wall
Street Journal on March 26th.
Marguerite C. Bateman
Senior Associate Counsel
Attachment (in .pdf format)
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