[18424]
January 18, 2005
TO: BOARD OF GOVERNORS No. 5-05
CEOS
CHIEF COMPLIANCE OFFICER COMMITTEE No. 4-05
CLOSED-END INVESTMENT COMPANY MEMBERS No. 4-05
INVESTMENT COMPANY DIRECTORS No. 1-05
PRIMARY CONTACTS - MEMBER COMPLEX No. 4-05
SEC RULES MEMBERS No. 11-05
SMALL FUNDS MEMBERS No. 6-05
RE: IDC ISSUES TASK FORCE REPORT ON INDEPENDENT CHAIR REQUIREMENT
The Independent Directors Council has issued a Task Force Report entitled
“Implementing the Independent Chairperson Requirement.” The Report addresses the
requirement adopted by the SEC that all boards of funds relying on certain popular exemptive
rules be chaired by an independent director. The Report, which was prepared by 17
independent directors, provides guidance to boards as they prepare to implement the new
requirement. It outlines issues boards should consider, including those relating to the
responsibilities of the independent chair and the selection and compensation of the independent
chair.
A copy of the Report is attached to this memorandum and may be found at www.idc1.org.
Marguerite C. Bateman
Managing Director
Attachment (in.pdf format)
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