[18543]
February 14, 2005
TO: BOARD OF GOVERNORS No. 7-05
CEOS
CHIEF COMPLIANCE OFFICER COMMITTEE No. 12-05
CLOSED-END INVESTMENT COMPANY MEMBERS No. 11-05
INVESTMENT COMPANY DIRECTORS No. 4-05
PRIMARY CONTACTS - MEMBER COMPLEX No. 9-05
SEC RULES MEMBERS No. 25-05
SMALL FUNDS MEMBERS No. 14-05
RE: IDC ISSUES TASK FORCE REPORT ON BOARD SELF-ASSESSMENTS
The Independent Directors Council has issued a Report entitled “Board Self-
Assessments: Seeking to Improve Mutual Fund Board Effectiveness.” The Report addresses the
new requirement in the SEC’s most recent governance rules that all boards perform annual self-
assessments. The Report, which was prepared by an 11-member task force of mutual fund
directors, provides guidance to boards implementing the requirement. It outlines issues boards
should consider, including how to conduct a self-assessment and what topics should be
included in a self-assessment.
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)