©2005 Investment Company Institute. All rights reserved. Information may be abridged and therefore incomplete.
Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice.
[18833]
May 5, 2005
TO: INVESTMENT COMPANY DIRECTORS No. 11-05
BOARD OF GOVERNORS No. 19-05
CEOS
CLOSED-END INVESTMENT COMPANY MEMBERS No. 25-05
PRIMARY CONTACTS - MEMBER COMPLEX No. 18-05
SEC RULES MEMBERS No. 57-05
SMALL FUNDS MEMBERS No. 40-05
RE: IDC ISSUES TASK FORCE REPORT ON DIRECTOR OVERSIGHT OF MULTIPLE
FUNDS
The Independent Directors Council has issued a report entitled “Director Oversight of
Multiple Funds.” The Report examines the issue of independent director oversight of a number
of funds within a single mutual fund complex. The Report, which was prepared by a task force
of 13 independent directors, concludes that this arrangement is appropriate given the unique
structure of mutual funds and the benefits director oversight of multiple funds offers to
shareholders, including enhanced board effectiveness and efficiency. The Report also
highlights some of the strategies boards use to manage the increased workload inherent in the
oversight of a number of funds.
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)
Note: Not all recipients receive the attachment. To obtain a copy of the attachment, please visit our members
website (http://members.ici.org) and search for memo 18833, or call the ICI Library at (202) 326-8304 and request the
attachment for memo 18833.