©2006 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.
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January 12, 2006
TO: BOARD OF GOVERNORS No. 2-06
CLOSED-END INVESTMENT COMPANY MEMBERS No. 3-06
INVESTMENT COMPANY DIRECTORS No. 2-06
SEC RULES MEMBERS No. 5-06
SMALL FUNDS MEMBERS No. 4-06
RE: ICI/IDC RELEASE OVERVIEW OF FUND GOVERNANCE PRACTICES
The Investment Company Institute and the Independent Directors Council are releasing
this week a study, Overview of Fund Governance Practices: 1994-2004, that provides data on fund
board practices over the past 10 years. The data, collected through the Directors’ Practices
Study performed biennially by the ICI, reveal trends that have emerged in governance
practices. Significantly, these trends demonstrate that fund boards have voluntarily
implemented a variety of governance practices thought to be in the best interests of
shareholders well in advance of regulatory mandates to do so.
Fund complexes that participated in the latest survey will receive the underlying survey
data relating to board practices and compensation along with the Overview. If you have any
questions about the Overview, please contact Greg Smith, Director of Operations/Fund
Accounting and Compliance at the ICI (202-326-5851) or Marguerite Bateman, Managing
Director of the IDC (202-326-5813).
Paul Schott Stevens
President
Enclosure (in .pdf format)