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November 9, 2007
TO: BOARD OF GOVERNORS No. 27-07CLOSED-END INVESTMENT COMPANY MEMBERS No. 69-07
SEC RULES MEMBERS No. 147-07
SMALL FUNDS MEMBERS No. 106-07 RE: ICI/IDC RELEASE OVERVIEW OF FUND GOVERNANCE PRACTICES
The Investment Company Institute and the Independent Directors Council have published a study, Overview of Fund Governance Practices: 1994-2006, that provides data on fund board practices over the past 12 years and updates an overview published two years ago. The data, collected through the Directors Practices Study performed biennially by ICI and IDC, 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 best serve the interests of shareholders in advance, or in the absence, of any regulatory mandate to do so.
Fund complexes that participated in the latest survey have received the underlying survey data relating to board practices and compensation. 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 Amy Lancellotta, Managing Director of the IDC (202-326-5824).
Paul Schott Stevens
President & CEO