What role do independent directors play in the leadership of fund boards?
Research by ICI and the Independent Directors Council (IDC) shows that mutual fund boards at nearly two-thirds of fund complexes have an independent director serving as the board’s chair. At almost one-fourth of complexes, independent directors serve as independent lead directors on the funds’ boards. Practices in this area vary, and boards have the discretion to determine the leadership structure and role for independent directors that works best for them and the funds they oversee.
