I didn't think you could make that much. A third critical area is fund oversight. Everyone knows that the fund director is the shareholder's representative. But the proper role of a fund's board has become a bit controversial lately. Questions have been raised at the Commission and in the courts.
Debate is a good sign.
Important issues of fund governance are getting the attention they deserve. And so, the Commission will be hosting a roundtable on fund governance this fall. We will bring together investor advocates, directors, fund managers, academics, and others for what we hope will be a lively exchange of ideas. Board independence does not come from a particular legal structure. You know what has to be done.