Pace the board's deliberations. One of the most frustrating aspects of board service is devoting too much time to routine, inconsequential compliance information and not devoting time to the real substantive issues where the directors judgment is needed. On the other hand, consistently poor long-term performance is very much a topic for debate and may lead to a change in portfolio manager or additional investment resources. Manage the flow of information. A key responsibility of the lead trustee is managing the flow of information so that the board can be efficient and effective.
Audit report to assure that the investors assets are adequately safeguarded.
Expense reports concerning transfer agency, custody, fund accounting, distribution costs and other expense to focus on the comparative cost and quality of shareholder services. Brokerage allocation and soft dollars report. The directors are responsible to ensure best execution is obtained and any fall-out benefits accrue to the shareholders. Investment performance and control, to focus on longer term results and on the ability of the management company to comply with the terms and spirit of the prospectus. The lead trustee is often the initiator of supplemental reports or coordinator of support services where additional information is required by the board.