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.
Fees have to be questioned.
Directors don't have to guarantee that a fund pays the lowest rates. But they do have to make sure that fees fall within a reasonable band. That it requires less effort, less independence or less vigilance. Those who buy into this myth are making excuses for directors who don't have the time or the interest to stand up for shareholders. And I will only caution you to be careful.