Consistent with this theme, former Commission Chairman David Ruder has formed the Mutual Fund Directors Education Council, a group made up of fund directors and other experts. The mission of the Council is to promote the development of educational programs for fund directors. Commissioner Johnson will offer the Council his insight and support as an advisory member. I would like to offer my personal thanks to Professor Ruder for this timely initiative, as well as his tireless commitment to other efforts that serve the interests of investors. Of course, no amount of regulation can ensure director independence and effectiveness.
True independence turns on the character and integrity of the individual director.
The proposals before us today are designed to ensure that independent directors have the tools to do so by transforming the best of this year's ideas and recommendations into a reality. The proposal also includes the staff's views on other significant issues related to independent directors. I thank the staff for their hard work in generating a set of substantive and meaningful proposals in such short order. I'll now turn to Paul Roye for further explanation of the proposals before us today.