The membership of these boards is drawn from the nation's senior pool of corporate directors, academics, and professionals. These are people who are accustomed to using professional staff support to help them process massive quantities of information, and get at the key facts. The actual board meeting is where final decisions are made, and board actions are legally recorded. The length of the board meeting does not reflect the actual time spent by each trustee. Nor does it reflect the time and effort expended by the professionals who support the board.
Trustees spend more or less time per fund in response to the specific issues involved.
Some fund operations are complex, others are straightforward. In this rapidly changing industry, the trustees' job is never simple. Professional trustees, however, can handle a large number of funds provided they are well supported. The key factor is how well they leverage their knowledge and experience, and how well they utilize completed staff work. Return to the Mutual Funds Governace page.