Assertion: management investment company | /r/HasProperty | governed by a board of directors
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text: Management investment companies are governed by a board of directors, at least 40% of whom must not be "interested persons" of the company under section 2(a)(19) of the Investment Company Act of 1940 (the "Act") (i.e., "independent directors").1 Independent directors of registered investment companies ("investment companies" or "funds") play a critical role in overseeing the funds' operations and protecting the interests of their shareholders.