Assertion: management investment company | /r/CapableOf | play critical role
Facets:
value: in overseeing the funds' operations
type: LOCATION
Source sentences:
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.