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Mutual Fund Director Compensation in 2015 - May 2016 Print E-mail
Written by Jay Keeshan   
Management Practice Inc. (MPI) has just completed its 23rd annual “Survey of Mutual Fund Director/Trustee Compensation and Governance Practices,” with data covering 1,902 directors from 403 fund boards. Full reports and specific board compensation comparisons are available from MPI.
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Mutual Fund Director Compensation in 2014 - May 2015 Print E-mail
Written by Jay Keeshan   

 

 

Management Practice Inc. (MPI) has just completed its 22nd annual “Survey of Mutual Fund Director/Trustee Compensation and Governance Practices,” with data covering 1,988 directors from 433 fund boards. Full reports and specific board compensation comparisons are available from MPI.

 

 

 


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Mutual Fund Director Compensation in 2013 Print E-mail
Written by Jay Keeshan and Meyrick Payne   
Management Practice Inc. (MPI) has just completed its 21st annual “Survey of Mutual Fund Director/Trustee Compensation and Governance Practices”, with data covering 1,960 directors from 375 fund families. Full reports and specific board compensation comparisons are available from MPI.
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The Decade of the Fund Director Print E-mail
Written by Meyrick Payne and Jay Keeshan   
The 10-year anniversary of the “Market Timing” scandal prompted MPI to look back at a decade that has seen a dramatic evolution of the fund director role. This bulletin examines how changes in the industry and the economy have affected their duties and responsibilities as well as their public profile and, correspondingly, their governance practices and compensation.  
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Fund Board Service: Age, Term or No Limits Print E-mail
Written by Meyrick Payne and Jay Keeshan   
Being a mutual fund director is a uniquely influential position and it can be quite rewarding, both psychologically as well as monetarily. Once someone has become one there are few mechanisms by which he or she can be displaced. The purpose of this MPI Bulletin is to explore the advantages and disadvantages of placing age, term, or no limits on the length of board service.
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Advice for Potential Fund Directors Print E-mail
Written by C. Meyrick Payne, Partner, Management Practice Inc. (MPI)   
     In recent years our firm has searched for and placed numerous independent fund directors. The process has been enlightening. Perhaps because the responsibilities and dynamics of a fund director are so different from a corporate director that candidates can become confused over their specific role. In both the position and the interview process, individuals can inadvertently trespass on the operating responsibilities of the fund manager, perhaps improperly broadening their anticipated functions to include marketing and product strategy or perhaps failing to champion the interests of existing fund shareholders in favor of future investors. In every case, a director candidate should remember that he or she has a duty of loyalty to the present fund owner, to exercise their best business judgment and devote sufficient care and attention to the challenges they face.
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A Survey of Fund Board and Director Assessments Print E-mail
Written by C. Meyrick Payne of Management Practice Inc. (MPI)   
Based on a workshop and related survey at the Mutual Funds Directors Forum Policy Conference held in Washington, DC in April 2013.

     The Mutual Fund Directors Forum recently sponsored a session regarding fund board and director self-assessments, which was moderated by MPI. Approximately 100 mutual fund directors, counsel and those who support fund governance were divided into 10 groups. Each was given a scorecard and asked how their particular fund group went about the board assessment process. This bulletin summarizes the results of those scorecards and incorporates some of the surrounding discussion about each of the questions, which were preceded by “does your board conduct the annual board assessment in the following manner?”:

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A Practical Framework for Assessing Fund Directorsí Governance Risk - April 2013 Print E-mail
Written by C. Meyrick Payne and Jay Keeshan, Management Practice Inc. (MPI)   

     The purpose of this MPI Bulletin is to provide mutual fund directors with a practical framework to oversee risk. This is addressed in three steps: first is assessing known risks such as the absolute risk of errors, omissions, malfeasance or human error; second is overseeing the available procedural mitigation against these risks, including compliance procedures, outside and internal audit, and business risk management techniques; and third is managing the residual risks where fund directors need to be particularly diligent in their governance.

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Fund Directorsí Responsibility for Securities Litigation - February 2013 Print E-mail
Written by C. Meyrick Payne (MPI) and W. Edward Massey (NexGenCos LLC)   

When the Portfolio has Suffered a Loss Due to Fraud

     Fund directors often think of the plaintiff’s bar as the enemy and class action lawsuits as the bane of their existence. However, when a securities fraud causes a demonstrable loss in a fund’s portfolio, the resulting class action and the decision whether or not to take direct action sometimes represents a sizeable fund asset in the form of an eventual settlement. This bulletin discusses five questions that fund directors should ask themselves about this potential asset and how best to pursue restitution.

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Being a Fund Director is All About the Question Mark - January 2013 Print E-mail
Written by C. Meyrick Payne and Jay Keeshan of Management Practice Inc. (MPI)   

     At many board meetings, the question "What is the difference between good governance and micromanagement?" often arises. The answer is never very satisfactory and goes something like "We know it when we see it". The purpose of this bulletin is to explore this sensitive subject, and it often involves the directors’ intent and approach when working with management.

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Mutual Fund Trusteesí Role in Voting Proxies - June 2012 Print E-mail
Written by C. Meyrick Payne, Management Practice Inc. (MPI)   

Several years ago MPI wrote a Bulletin on this subject with Edward “Ned” Regan, the former Comptroller of New York State and an independent Trustee of the Oppenheimer Funds, where he served as Chair of the Proxy Voting Committee. This Bulletin is an updated version.

     One of a mutual fund board’s primary responsibilities is to ensure that fund shareholders receive value from their investment manager. This role includes assuring that the proxy vote, termed an “asset” of the fund by federal regulators, is cast in a manner that optimizes the long-term value of the fund.

     For many years mutual funds played down their proxy voting rights. In effect they abstained from participation in issues that, in the opinion of the investment adviser, were best left to corporate executives. The logic went: if the portfolio manager does not believe in the proposals of corporate management, then sell the stock. An exception was always fund complexes with social agendas, such as Calvert or Domini. However starting about 10 years ago mutual funds became much more active in exercising their corporate governance rights.

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