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Written by (Extracted from a Special Supplement commissioned by Fund Directions Newsletter as a result of a Pan
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The fund director is responsible for the trust and respect between the board acting on behalf of fund shareholders and the manager and its various advisers. This mutual trust is needed if a fund is to be efficient, effective and profitable for its investors. The code of ethics is one manifestation of this trust.
The panel drew a clear distinction between ethical behavior and the code of ethics. Ethical behavior is a much broader concept and is determined by respect for the law, social norms and the standard of behavior expected in a particular industry. The code of ethics is more precise in its construction and application, clearly delineating what is not acceptable in the trading environment of a mutual fund, its manager, sub-advisers and distributor.
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Written by C. Meyrick Payne (MPI), Paul Kirwan (Deloitte and Touche), Margaret Bancroft (Dechert)
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This Bulletin was written, in part, from the proceedings of a panel discussion of mutual funddirectors/ trustees and formed the basis of a special supplement of the Fund Directions newsletter.
The purpose of this MPI Bulletin is to provide mutual fund directors with some practical guidelines as to their responsibilities for the management aspects of the Internet on fund operations. The supplement is divided into three sections:
Statutory and practical authority, under which fund directors are permitted, even encouraged, to address these topics. This section also tries to define the scope of their authority.
Competitive and strategic impact of the Internet on mutual funds, including the variety of uses to which it may be put.
Responsibilities of directors for issues relating to privacy and security, both of which are exacerbated by the wide application of the Internet.
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