All Reports & Bulletins
Comparing the "Degree of Difficulty": A New Approach to Fund Director Compensation - January 2010 Print E-mail
Board Compensation
Written by Jay Keeshan and C. Meyrick Payne   

In addition to the myriad duties mutual fund directors must carry out with regard to the funds they oversee, they are faced with the added burden of setting their own pay.  The demands of the job, including the expertise required and time involved, justify being paid fairly.  However the optics of being overpaid would not be perceived favorably by fund shareholders or the financial press.

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Returning Assets and Profits in the First Half of 2009 Print E-mail
Contract Committee
Written by C. Meyrick Payne and Sara Yerkey   

As markets rebounded in 2009 from the tumultuous decline in 2008, the 1st and 2nd quarter end assets under management of management companies generally also improved, and revenue went right along for the upswing.  Advisory and operating margins also improved but not to quite the same extent.

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Lower Bonuses Reduce Pay for Higher-Paid CCOs in 2008 Print E-mail
CCO Responsibilities & Compensation
Written by Jay Keeshan and Meyrick Payne   
MPI recently completed its fourth annual Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices. This bulletin summarizes the findings and is based on the submissions of 56 fund CCOs, representing funds with $2.3 trillion in assets.  66% of the participants were full-time employees and serve as CCO to both the fund and the advisor.
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Building a Soft Dollar Dashboard for Fund Directors Print E-mail
Brokerage Committee
Written by C. Meyrick Payne & Jay Keeshan   

Monitoring soft dollars is a critical component of mutual fund governance. Soft dollars represent an aspect of fund operations where there is potential for extensive conflict of interest between the manager and the fund shareholders. Fund directors have to mediate that conflict within the provisions of the securities laws which specifically permit the use of soft dollars. Soft dollars essentially represent an “off balance sheet” asset and should be treated with as much care as a similar asset class in a commercial company.

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Building a Best Execution Dashboard for Fund Directors Print E-mail
Brokerage Committee
Written by C. Meyrick Payne & Jay Keeshan   
Measuring best execution can be mind-numbingly complicated, we lay out the basic design of a dashboard containing critical measurements for monitoring best execution. This dashboard, along with a similarly-structured dashboard for overseeing soft dollars, will be the focal point of discussion during the current series of workshops being held by the Mutual Fund Directors Forum and Management Practice.
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