All Reports & Bulletins
The Decade of the Fund Director Print E-mail
Full Board
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
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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
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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
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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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Mutual Fund CCO Compensation in 2012 Print E-mail
CCO Responsibilities & Compensation
Written by Jay Keeshan and Meyrick Payne, Management Practice Inc. (MPI)   

     MPI recently completed its eighth annual Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices. This bulletin summarizes the findings and is based on the submissions of 60 mutual fund CCOs from all regions of the U.S., representing funds with $1.9 trillion in assets.  This year’s study found that 65% of the participants were full-time employees and serve as CCO to both the fund and the advisor.

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