All Reports & Bulletins
Pay for Independent Directors of Mutual Funds Soars in First Half of 2004 Print E-mail
Board Compensation
Written by C. Meyrick Payne, Partner, Management Practice Inc. (MPI), consultants to independent directors   

Pay for the independent trustees/directors has risen sharply in the last six months as governance reforms force funds to hold longer and more frequent meetings. In the just completed half yearly update, MPI found that the annual compensation of fund trustees rose 8% in the six months between January and June 2004; or an annual growth rate of 16%. If this holds for the year as a whole it will represent the fastest growth MPI has seen in its ten years of tracking mutual fund director compensation.

In addition, the premium paid to the Chairman, who will shortly be required to be drawn from the independent Board members, has also risen sharply over the premium which used to be paid to the lead independent director. Furthermore, the premium paid to the Audit Committee Financial Expert, a new designation of trustee mandated by the Sarbanes Oxley legislation is also increased.

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Measuring Best Execution (Update 2003) Print E-mail
Brokerage Committee
Written by C. Meyrick Payne in cooperation with Wayne Wagner, President of Plexus Group Inc. of Los Angeles   

The purpose of this Bulletin is help mutual fund directors wrestle with the difficulty problem of measuring bestexecution of share trades. Best execution is major topic during routine SEC examinations and, in many cases, a difficult topic for mutual fund boards.

Directors often ask each other "why are we paying as much as 6 cents a share to make a trade when everyday I am bombarded with offers to effect a whole transaction for $19.95". Well of course, there are some good, and some not so good, reasons. This Bulletin presents a framework for mutual fund directors to analyze this issue.

 

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Responsibilities of Fund Directors for Internet Operations Print E-mail
Full Board
Written by C. Meyrick Payne (MPI), Paul Kirwan (Deloitte and Touche), Margaret Bancroft (Dechert)   

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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