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Why Have Mutual Fund Independent Directors Failed as “Shareholder Watchdogs”?

John A Haslem
The Journal of Investing Spring 2010, 19 (1) 7-12; DOI: https://doi.org/10.3905/JOI.2010.19.1.007
John A Haslem
is professor emeritus of finance at the Robert H. Smith School of Business, University of Maryland in College Park.
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  • For correspondence: jhaslem@rhsmith.umd.edu
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Abstract

This article discusses the four basic reasons why mutual fund independent directors have failed in their roles as “shareholder watchdogs” under the Investment Company Act of 1940.There is a current case before the Supreme Court that could find that an adviser charged its mutual funds’ shareholders excessive advisory fees. The author believes that without relief from the Supreme Court,mutual fund shareholders must continue to depend on inadequately empowered, motivated, and informed independent directors to do what they can as shareholder watchdogs.

TOPICS: Mutual fund performance, legal/regulatory/public policy, exchanges/markets/clearinghouses

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The Journal of Investing: 19 (1)
The Journal of Investing
Vol. 19, Issue 1
Spring 2010
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Why Have Mutual Fund Independent Directors Failed as “Shareholder Watchdogs”?
John A Haslem
The Journal of Investing Feb 2010, 19 (1) 7-12; DOI: 10.3905/JOI.2010.19.1.007

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Why Have Mutual Fund Independent Directors Failed as “Shareholder Watchdogs”?
John A Haslem
The Journal of Investing Feb 2010, 19 (1) 7-12; DOI: 10.3905/JOI.2010.19.1.007
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  • Article
    • Abstract
    • INDEPENDENT DIRECTORS AND THE FLAWED REGULATORY STRUCTURE
    • Board Structure and Effectiveness
    • NORMATIVE DISCLOSURE OF FUND ADVISER PRACTICES
    • CHANGING OVERSIGHT OF FUND ADVISERS
    • THE COURTS AND EXCESSIVE ADVISORY FEES
    • SUMMARY AND CONCLUSIONS
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