SEC Addresses Role of Independent Directors
The SEC proposed new rules and rule amendments concerning the role of independent directors in governing registered investment companies. In general, these proposals are designed to reaffirm the role that independent directors play in protecting fund investors, strengthen their hand in dealing with fund management, reinforce their independence, and provide investors with greater information to assess directors’ independence. The deadline for submitting comments is January 28, 2000. Concurrently, the SEC published an interpretive release expressing its views on certain issues related to independent directors. The Interpretive Release is effective immediately.
