by John M. Baker, Esquire
On June 24, 1999, the Investment Company Institute (ICI) Advisory Group on Best
Practices for Fund Directors released its report on improving fund governance,
"Enhancing a Culture of Independence and Effectiveness." The report follows more
than a year of high-
profile Securities and Exchange Commission (SEC) interest in the role of investment
company directors, and it precedes anticipated SEC rulemaking in this area. On July 7,
1999, the ICI’s Board of Governors strongly endorsed the report and recommended that
all ICI management investment company members take appropriate actions to implement the
practices recommended in the report as soon as practicable.
