AIM Funds of Houston will be asking shareholders to approve a change that will allow the fund group to have one 12-member board of directors for all of the group's funds. Currently, the group has two fund boards with some overlapping members.
The plan was disclosed in an AIM Funds proxy statement filed June 1.
AIM's original, proprietary funds have had one board. But the funds that AIM inherited through its May 1998 purchase of Lichtenstein Global Trust, adviser to the GT Global Funds, maintained their own directors.
Having two different fund boards meant double the work for some board members and meant that both boards sometimes discussed and voted on the same issues, said Bob Graham, co-founder, president and CEO of AIM in an interview.
"It seemed like repetitive work," Graham said. "Having one board is a more efficient way to do it."
Investors will vote at a shareholder meeting scheduled for Aug. 17.
