With a potentially groundbreaking governance proposal pending, requiring an independent chairman, there's been a lot of bickering in the mutual fund industry about how to address conflicts in the boardroom.

In light of the debate the fund scandal has generated, it is clear there is no cure-all for the problems plaguing the fund business. But with much of the impropriety that has been uncovered occurring at or near the top of fund management, rethinking the culture of the boardroom is certainly a great place to start.

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