Mercer Bullard, founder of Fund Democracy, doesn’t expect the Securities and Exchange Commission to pass the controversial rule that would require fund companies to have 75% of their boards, including the chairman, be independent, MarketWatch reports. But that isn’t stopping him from pressing the SEC to do what he believes is the right thing.

If funds were run by impartial boards, Bullard said, they would inevitably negotiate lower fees “and ensure that as much money as possible is being spent to benefit shareholders and not simply to distribute more fund shares or to line the fund manager’s pockets through different kinds of kickbacks.”

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