The Independent Directors Council, an offshoot of the
However, Michael Rosella, a partner with
What's important to remember, said Peter Meenan, chairman of the Independent Directors Council that developed the guidelines, is that fund boards do not have to reveal the content of their review, only to report to the SEC that they have successfully conducted the review. "One of the sensitivities is that if boards are going to be appraising themselves and doing it in a candid and open way, they're going to want to preserve the confidentiality of their discussions," Meenan noted.
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