The 59 Wall Street Funds, the small fund group of Brown Brothers Harriman & Co. of New York, appears to be the first in the industry to make changes in its requirements for directors as a result of a special industry report issued in June.
The 59 Wall Street Funds are asking shareholders to approve a change in the funds' articles of incorporation that would set a retirement age of 70 for board members, according to a proxy statement the funds filed with the SEC Aug. 27. The funds now have no retirement policy, said Michael Martins, an assistant manager for Brown Brothers Harriman. The fund group has about $1.8 billion in assets under management in 11 funds, Martins said. Brown Brothers Harriman manages approximately $33 billion in assets, he said.