The Securities and Exchange Commission is headed in the right direction with mutual fund board governance, according to several former commissioners of the SEC. Five of them met to discuss various issues at the Security and Exchange Commission Historical Society.

Problems of transparency in mutual funds first arose in the 1970s, according to Roderick Hills, who had been commissioner from 1975 to 1977. During that time, the SEC looked at the investment management aspect of fund regulation, but " Dick Zecker [the SEC’s first economist] and others were quite concerned about the fact that we had all those rules but we didn’t have any transparency, and we didn’t have any independence on mutual fund boards," Hills said.

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