The first survey ranking fund boards' effectiveness needs to adjust its methodology before it is conducted for a second time this autumn, according to the survey's author.

"I'm the last guy on the earth to say that I've got everything figured out," said Tim Schlindwein, the author and principal of Schlindwein Associates, a consulting firm in Chicago. "There is always room for improvement and we've told everyone that. As we sent copies of the survey to fund companies, we asked everyone to give us their feedback and we are indeed compiling a list of potential improvements and enhancements for the new version."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.