Diligent Board Member Services, a small but targeted software company based in Manhattan's Silicon Alley and traded on the New Zealand Exchange, has developed software that allows mutual fund trustees to be nearly hands-, but certainly completely, paper-free.

The 10 pounds or more of quarterly and annual binder reports that mutual fund directors lug around with them, are transferred on the Diligent platform to what the company's CEO Alex Sodi calls a virtual "encyclopedia."

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