If mutual fund boards feel that something is not "fundamental," they can change it without seeking any shareholder input. So for
This is nothing new. A 2002
The reason for the rule adjustments was a bureacracy thing: the Commission was sick of watching rule exemption requests pass through its desk. But now, amid a scandal that has rocked much of the industry, investors might have a problem with more powerful boards and directors.
"With today's desires for sunshine in the industry, I'm not sure that will be well received now," said industry expert and consultant Geoff Bobroff.