In October, in conjunction with proposed regulations, the SEC announced the formation of the Mutual Fund Directors Education Council, a regulator-inspired initiative that will be administered at Northwestern University in Chicago. David S. Ruder, a law professor at Northwestern and former SEC chairman from 1987 to 1989, will chair the council that will consist of fund industry executives, lawyers and independent directors.

The council's mission is to foster the development of programs to promote a culture of independence and accountability in fund boardrooms. Freelance reporter Lori Pizzani recently spoke with Ruder about the council.

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