PHILADELPHIA - Boards may have grown in power since the passage of the Sarbanes-Oxley Act of 2002, but mutual fund companies should take care to temper that influence so it doesn't interfere with business.

"Since Sarbanes, boards have flexed their muscles and shown their independence," said Robert Mulhall Jr., a partner with Ernst & Young LLP, at the National Investment Company Service Association's East Coast Regional Meeting here last week at the Union League Club.

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.