In an effort to further strengthen the effectiveness of mutual fund boards, the
The ICI suggested that fund companies should implement these practices before any type of regulation by the
The ICI presented its original "15 best practices" in 1999, addressing such issues as what constitutes a majority and what type of former employees should not serve on boards.
ICI Chairman Paul Haaga said of the recent allegations against funds, "The Board is committed to taking whatever actions are needed to forcefully and effectively address these concerns. Everything is on the table to protect mutual fund shareholders."