Independent Chairmen Seen as Wave of Future

Even if the Securities and Exchange Commission decides against the independent chairman rule, most fund companies that have already put an independent chairman in place aren't likely to change that policy, The Wall Street Journal reports.

In response to a court order, the SEC earlier this week decided to revisit the controversial rule and open it to public comment for 60 days, opening the possibility that it will decide not to mandate that fund boards are run by an independent chairman.

"Irrespective of how this debate turns out, those who have adopted it will go forward, and others will adopt independent chairman as well," said Robert Uek, chairman of the Independent Directors Council and an independent director at MFS Funds.

"I think the results are already in place in many complexes," Uek added. "None of the people that I know think we're going to go back to the old model."