The job of caretaking a mutual fund has many areas of responsibility, so in response to SEC Chairman William Donaldson’s request, the Mutual Fund Directors Forum has put together a report detailing 38 best practices.

The 58-page document details four main areas where directors need to focus attention: soft dollars, directed brokerage and revenue sharing; director independence and review of conflicts of interest; review of management agreements and management fees; and valuation and pricing.

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