The Millstein Center for Corporate Governance and Performance at Yale University and the Mutual Fund Directors Forum have formed the Conference of Fund Leaders aimed at independent board chairmen and lead directors.
The Conference, which will debut in October and already held a successful pilot meeting on Jan. 22 that drew executives from 43 funds, will hold two meetings a year and ongoing peer networking opportunities. Topics for discussion include: governance, regulation, legislation, research and investors.
Noting that with $11.8 trillion in assets, mutual funds account for about one-third of equity ownership in America, John Hill, independent chairman of the Putnam Funds and founding chairman of the CFL, said: Fund leaders have prime responsibility for ensuring above all that mutual funds serve the interests of citizens who entrust their savings to them. This new body is designed to fortify that oversight.
Other active members on the steering committee of the CFL are: David Ruder, as chairman of the board; Dwight Crane, independent lead director for Legg Mason Partners Equity Funds; William Foulk, independent chairman of AllianceBernstein Funds; Virginia Stringer, independent chairman of First American Funds; and Roger Vincent, independent chairman of ING Mutual Funds.