Morgan Stanley Funds' board of directors is tweaking both its board committee structure as well as the compensation that independent trustees receive for serving as chairpersons of committees. As of next week, independent trustees who serve as committee chairpersons and/or chairpersons of newly formed sub-committees are in for raises.

Effective Oct. 1, the Morgan Stanley board will have four separate board committees, one more than the previous three committees that trustees served on. Morgan also had a derivatives committee as recently as 2003, but that has since been eliminated.

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