Morningstar has published commentary urging the Securities and Exchange Commission not to back down on its independent chairman rule.

"It's a step, however small, toward putting fund shareholders on equal footing with fund-company stakeholders and ensuring that boards serve as fiduciaries of the boards they hire [and overcome] an inherent conflict of interest," the fund research company maintains. "Clearly, fund shops know that the chairperson sets the tone for the most important issues before the board, and that's why we're fighting so hard to retain the status quo."

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