Ned Johnson, the chairman of Fidelity Investments, is taking a staunch stand against the Securities and Exchange Commission’s proposal to make an independent chairman mandatory on all mutual fund boards, the Financial Times reports.

Obviously, Johnson, who chairs the boards of all 292 of Fidelity’s mutual funds, takes the issue personally. His argument is, and has been for years, that a chairman who also invests in the fund will always act in the investor’s best interest, considering he or she is also an investor.

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