Oppenheimer Funds has recently put a proposal on the table to create an 11-member board for 33 of its 60 mutual funds as well as four hedge funds managed by its Tremont Capital Management unit. The firm notified shareholders of the plan in a proxy filing late last month and is asking them to vote on the proposal, according to Dow Jones Newswire.

Drafted in response to the pending independent chairman rule, the proposal would shrink the number of boards overseeing Oppenheimer funds to three from four. Among the myriad funds that would be overseen by the new board, two of them would be the $12.5 billion Oppenheimer Global Fund and the $187 million Oppenheimer Real Estate Fund.

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