WASHINGTON – Four former chairmen of the Securities and Exchange Commission said yesterday that directors of mutual fund boards need to do a far better job of monitoring the funds they oversee and prevent the kind of fraud that has run rampant on Wall Street the past year.

Harold Williams, who oversaw the SEC from 1977 to 1981, said that fund directors need to alter their attitudes about their jobs and think of themselves as "owners" to which fund managers and corporate stock issuers are accountable.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.