The Securities and Exchange Commission yesterday scheduled a vote for this coming Wednesday, June 29, on the highly controversial mutual fund governance rule that is likely to end Chairman William Donaldson's tenure on a sour note, Reuters reports.

Donaldson is expected to step down on June 30, the day after an open meeting, at which he will join his fellow Commissioners in voting again on a rule requiring mutual funds to have an independent chairman and a 75%-independent board of directors.

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