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News January 24, 2005 Issue

IDC Task Force Releases Independent Chair Guidance

The Investment Company Instituteís Independent Directors Council last week released its report on "Implementing the Independent Chairperson Requirement."

The 19-page report, prepared by a Task Force of 17 independent directors, acknowledged the pending lawsuit filed by the U.S. Chamber of Commerce and the Congressional mandate that the SEC study the issue. Nonetheless, said the report, "it is the belief of [the Task Force] members that many fund groups are not waiting for the outcome of these initiatives and are currently preparing to implement the new requirement." Among other things, the report stated that independent chairs are unlikely to need their own staff, given their access to the fundís CCO and outside counsel.