Financial Services Industry
Industry: Email Alert RSS FeedRoye takes fund industry to task; Sees stance on independent chairmen as anti-investor.(News)
Investment News, May, 2004
Byline: Sara Hansard and David Hoffman
The nation's top mutual fund regulator last week took the industry to task for fighting a proposal that would require fund companies to have independent chairmen, and questioned the seriousness of the industry's stance in welcoming certain reforms.
"What must be our focus when ad- dressing the independent-chairman issue is, what is best for fund investors overall?'' said Paul F. Roye, director of the Securities and Exchange Commission's division of investment management. He spoke at the general membership meeting of the Investment Company Institute in Washington on Thursday.
Mr. Roye made it clear that he disagrees with arguments made by the fund industry that requiring fund board chairmen to be...
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