Independent directors scrutinize regulatory compliance burdens; Focus on Sarbanes-Oxley, other rules takes time away from 'more strategic areas'.(Mutual Funds)

Pensions & Investments, November, 2006 by Hansard, Sara

Byline: Sara Hansard WASHINGTON - Independent mutual fund directors are looking at targeted areas where rules could be made more efficient. Interviews with such directors back up findings of a PricewaterhouseCoopers LLP survey of participants at the New York accounting firm's 2006 Financial Services Audit Committee Forum last month.

The survey found more than 70% of the forum participants, which included mutual fund directors, think the focus on regulatory compliance "has taken significant time away from more strategic areas,'' said Barry Benjamin, U.S. leader of PricewaterhouseCoopers' investment management group. He works in the company's Baltimore office. Last week, Treasury Secretary Henry Paulson joined the chorus of officials suggesting...

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