SEC Chair Mary Jo White Remarks on the Evolving Role of Mutual Fund Directors: SEC Chair Comments on Steps Independent Directors Should Take in Exercising Vigilant Oversight and Assessing Risks

Sullivan & Cromwell LLP - April 7, 2016

On March 29, 2016, SEC Chair Mary Jo White, in her keynote address at the Mutual Fund Directors Forum 2016 Policy Conference, set forth her views on the role of mutual fund directors in assessing risks and exercising their oversight responsibilities.  The Chair identified certain “tough” questions fund directors should be raising with advisers and managers of the funds they serve.  Focusing on operational and liquidity risks, among others, the Chair also discussed past failures of certain fund directors and the lessons fund directors can derive from those experiences in continuing their critical role as overseers of funds.