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Fund Spy

What the Heck Do Fund Directors Actually Do?

AIM board chairman Bruce Crockett tells us what goes on at AIM's board meetings.

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Fund directors are in the news. The Supreme Court gave them some slack in the Harris ruling but underlined the importance of fund companies getting them complete information and directors comparing mutual fund fees with those of comparable institutional funds. Yet, fund directors do their work behind closed doors and disclosure is limited, so it's awfully tough to know whether directors are asking difficult questions.

Laura Lutton, Ryan Leggio, and I spoke with Bruce Crockett, independent trustee & chairman of Invesco AIM Funds' board and a member of the Investment Company Institute's Board of Governors (the investment industry's trade association). Crockett has been more open than most directors about what the board actually does. He's even gone so far as to publish his e-mail address in shareholder communications so that any AIM shareholder can communicate directly with him. Here's the transcript.

Russ Kinnel: Can you give us a quick rundown of your take on the Supreme Court's Harris ruling?

Russel Kinnel does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.