The Investment Company Institute on Thursday released its recommendations for strengthening the role of independent directors at mutual funds.

Among its 15 recommendations is that at least two-thirds of a fund's board should be independent directors, rather than the 40% required by law. The institute's panel - composed of independent directors and fund company executives, who also serve as directors - also proposed that independent directors meet separately from management to discuss key issues such as the selection and compensation of fund advisers.

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