The Securities and Exchange Commission on Wednesday outlined its long-awaited proposals for strengthening the role played by independent directors on the boards of fund companies.

Outside directors, whose responsibilities include determining fees and expenses, have long been seen as shareholder advocates. With the number of mutual fund shareholders topping 83 million and their investments totaling more than $6 trillion, the SEC has sought ways to better ensure that directors are serving shareholders' interests.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.