Fund firms that have already named an independent chairperson will probably stick to their guns, regardless of what happens at the SEC, reports the Wall Street Journal
The reasons vary, but the Journal cites independent chairmen of the American Century and Bridgeway Funds who think a course reversal is unlikely, as well as Allan Mostoff, head of the Mutual Fund Directors Forum.
The scenario raises the interesting possibility that Donaldson may get his way, regardless of future legal wrangling. After all, if some firms who have already nominated independent chairs make a point of their independence or are too embarrassed to replace the director, then other fund firms may eventually feel pressured to do the same.
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