by Commissioner Paul S. Atkins, U.S. Securities and Exchange Commission
Thank you, Allan, for that kind introduction and for the opportunity to be with you here this morning. Before I go any further, I should tell you that the views that I express today are not necessarily those of the Securities and Exchange Commission or my fellow commissioners.
You all will be spending the day thinking about the responsibilities of mutual fund boards in a number of specific areas and about how those responsibilities are changing and expanding. The theme of this conference — "Adapting to Changing Expectations for Fund Directors" — encapsulates the challenge. That challenge certainly will come alive today as you discuss such issues as relationships with chief compliance officers, securities lending, derivatives, soft dollars, 12b-1 plans, and the latest enforcement cases.
On behalf of investors and those of us at the SEC, the investors' advocate, I thank you for your service. You take on a lot of responsibility and risk as a director — including putting your personal reputation on the line. Investors are better off for your efforts — your diligence; your attention to the business; your advice to management; and, yes, as the party at the scene, your help in providing a sense of accountability. These challenges have only increased in recent years.
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