The two-year tussle over a regulation requiring that mutual fund chairmen be independent has pitted the Vanguard Group against John C. Bogle, its founder. It's thrown the former governor of Minnesota against the son of a Supreme Court justice.
On its face, the composition of the boards of mutual funds is at stake. But the hope in some quarters and the fear in others is that if the regulation is enacted, it will have implications for the governance of all public companies.
"Serious people believe that this is the beginning of separating the regular chief executive from the chairman," said C. Meyrick Payne, a senior partner at the consulting firm Management Practice Inc., which specializes in mutual fund governance.
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