Chairman William H. Donaldson Thanks Mutual Fund Directors Forum for its Best Practices Report

FOR IMMEDIATE RELEASE
2004-101

Washington, D.C., July 28, 2004 - Securities and Exchange Commission Chairman William H. Donaldson today thanked the Mutual Fund Directors Forum for delivery of its report titled "Best Practices and Practical Guidance for Mutual Fund Directors." The Forum prepared the Best Practices Report in response to a request from Chairman Donaldson that the Forum, as a membership organization of independent fund directors, develop written practical guidance and best practices for independent directors in areas in which director oversight and decision-making is particularly critical for the protection of fund shareholders.

Chairman Donaldson said, "I applaud the efforts of the Forum and its chairman, former SEC Chairman David Ruder, in preparing the Best Practices Report, and I look forward to reviewing the recommendations in detail. The Best Practices Report complements the Commission's recent rulemaking initiative to enhance the fund governance framework and represents an independent director-led effort to provide meaningful guidance to fund directors. I therefore encourage all fund directors to review and consider carefully the Report's recommendations."

http://www.sec.gov/news/press/2004-101.htm