Mutual Fund Boards Should Rethink Advice To Destroy Notes

Law360 (June 1, 2020, 6:17 PM EDT) -- On April 30, the Mutual Fund Directors Forum — an organization serving independent mutual fund directors — released a sort of guidance on the use of board minutes and notes.[1] Its advice to directors may surprise you.

The commentary arose from a question from a member/mutual fund director who noted that "[o]ver the last few meetings we have had some important discussions that I carefully recorded in my notes and that have not appeared in the board minutes." Note, for the analysis that follows, the use of the term "important."

This director apparently spoke with counsel, who stated that "not all...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!