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...

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