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January 28, 2026

The article provides a sample list of considerations for fund directors in conducting an in-depth assessment of fund underperformance, as well as outperformance, that extends beyond a review of attribution analysis.

January 27, 2026

NYSE said its new digital platform will enable tokenized trading experiences, including 24/7 operations, instant settlement, orders sized in dollar amounts, and stablecoin-based funding.

January 26, 2026

Partners from Morgan Lewis will cover what digital assets are, how they work, common misconceptions, the regulatory landscape in the United States, and the key questions everyone has but rarely asks.

January 22, 2026

On January 15, the U.S. House of Representatives passed the “Protecting Prudent Investment of Retirement Savings Act” (H.R. 2988) which would amend the Employee Retirement Income Security Act of 1974 (ERISA) to require fiduciaries to base investment decisions solely on factors such as risk and return. The bill would also limit the consideration of non-pecuniary factors, including ESG-related criteria, when selecting investments or managing plan assets.

January 21, 2026

In his remarks Director Daly outlined the fiduciary requirements to vote or not vote corporate proxies and detailed instances where an adviser may determine a vote is unnecessary because of cost or strategy. He noted that while proxy advisory firms can play an important role in research, analysis, and logistical support to an investment adviser when evaluating a given proxy(ies), the current landscape has permitted proxy advisers to have an outsized impact on the proxy process that may reflect certain political and social philosophies.

January 20, 2026

If approved, the rule would increase the net asset threshold for a “small entity” investment company from $50 million to $10 billion and increase the AUM threshold for investment advisers from $25 million to $1 billion.

January 15, 2026

On January 2, Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw departed the agency after serving for over a decade in multiple divisions. Commissioner Crenshaw’s departure leaves two seats vacant at the five-person Commission, with the three remaining members all Republican appointees.

January 14, 2026

The webinar will highlight how boards can provide oversight to help their companies set realistic AI investment horizons, retool compensation to compete for scarce talent, and design the right structure for open innovation. This event is focused on the responsibilities of corporate directors, but fund directors may find interesting and relevant takeaways for their own boardrooms.

January 13, 2026

The webinar will examine how investment advisers, fund boards, turnkey platforms, selling intermediaries, and authorized participants/market makers can prepare for the upcoming wave of ETF share classes.

January 12, 2026

The paper outlines specific types of product structures, the responsibilities associated with overseeing these products, including potential challenges, and questions that fund independent directors may wish to consider when overseeing an alternative product. The paper was designed to be a starting point for fund directors to develop a deeper understanding of the alternative fund ecosystem.

January 12, 2026

In January 2026, MFDF, with assistance from Simpson Thacher & Bartlett, published an updated White Paper titled Practical Guidance for Fund Directors on Oversight of Alternative Investments.

January 8, 2026

The Executive Order directs each agency to review and, if deemed appropriate, rescind or revise all rules and regulations relating to proxy advisory firms and shareholder proposals that implicate “diversity, equity, and inclusion” (DEI) and “environmental, social, and governance” (ESG) priorities that are inconsistent with the purpose of the executive order.

January 7, 2026

The report notes “[w]hile passive ETFs still account for the majority of inflows, active ETFs are playing a more prominent role. Their share of total ETF net inflows in the United States rose—from just 1% in 2014 to 26% in 2024—highlighting a growing preference for investment vehicles that combine professional active management with the structural benefits of ETFs.” The report also highlights that 2026 will bring increased access to alternative investments, which likely includes options for 401(k) plan participants.

January 6, 2026

The bill, a package of various House Financial Services Committee (HFSC) bills, would address issues related to capital formation, investor access to certain investments, streamline certain disclosure requirements, and increase protections for senior investors, among other areas. In a press release, Committee Chairman French Hill stated, “I applaud the House’s passage of the INVEST Act, which will keep our economy the envy of the world and secure a brighter future for generations to come.”

January 5, 2026

The report found that the number of boards reaching gender parity in the boardroom increased modestly from 171 to 175 over the last quarter, still below the 192 boards that achieved parity in Q3 2024. The report discussed several possible reasons for the slowdown, including limited board turnover and boards prioritizing candidates with previous board experience.

December 23, 2025

To create a uniquely MFDF end-of-year booklist, we asked staff members to each pick a book they read in 2025 that they’d recommend to the fund director community. Some of these have direct applications to the role of the independent director, while others are reads that may offer a little bit of something else. We are very much looking forward to discussing them with you in the New Year! Wishing you and your loved ones a cozy and joyful holiday season, happy reading!

December 22, 2025

MFDF announced Andrew J. "Buddy" Donohue would be retiring as Chair of MFDF's Board. In a press release, MFDF President Carolyn McPhillips stated, "I thank him for all he has done on behalf of MFDF and the broader shareholder community, both over the course of the last two years as our chair and over the entirety of his 40-year career.”

December 18, 2025

This guidebook has long been part of the onboarding toolkit for some fund complexes, and an update to the fifth edition is highly recommended. The fifth edition covers the last decade, a very active regulatory period and one which saw significant changes in the industry.

December 17, 2025

The PwC corporate director survey found that around 45% surveyed said expanding their expertise through additional education or training was a priority, while others emphasized building better relationships with fellow directors (33%).

December 16, 2025

In his speech, IM Division Director Brian Daly noted staff efforts are centered around four key themes: a general deregulatory effort; initiatives that modernize markets; increasing access to alternative investments; and promoting the use of artificial intelligence.