The SEC requires that a majority of the directors of a mutual fund board be independent (not employed by the fund).

Name: The SEC requires that a majority of the directors of a mutual fund board be independent (not employed by the fund).
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The SEC does require that a majority of the directors of a mutual fund board be independent. This is to ensure that there is proper oversight and that the interests of the fund's shareholders are being represented.

The SEC Requires That a Majority of the Directors of a Mutual