Print this page2012 Fund Directors Conference
October 1–3, 2012
Chicago, IL
Program
Monday, October 1
5:30–7:00 p.m.
Registration and Reception
Tuesday, October 2
7:00 a.m.–5:00 p.m.
Registration
7:00–8:00 a.m.
Continental Breakfast
8:00–8:15 a.m.
Welcoming Remarks
8:15–9:30 a.m.
Fund Industry Leaders: Perspectives on the Opportunities and Challenges That Lie Ahead
A cross section of industry leaders will reflect upon trends and recent developments in the fund industry and what they may mean for funds and their shareholders going forward.
Eve E. Guernsey, Moderator
Independent Director
Lord Abbett Funds
Kevin McCreadie
President and Chief Investment Officer
PNC Capital Advisors, LLC
Brian Reid
Chief Economist
Investment Company Institute
Thomas S. Schreier
Vice Chairman, Wealth Management
Nuveen Investments
9:30–9:45 a.m.
Brief Break
9:45–11:00 a.m.
Eurozone and Other Financial Crises: Considerations for Funds and Their Boards
The economic pressures and uncertainties in Europe and their impact on the capital markets will be explored by this panel. Panelists will discuss risk management and contingency plans funds and advisers may consider.
Paul Freeman, Moderator
Independent Chair
DWS Investments Funds
Andrew Harding
Chief Investment Officer
PNC Capital Advisors, LLC
Jennifer A. Nichols
Head of Legal–Americas
Aberdeen Asset Management, Inc.
Robert G. Zack
Counsel
Dechert LLP
11:00–11:30 a.m.
Refreshment Break
11:30 a.m.–12:45 p.m.
SEC Enforcement and Judicial Developments
Experienced litigators and board counsel will discuss recent SEC actions and other legal and regulatory matters affecting funds and their boards.
Daniel T. Steiner, Moderator
Executive Vice President and General Counsel
ICI Mutual Insurance Company
Margery K. Neale
Partner
Willkie Farr & Gallagher LLP
Robert Kaplan
Partner
Debevoise & Plimpton LLP
Matthew Larrabee
Partner
Dechert LLP
12:45–2:15 p.m.
Luncheon and Keynote Address
Paul Schott Stevens, President and Chief Executive Officer of the Investment Company Institute, will survey the political and regulatory landscape four years after the financial crisis and discuss the likely SEC agenda for the next four years.
2:15–3:30 p.m.
Concurrent Session 1-A: Audit Committee Practices
The panel will discuss current accounting issues and PCAOB activities, including PCAOB’s consideration of mandatory audit firm rotation. The panel also will share insights on audit committee governance practices, including committee charters and responsibilities and communications with the auditor.
Glenn P. O’Flaherty, Moderator
Independent Director
Aquila Funds
John S. Capone
Partner
KPMG LLP
George J. Sullivan Jr.
Independent Director
SEI Funds
Independent Director
State Street Navigator Securities Lending Trust
Concurrent Session 1-B: Portfolio Trading and Best Execution
An overview of trade execution and trading venues will be discussed during this session. The panel also will explore board practices for overseeing trading and best execution.
Erik R. Sirri, Moderator
Independent Director
Natixis Funds
Mark D. Perlow
Partner
K&L Gates LLP
Stephen Sachs
Head of Capital Markets
ProFunds Group
Concurrent Session 1-C: Portfolio Performance and the 15(c) Process: Effective Oversight Practices
Practices for providing ongoing oversight of portfolio performance, including board reports and remedial considerations for underperforming funds, will be discussed by the panel. Evaluation of portfolio performance in the context of the 15(c) process also will be discussed.
John P. Kavanaugh, Moderator
Independent Director
MFS Funds
Brian B. Hogan
President, Equity and High Yield
Fidelity Investments
Philip H. Newman
Partner
Goodwin Procter LLP
Concurrent Session 1-D: Fundamentals for Newer Directors
Newer fund directors, such as those who have joined boards within the past five years, would benefit from this review of director responsibilities. This session will address:
- Overview of statutory and regulatory obligations
- Board governance structures and practices
- The board’s relationship with the fund CCO
Diana M. Daniels, Moderator
Independent Director
Goldman Sachs Funds
Christopher E. Palmer
Partner
Goodwin Procter LLP
Karen L. Skidmore
Senior Associate General Counsel
Franklin Templeton Investments
3:30–4:00 p.m.
Refreshment Break
4:00–5:15 p.m.
Concurrent Session 2-A: Funds’ Use of Derivatives and Alternative Investment Strategies
The panel will provide an overview of funds’ use of swaps, futures, forwards, and other types of derivatives to implement investment strategies. The panel also will discuss advisory firm practices for managing related risks, including counterparty risk, and board oversight practices.
Julie Allecta, Moderator
Independent Director
Forward Funds
Matt Clark
Senior Vice President
PIMCO
Alison M. Fuller
Partner
Stradley Ronon Stevens & Young, LLP
Concurrent Session 2-B: Valuation: Emerging Issues and Considerations for Fund Boards
Topics to be explored by the panel include:
- The effectiveness of valuation policies and procedures in times of market volatility
- Oversight of matrix pricing
- Transparency of pricing vendors’ methodologies
- Governance practices, including assigning valuation oversight to a board committee
Evelyn Dilsaver, Moderator
Independent Director
HighMark Funds
Independent Director
Russell Exchange Traded Funds Trust
Rajib Chanda
Partner
Ropes & Gray LLP
Peter Finnerty
Partner
PricewaterhouseCoopers LLP
Concurrent Session 2-C: Select Topics: Proxy Voting; Securities Lending; and Technology and Cybersecurity
Board oversight of the management and operations of a fund covers a range of matters; this panel will focus on select subjects and discuss recent developments and board oversight practices.
Karen N. Horn, Moderator
Independent Director
T. Rowe Price Funds
Peter Bassler
Managing Director
eSecLending
Peter Salmon
Senior Director, Operations and Technology
Investment Company Institute
David A. Sturms
Shareholder
Vedder Price, P.C.
Concurrent Session 2-D: Fundamentals for Newer Directors
Newer fund directors, such as those who have joined boards within the past five years, would benefit from this review of director responsibilities. This session will address:
- Advisory contract approval
- Oversight of fund performance
- Oversight of best execution and soft dollars
Diana M. Daniels, Moderator
Independent Director
Goldman Sachs Funds
Christopher E. Palmer
Partner
Goodwin Procter LLP
Karen L. Skidmore
Senior Associate General Counsel
Franklin Templeton Investments
5:30 p.m.
Reception
6:30 p.m.
Dinner
Wednesday, October 3
7:00 a.m.–Noon
Registration
7:30–9:00 a.m.
Breakfast Discussion Sessions
9:00–9:45 a.m.
Election Outlook: Potential Impact on Critical Issues to the Fund Industry
Donald C. Auerbach
Chief Government Affairs Officer and Co-Head, Government Affairs
Investment Company Institute
Dean R. Sackett III
Chief Government Affairs Officer and Co-Head, Government Affairs
Investment Company Institute
9:45–11:00 a.m.
Fund Distribution: Trends Affecting Board Oversight
This panel will cover topics such as the trend toward omnibus subaccounting, its impact on fees, and implications for oversight of omnibus account providers.
Mary Ann Tynan, Moderator
Independent Director
Oppenheimer Funds
Dennis Dirks
Independent Director
Fidelity Funds
Elizabeth R. Krentzman
Principal
Deloitte & Touche LLP
Paul David Schaeffer
Managing Director, Strategy and Thought Leadership
Forward Management LLC
11:00–11:15 a.m.
Refreshment Break
11:15 a.m.–12:15 p.m.
What Makes an Effective Board? Fund Board Leaders Share Their Insights
Experienced directors will discuss effective practices for building a strong board, leadership styles for encouraging active participation and building consensus, and processes for reaching well-considered decisions.
Dorothy A. Berry
Independent Chair
Professionally Managed Portfolios
Independent Director
PNC Funds
Anne M. Goggin
Independent Chair
RS Funds
Richard A. Redeker
Independent Chair
Prudential Retail Funds
Virginia L. Stringer
Independent Director
Nuveen Funds
12:15 p.m.
Boxed lunches will be available.
