2004
May 2004 – IDC launches, with the mission of advancing the education, communication, and policy positions of independent directors. Jim Bodurtha is IDC’s Founding Chair.
July 2004 – The SEC adopts governance reforms requiring, among other things, that boards perform annual self-assessments and that independent directors meet separately at least once per quarter. (After a challenge from the US Chamber of Commerce, the United States Circuit Court of the District of Columbia vacated two components of the reforms—requirements that at least 75 percent of a fund board’s directors be independent and that a fund board’s chair be independent.)
August 2004 – IDC debuts its first newsletter, Board Update, to provide directors with access to resources, calendars, and other information relevant to the performance of their responsibilities.
September 2004 – IDC introduces its first website designed to meet the growing informational and educational needs of the fund independent director community.
October 2004 – SEC Chair William Donaldson praises the establishment of IDC in a luncheon address before approximately 242 independent directors from 127 fund complexes at the 2004 Investment Company Directors Conference.
2006
January 2006 – IDC and ICI publish the first Overview of Fund Governance Practices, providing governance practices trends data.
April 2006 – Bob Uek becomes IDC Chair.
July 2006 – IDC hosts an Independent Counsel Roundtable—the first-of-its-kind program—which continues to be the preeminent industry event focusing on the important, evolving role of legal counsel to independent fund directors.
2008
October 2008 – Mike Scofield becomes IDC Chair.
October 2008 – IDC brings its east and west coast conferences together in Chicago, a single, central location, with the intent to sponsor a world-class event with dynamic and high caliber keynote speakers. IDC’s Fund Directors Conference every fall remains the largest gathering of fund independent directors.
2009
June 2009 – IDC unveils its retooled website, www.idc.org, as a one-stop resource for independent directors to access IDC and ICI publications, news alerts, memos, and other content, including a new feature called In the News, a daily summary of top news stories concerning the fund industry.
2010
March 2010 – The US Supreme Court, in Jones v. Harris, recognizes the central role that fund boards play in scrutinizing fund adviser compensation and unanimously endorses the current legal framework used by courts to assess claims of excessive fund advisory fees (commonly referred to as the Gartenberg factors).
May 2010 – IDC expands its mission to specifically include a fourth component, “promoting public understanding of the role and responsibilities of fund independent directors and operations of fund boards.”
October 2010 – Dorothy Berry becomes IDC Chair.
2011
October 2011 – IDC launches its Fundamentals online resource explaining the legal and regulatory framework for investment companies and helping newer directors understand their role and responsibilities.
2012
October 2012 – Susan Kerley becomes IDC Chair.
2013
January 2013 – IDC publishes its first Annual Review detailing IDC’s accomplishments over the previous year in serving independent directors as they fulfill their responsibilities to fund shareholders.
July 2013 – IDC launches Industry Segment Conference Calls for audit committee chairs to discuss relevant developments and practices. The calls offer unique opportunities for candid discussion among fund directors in similar roles across different boards.
October 2013 – IDC transforms its popular concurrent conference session, Fundamentals for Newer Directors, into a half day program before the start of the fall conference and rebrands it as the Core Curriculum.
October 2013 – IDC launches Industry Segment Conference Calls for board leaders to discuss relevant developments and practices.
2014
February 2014 – IDC continues its transformation of the Fundamentals for Newer Directors conference sessions into a five-part series, Core Responsibilities Webinar Series.
October 2014 – Paul Freeman becomes IDC Chair.
2015
March 2015 – IDC launches Industry Segment Calls for directors at small fund complexes.
April 2015 – IDC launches Industry Segment Calls for governance committee chairs.
2016
March 2016 – SEC Chair Mary Jo White describes the role of fund directors as “gatekeepers” in protecting shareholder interests.
October 2016 – Jon Zeschin becomes IDC Chair.
2017
June 2017 – IDC adds Charlotte, NC to its lineup of chapter meeting locations.
September 2017 – IDC holds its first Foundations for Fund Directors® orientation program, a unique and innovative online and in-person blended learning opportunity to prepare newer fund directors to succeed in their role, bolster their core skills, and accelerate the transition into their responsibilities.
2018
October 2018 – Dawn Vroegop becomes IDC Chair.
2019
June 2019 – IDC adds Columbus, OH to its lineup of chapter meeting locations.
June 2019 – IDC introduces Industry Segment Calls for directors overseeing exchange-traded funds.
2020
March 2020 – In light of the COVID-19 pandemic and following discussions with IDC, the SEC allows fund boards to meet by telephone or by videoconference to vote on matters that otherwise would require in-person meetings, subject to certain conditions.
June 2020 – IDC pivots its programming during the pandemic by converting its in-person chapter meeting program into virtual roundtables organized by geographical regions throughout the country. This approach enables directors to continue their informal peer discussions focused on board practices, the latest policy developments affecting fund boards, and other topics.
September 2020 – IDC’s Governing Council ratifies an updated four-part mission statement reaffirming the importance of shareholder interests and fostering deeper engagement within the independent director community. Key elements of that initiative include a new logo, underscoring IDC’s commitment to excellence in fund governance, an explainer video describing IDC’s mission and the vital role of independent directors, and a new brochure highlighting IDC’s efforts to support directors’ work on behalf of fund shareholders.
September 2020 – IDC launches IDC Update, a biweekly newsletter to help keep the independent director community informed of policy, industry, and other developments.
October 2020 – Kathie Barr becomes IDC Chair.
October 2020 – IDC hosts first virtual Fund Directors Conference in its history given the unprecedented impacts of the global pandemic.
December 2020 – The SEC establishes an updated regulatory framework for fund valuation practices that enables boards to designate, subject to detailed conditions and oversight requirements, determinations of fair value to others.
2021
April 2021 – IDC launches its Speakers Series to bring the best minds and latest thinking to the fund independent director community. The inaugural event features law school dean and implicit bias expert L. Song Richardson.
October 2021 – IDC announces partnerships with the Robert Toigo Foundation and Diligent to advance diversity and inclusion in the boardroom.
2022
April 2022 – IDC launches engagement calls for newer directors.
April 2022 – IDC re-launches in-person regional chapter meetings on a limited basis with appropriate protocols and guidelines.
June 2022 – IDC, in partnership with Diligent, launches a database designed to help fund boards in the IDC community find diverse, board-ready candidates.
October 2022 – IDC’s Speakers Series features an interview with former vice chairman of the Federal Reserve Roger W. Ferguson, Jr.
October 2022 – Cynthia Plouché becomes IDC Chair.
October 2022 – IDC pilots a program, IDC Connections, to give board-ready diverse candidates the opportunity to speak with members of the IDC community who can share experiences and offer guidance.
October 2022 – IDC resumes in-person meetings of its flagship Fund Directors Conference in Chicago following two years of virtual gatherings.
November 2022 – IDC launches Industry Segment Calls for directors of business development companies.
2023
February 2023 – IDC, along with 32 individual boards, files a comment letter strongly opposing the SEC’s swing pricing, hard close and liquidity proposal.
May 2023 – IDC hosts its inaugural Policy Roundtable bringing together senior SEC officials with fund independent directors to discuss key policy issues of interest.
September 2023 – IDC’s Speakers Series features an interview with acclaimed documentarian Ken Burns.
November 2023 – IDC hosts inaugural Rising Partners event for law firm partners rising in the ranks who counsel fund boards.
2024
2024 – IDC celebrates 20 years of advancing excellence in fund governance.