www.idc.org

2012 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.