Most fund boards are led by an independent board chair or an independent lead director. In 2004, the U. S. Securities and Exchange Commission adopted fund governance standards requiring, among other things, that fund boards have independent chairs. This requirement was challenged in a court proceeding and never came into effect. Nevertheless, most fund boards have adopted this practice. Today, nearly nine in 10 fund complexes have an independent director in board leadership—as the board chair or independent lead director.