Retirement Policy and Succession Planning

Fund directors are not subject to any regulatory requirement relating to their retirement, but the topic is sometimes addressed in fund boards’ annual self-assessments. Roughly two-thirds of fund boards have mandatory retirement policies. The ICI Advisory Group on Best Practices for Fund Directors recommended that fund boards adopt policies on the retirement of directors, but declined to specify the type of policy (e.g., term limits) or to recommend a retirement age.

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