The Investment Company Institute’s Board of Governors has elected Martin L. Flanagan, President and CEO of AMVESCAP, to serve as Chairman of the Institute for a one-year term. Flanagan succeeds James S. Riepe who, as immediate past chairman, will continue to serve as Vice Chairman of ICI.
“It has been a privilege to again serve as Institute Chairman, representing an industry that has served millions of investors so well for so many years,” says Riepe. “Marty Flanagan is one of our industry’s most talented young executives and I am pleased to pass the Chair to a leader of his caliber and integrity.”
Flanagan says he is honoured to chair the Institute. “We must maintain our focus on putting the interests of shareholders first,” he adds. “I intend to foster collaboration among all parties – directors, advisers, distributors, regulators and lawmakers – to achieve the best outcome for shareholders.”
ICI President Paul Stevens describes Flanagan as “an ideal choice to lead the Institute.”
Flanagan joined AMVESCAP as President and CEO in August 2005. Prior to joining AMVESCAP, he spent 13 years at Franklin Resources, eventually rising to President and Co-CEO, before his departure in July 2005. He spent nearly 10 years in senior-level positions at Templeton, Galbraith & Hansberger before its acquisition by Franklin in 1992. He has also served on the Institute’s Board of Governors and was a member of the NASD Mutual Fund Task Force.
As Chairman, Flanagan will preside over the Board of Governors, the governing body of the Institute. The Board is responsible for setting policy and overseeing activities of the Institute whose members include mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts. Flanagan is also a member of the Institute’s Executive Committee.
The Institute’s members also elected 15 individuals to new terms on the Board as well as one additional member to fill an open seat. Board members are elected to serve staggered three-year terms.
ICI Board members elected to new terms include:
Lynn L. Anderson, Russell Investment GroupWilliam L. Armstrong, Independent Chairman & Trustee – OppenheimerFundsKenneth C. Eich, Davis Selected Advisers, L.P.Martin L. Flanagan, AMVESCAP PLCJames B. Hawkes, Eaton Vance CorporationDiana P. Herrmann, Aquila Investment Management, LLCMellody Hobson, Ariel Capital Management, LLCBrian A. Murdock, New York Life Investment Management, LLCAlfred E. Osborne, Jr., Independent Trustee – WM Group of FundsRobert C. Pozen, MFS Investment ManagementWilliam N. Shiebler, Deutsche Asset Management, AmericasPeter E. Sundman, Neuberger Berman Management Inc.Garrett Thornburg, Thornburg Investment Management, Inc.Robert W. Uek, Independent Trustee – TT International FundsChristopher L. Wilson, Columbia Management Group, Inc.
Member elected to fill open seat on the Board:
Gregory E. Johnson, Franklin Resources
Governors who will continue to serve on the Board are:
James H. Bodurtha, Independent Director – Merrill Lynch FundsJohn J. Brennan, The Vanguard Group, Inc.Stephen E. Canter, The Dreyfus CorporationAnthony W. Deering, Independent Director – T.Rowe Price FundsJohn D. DesPrez, III, John Hancock Financial ServicesAndrew J. Donohue, Merrill Lynch Investment ManagersRobert S. Dow, Lord, Abbett & Co. LLCRalph C. Eucher, Principal Mutual FundsMark R. Fetting, Legg Mason, Inc.George C. W. Gatch, J.P. Morgan Fleming Asset ManagementPaul G. Haaga, Jr., Capital Research & Management CompanyCharles E. Haldeman, Jr., Putnam InvestmentsPeter A. Harbeck, AIG SunAmerica Asset Management Corp.Brent R. Harris, PIMCO FundsJames M. Hennessy, ING FundsJohn A. Hill, Chairman of the Trustees – Putnam FundsAbigail P. Johnson, Fidelity Employer Services Corp.William M. Lyons, American Century InvestmentsMitchell M. Merin, Morgan StanleyPaula R. Meyer, Ameriprise Financial Services Inc.John V. Murphy, OppenheimerFunds, Inc.William G. Papesh, WM Advisors, Inc.Thomas O. Putnam, Fenimore Asset Management Inc.Ruth H. Quigley, Independent Director – AIM Family of FundsJames S. Riepe, T. Rowe Price Group, Inc.Lewis A. Sanders, Alliance Capital Management L.P.Peter S. Voss, IXIS Asset ManagementJohn C. Walters, Hartford Life, Inc.Patricia K. Woolf, Independent Director – American FundsBrian T. Zino, J. & W. Seligman & Co. Inc.