Another group is weighing in on the independent directors debate. This time it is the Mutual Fund Directors Forum which has come out with a survey purporting to show that the new SEC independent chair and three-quarters rule has not been costly for funds to comply with.

The report (pdf) was based on a responses from 45 fund complexes that already comply with the rules out of a total a 60 complexes.

The directors trade group concluded that the costs for fund complexes to comply with the independent rules was "neglible" and in no case amounted to more than one percent of the advisory fees collected by the complex.

It also found that firms already in compliance with the rules and those with larger numbers over which to spread the costs have felt the least impact of the rules.

However, those findings do not address the complaints of many fund firms that have objected to the rules. Some larger funds complexes, including Fidelity and Vanguard, have fought the rules based on the argument that interested board members are better incented to watch out for the reputation and long-term value of the fund.

Smaller fund complexes have complained that the rules force them to expand their board or search for able directors willing to risk serving on a small firm's board.

In purely dollars and cents measurements, the average fund firm paid $50,000 t0 $150,000 to comply with the rules. 

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