SEC commissioners are expected to approve a proposal to require independent fund board chairmen on Wednesday morning, but no matter to John Hancock mutual funds. The funds' board announced on Tuesday evening that they have elected one of their independent directors to the chairmanship.

Charles L. Ladner, a independent board member for 12 years, was elected to the position.

"We believe that having an independent chairman is good for the shareholders of John Hancock mutual funds," said James A. Shepherdson, chief executive officer of John Hancock Funds.

The fund family is a part of Manulife Financial. 

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