The Securities and Exchange Commission has issued a notice regarding an application by Russell Investment Company and others, seeking an exemption from having to hold in-person meetings for approving or amending their sub-advisory agreements. The applicants argue that this exemption would allow quicker decisions and reduce costs, as holding in-person meetings can be impractical due to changing market conditions and geographical diversity of board members. They propose that board members participate in meetings using technology that allows them to hear and potentially see each other. If granted, this relief would apply to current and future series managed by Russell Investment, provided they adhere to specified conditions.
Simple Explanation
Russell Investment Company wants permission to have important meetings over the phone or video instead of in person, which they think can save time and money. The rule people are deciding if this is okay and will let them know if they agree.