A component of the Stewardship Grade for Fund Firms (17% of overall U.S. grade)
Morningstar analysts assess the quality of the funds’ board of directors (or boards, if the funds are overseen by more than one group of directors).
Does the board consistently act in shareholders’ best interests?
Has the board negotiated fair fees on shareholders’ behalf?
Has the board approved a sensible group of funds that the fund firm is capable of running well?