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of <h1>Trustee company board appointments: independent majority and chair, fit-and-proper eligibility, no AMC directors, regulatory approval required</h1> Appointment and reappointment of a trustee company's board require compliance with these regulations and prior approval of the Board, thereby subjecting board selection to regulatory clearance. The chairperson must be an independent director, thereby ensuring an independent chair. Directors may serve as trustees of other non-mutual-fund trusts only where the other trust's object does not conflict with the mutual fund's object, thereby restricting cross-trust roles to non-conflicting purposes. Eligibility to serve as a trustee requires meeting the fit-and-proper criteria in Schedule II (Intermediaries Regulations), not being a director/officer/employee of the asset management company, not being trustee of another mutual fund, and furnishing requested information, thereby disqualifying persons who fail these tests. At least two-thirds of the trustee company board must be independent directors who are not associates of the sponsor, AMC or trustee company, thereby ensuring an independent majority.
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