Research from the Investment Company Institute found that only 15% of fund investors reviewed information about the fund's board of directors before making a fund purchase, which is not surprising to many in the industry. While investors want directors who are dedicated and diligent, they are guided by investment performance. "I think it's useful to know who's on the board, but I suspect a lot of investors' primary interest is performance," said Ken Berman, partner with Debevoise & Plimpton. "Just because you have a good board, doesn't mean you have good performance or vice versa," said Paulita Pike, a partner with Bell Boyd & Lloyd.

"I don't think that investment decisions ought to be guided by who the board members are," Pike said. "A shareholder is entitled to assume that the board of directors of a fund they might invest in is diligent, hardworking and uses good judgment."

The research found that 74% percent of investors considered the funds' fees and expenses and 69% looked at the historical performance of the fund. Additionally, investors choose funds because of strategies--the research found 57% of investors reviewed the types of securities in which the fund invests. "A fund may have a terrific board but the strategy is out of favor," Pike said.

"Board members want who is on the board or how the board is performing to be a relatively low profile issue for investors," said Keith Robinson, partner with Dechert. "The best way to do that is to do their jobs well--monitor expenses, monitor performance and oversee the implementation of a sound compliance program."