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Nicole Crum was quoted in the article, "Still No. Bid to Let Directors Own Subadvisors Falls Short Again," which was published by BoardIQ [sub. req.] on August 10, 2021.

In the article, Nicole notes that the SEC's continued reluctance to carve out an exception on this issue is unsurprising, saying "[t]he independence standard is as close to a sacred thing as we have in mutual fund governance." She adds that while a formula for limited ownership would have to make everyone comfortable, "I just don't know what the right number is, and reasonable people could disagree on that number."