Final answer:
The independent review committee of a mutual fund oversees and approves fund expenses, investment strategy, and shareholder communications.
Step-by-step explanation:
The independent review committee of a mutual fund has the power to oversee and approve fund expenses, investment strategy, and shareholder communications.
Fund expenses: The committee reviews and approves the fees and expenses that are charged to the fund, ensuring they are reasonable and in the best interest of the shareholders.
Investment strategy: The committee reviews and approves the fund's investment objectives, asset allocation, and investment guidelines.
Shareholder communications: The committee oversees and approves the fund's communication with shareholders, including annual reports, prospectuses, and other important documents.