"This paper takes stock of the work over the past four years on the role of the Fund in LICs, and outlines a comprehensive approach for Fund engagement. It responds to the Board’s request for a synthesis of the full range of policy decisions and developments related to the Fund’s work in LICs since 2004. A key purpose is to ensure that, as the Fund is refocusing its work, LIC-related objectives and responsibilities are well articulated and understood." (Quoted from paper)