Investors should be told because not only does such activity impact upon the investment results they receive, but it also is material to a determination of whether a manager maintains the ethical standards the investor seeks.

FORBES: Mutual Fund Personal Trading Illegalities: Letter to Barry Barbash, Director of Division of Investment Management, Securities and Exchange Commission (July 1, 1998)

Section 10A(a) of the Exchange Act requires each audit to include procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts.

FORBES: The Grand Illusion: PwC Settles Satyam U.S. Class Action Claims

There is educational, cultural, scientific and social poverty, which is the corollary of material poverty and must be combated with the same determination.

UNESCO: Poverty is a Violation of Human Rights