Securities and Exchange Commission Commissioner Luis Aguilar said Friday chances for the agency to impose a fiduciary duty on broker-dealers are small.

“There’s not much interest,” said Aguilar, who has been a vocal supporter of requiring brokers to act in the best interest of retail clients when they are taking on the role of advisors.

Aguilar was speaking at the Hispanic Heritage Foundation Latino pension fund trustee forum in Washington, D.C.

The commissioner said the SEC has been making progress developing new money market mutual fund rules and he expects a public proposal soon.

A year ago this month, the SEC presented two options for comment that it said could have been used in tandem or separately. One proposal is to allow the net asset value of money market shares to float, rather than be fixed at $1, in funds primarily used by institutional investors. The other proposal would allow funds to impose fees and other limits to prevent runs by retail and institutional investors.

SEC Chair Mary Jo White said the aim of the rules would be to prevent runs like the one on the Reserve Primary Fund, which lowered the price of its shares below $1 in September 2008 because of its exposure to Lehman Brothers debt. The fund’s move to “break the buck” helped fuel the financial crisis.

During his speech, Aguilar said nothing is more important than aligning executive compensation with corporate performance, contending runaway executive pay can encourage excessive risk taking that hurts investors.

The ratio of CEO compensation to average worker pay has gone from 42 times in 1980 to over 200 times now, Aguilar noted. The widening gap between executive and rank-and-file pay raises questions of whether shareholders have benefited, he said.

He urged pension fund trustees to encourage companies they invest in to have online shareholder forums. One reason the forums have not become commonplace could be that “companies don’t want to hear what you have to say,” he told the audience.

He also urged the trustees to promote diversity in the boards of directors of the companies in which they invest.

Aguilar said diversity remains dismal, despite studies showing it adds to performance. “Staying silent is not an option if you want better performance and better returns,” he said.