Carol McMullen
About Carol C. McMullen
Carol C. McMullen (age 69) is an Independent Director (Class Two; term expires 2026) of the AFB funds, with eight years of service at each fund as of the 2025 meeting. She is a private investor with deep asset and wealth management experience (including senior roles at Putnam Investments, Thomson Financial, and Eastern Bank) and currently chairs the Audit Committees for the AB Funds and, since January 2025, for the AB Funds Complex .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Slalom Consulting | Managing Director | 2014 – July 2023 | |
| The Crossland Group | Managing Director | 2012 – 2013 | |
| Putnam Investments | Chief Investment Officer, Core & Growth; Head of Global Investment Research | Not disclosed | Senior investment leadership roles |
| Thomson Financial | Global Head of Sales, Investment Management | Not disclosed | |
| Eastern Bank | President of Eastern Wealth Management | Not disclosed | Senior wealth management leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Butcher Box (private) | Advisory Board Member; Advisory Board Chair | Member since 2018; Chair since June 2023 | Advisory oversight for private e-commerce company |
| Mass General Brigham (formerly Partners Healthcare) | Investment Committee Member | 2010 – 2019 | Institutional investment oversight |
| Norfolk & Dedham Group (mutual P&C insurance) | Director | 2011 – Nov 2016 | Board governance |
| Partners Community Physicians Organization (healthcare) | Director | 2014 – Dec 2016 | Board governance |
| Other private/non-profit boards | Various | Not disclosed | Served on a number of private and non-profit boards |
Board Governance
| Attribute | Detail |
|---|---|
| Board Class and Term Expiry | Class Two; term expires 2026 |
| Years of Service | Each Fund: 8 |
| Independence Status | Independent Director; Audit Committee members are independent per NYSE standards |
| Committee Memberships | Audit Committee; Governance & Nominating Committee; Independent Directors Committee (member of all) |
| Committee Chair Roles | Chair of Audit Committees of AB Funds since Feb 2023; Chair of Audit Committees of AB Funds Complex since Jan 2025 |
| Board Meeting Count (FY 2024) | AGHIF: 4; ANMIF: 4 |
| Audit Committee Meetings (FY 2024) | AGHIF: 4; ANMIF: 3 |
| Governance & Nominating Meetings (FY 2024) | AGHIF: 3; ANMIF: 3 |
| Independent Directors Committee Meetings (FY 2024) | AGHIF: 9; ANMIF: 9 |
| Executive Sessions | Independent Directors meet in executive session at every Board meeting |
| Board Leadership | Chair of the Board is an Independent Director (Garry L. Moody) |
Fixed Compensation
| Metric | Amount | Period |
|---|---|---|
| Compensation from AGHIF | $4,388 | FY 2024 |
| Compensation from ANMIF | $3,508 | FY 2024 |
| Compensation from AB Funds Complex (aggregate) | $456,000 | Calendar 2024 |
| Investment Companies Overseen | 28 | 2024 |
| Investment Portfolios Overseen | 95 | 2024 |
Performance Compensation
No performance-based compensation metrics, equity awards (RSUs/PSUs/options), or incentive formulas for Independent Directors are disclosed in the proxy; compensation is presented as aggregate amounts by fund and across the AB Funds Complex .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Current advisory/private boards | Butcher Box Advisory Board (member since 2018; Chair since June 2023) |
| Prior public company boards | Not disclosed |
| Prior private/non-profit boards | Mass General Brigham Investment Committee (2010–2019); Norfolk & Dedham Group Director (2011–Nov 2016); Partners Community Physicians Organization Director (2014–Dec 2016) |
Expertise & Qualifications
- Asset management leadership: Director of Global Investment Research at Putnam; CIO for Core & Growth; senior roles across investment sales and wealth management .
- Governance and audit oversight: Chair of Audit Committees since Feb 2023 (AB Funds) and since Jan 2025 (AB Funds Complex), indicating deep familiarity with fund accounting, financial reporting, and auditor independence frameworks .
- Broad board/advisory experience across healthcare, insurance, and consumer sectors, supporting risk oversight and operational scrutiny in closed-end funds .
Equity Ownership
| Fund | Dollar Range of Equity Securities (as of Dec 31, 2024) | Aggregate Dollar Range in AB Funds Complex |
|---|---|---|
| AGHIF | $10,001–$50,000 | Over $100,000 |
- As of Feb 3, 2025, Directors and officers of each Fund, individually and as a group, owned less than 1% of the shares of either Fund .
Governance Assessment
- Committee assignments and chair roles: McMullen’s leadership of Audit Committees across the AB Funds and the broader Complex positions her at the center of financial reporting oversight, audit pre-approval processes, and independence evaluations—key signals for investor confidence in governance quality .
- Independence and board structure: She is an Independent Director; committees are composed exclusively of Independent Directors; the Board is chaired by an Independent Director, and Independent Directors meet in executive session at every Board meeting—structures that reinforce effective oversight of the Adviser and service affiliates .
- Engagement signals: The Board and committees met regularly in FY 2024 (Board: 4; Audit: 3–4; Governance & Nominating: 3; Independent Directors: 9), indicating active governance cycles; individual attendance rates, however, are not disclosed in the proxy .
- Ownership alignment: She holds AGHIF within the $10,001–$50,000 range; aggregate dollar range across the AB Funds Complex is over $100,000, while directors/officers as a group own <1%—suggesting alignment via holdings exists but is not concentrated at the fund level .
- Compensation signals: Aggregate compensation across the AB Funds Complex was $456,000 in 2024; fund-level compensation was modestly sized (AGHIF $4,388; ANMIF $3,508). The proxy does not disclose equity-linked or performance-based components for Independent Directors, limiting pay-for-performance analysis in a fund context .
- Conflicts and related-party oversight: The Adviser is an affiliate; Audit Committee policies require pre-approval of all audit and relevant non-audit services for the Funds, the Adviser, and service affiliates, and consider auditor independence—mitigating related-party risks in practice .
RED FLAGS
- Individual attendance rates are not disclosed; only meeting counts are provided, which reduces transparency on director-level engagement metrics .
- Stock ownership guidelines and compliance status for directors are not disclosed; alignment assessment is constrained to dollar ranges .