Garry Moody
About Garry L. Moody
Garry L. Moody, age 72, is an Independent Director and Chair of the Board for AFB’s funds, serving since 2008 (17 years of service as of the 2025 meeting). His current term expires in 2027 (Class Three). A certified public accountant, Moody previously held senior roles at Deloitte & Touche (Vice Chairman; U.S. & Global Investment Management Practice Managing Partner), Fidelity Accounting and Custody Services Company (President), and Ernst & Young (Partner; National Director of Mutual Fund Tax Services; Managing Partner of Chicago Office Tax Department). He served on the Investment Company Institute (ICI) Board of Governors and the Independent Directors Council (IDC) Governing Council through September 2023, including as IDC Governance Committee Chair (Oct 2021–Sep 2023). He has chaired the AB Funds and the Independent Directors Committees since 2023, and serves as Chair of the AB Funds Complex and its Independent Directors Committees since January 2025, overseeing 95 portfolios across 28 companies in the AB Funds Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte & Touche LLP | Vice Chairman; U.S. & Global Investment Management Practice Managing Partner | 1995–2008 | Senior leadership across investment management auditing/practice management |
| Fidelity Accounting and Custody Services Company | President | 1993–1995 | Responsible for accounting, pricing, custody, reporting for Fidelity mutual funds |
| Ernst & Young LLP | Partner; National Director of Mutual Fund Tax Services; Managing Partner, Chicago Office Tax Department | 1975–1993 | Mutual fund tax leadership; office management and tax expertise |
| Investment Company Institute (ICI) | Board of Governors member | Oct 2019–Sep 2023 | Fund industry governance; policy leadership |
| Independent Directors Council (IDC) | Governing Council member; Chair, Governance Committee | Oct 2021–Sep 2023 | Led governance agenda for independent directors |
External Roles
| Organization | Role | Dates | Notes |
|---|---|---|---|
| Investment Company Institute (ICI) | Board of Governors member | Oct 2019–Sep 2023 | Fund industry leadership |
| Independent Directors Council (IDC) | Governing Council member; Governance Committee Chair | Oct 2021–Sep 2023 | Governance standards for investment company directors |
| Other public company boards | None disclosed | N/A | No current public company directorships |
Board Governance
- Structure and independence: The Board has three standing committees—Audit; Governance & Nominating; Independent Directors Committee—each composed exclusively of Independent Directors. Independent Directors meet in executive session at every Board meeting and have engaged independent legal counsel .
- Leadership: Moody is Chair of the Board and Chair of the Independent Directors Committees (since 2023); he previously chaired the Audit Committees (2008–Feb 2023) .
- Meetings/engagement: The Board met four times for each fund in FY2024; committee meeting frequency is shown below .
| Committee/Body | Moody’s Role | AGHIF FY2024 Meetings | ANMIF FY2024 Meetings |
|---|---|---|---|
| Board of Directors | Chair; Independent Director | 4 | 4 |
| Audit Committee | Member (former Chair until Feb 2023) | 4 | 3 |
| Governance & Nominating Committee | Member | 3 | 3 |
| Independent Directors Committee | Chair | 9 | 9 |
- Audit oversight: The Audit Committee pre-approves 100% of audit/tax/audit-related services; it considered auditor independence, received required disclosures, and recommended inclusion of audited financials. Ernst & Young LLP was selected as the independent registered public accounting firm for FY2025–FY2026; representatives are expected at the meeting .
Fixed Compensation
| Name | Compensation from AGHIF (FY2024) | Compensation from ANMIF (FY2024) | Compensation from AB Funds Complex (CY2024) | Investment Companies Overseen | Portfolios Overseen |
|---|---|---|---|---|---|
| Garry L. Moody | $5,302 | $4,364 | $551,000 | 28 | 95 |
- Board compensation policy: No pension or retirement benefits to directors within the AB Funds Complex in CY2024, except a one-time retirement benefit for two former directors of SCB Funds/AMMAF in connection with the Unitary Board; the entire cost was borne by the Adviser via fee waiver .
Other Directorships & Interlocks
| Company | Role | Committees | Notes |
|---|---|---|---|
| None disclosed | — | — | No current public company directorships, reducing interlocks risk |
Expertise & Qualifications
- CPA with deep audit, tax, and investment management practice leadership; former Vice Chairman at Deloitte; former President at Fidelity Accounting & Custody; former EY partner with mutual fund tax leadership .
- Fund governance leadership: Chair of AB Funds and Independent Directors Committees since 2023; Chair of AB Funds Complex since Jan 2025; prior long-standing Audit Committee Chair (2008–Feb 2023) .
- Industry engagement: ICI Board of Governors; IDC Governing Council; IDC Governance Committee Chair (Oct 2021–Sep 2023) .
- Oversight scope: Oversees 95 portfolios across 28 investment companies in the AB Funds Complex .
Equity Ownership
| Holder | Fund | Dollar Range of Equity (as of Dec 31, 2024) |
|---|---|---|
| Garry L. Moody | AGHIF | $10,001–$50,000 |
| Aggregate Holdings Across Funds Overseen (AB Funds Complex) | Dollar Range |
|---|---|
| Garry L. Moody | Over $100,000 |
- Group ownership: As of Feb 3, 2025, directors and officers individually and as a group owned less than 1% of either fund’s shares .
Governance Assessment
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Strengths
- Independence and robust governance: All standing committees composed of Independent Directors; Independent Directors meet in executive session at every Board meeting and engage independent counsel .
- Deep technical and industry expertise: CPA; senior audit/tax leadership; fund operations leadership; significant fund industry governance roles (ICI, IDC) .
- Experienced oversight: Prior Audit Committee Chair for ~15 years; now Board Chair and Chair of Independent Directors Committees, supporting governance continuity .
- Audit rigor: 100% pre-approval of services; explicit auditor independence review and reporting; Audit Committee recommended audited financials inclusion .
-
Considerations / potential red flags
- Limited disclosed direct ownership: Reported holdings are a dollar range rather than share count; directors/officers as a group own <1%, which may signal limited economic alignment typical for registered investment company boards .
- Auditor relationships to Adviser: Significant non-audit services to the Adviser and service affiliates are disclosed (aggregate fees vary by fund), though all services requiring pre-approval were pre-approved and independence was considered—an area to continue monitoring under the Audit Committee’s purview .
- Attendance specifics not disclosed: While meeting frequencies are provided, individual director attendance rates are not detailed; Governance & Nominating Committee annually reviews director performance, including attendance and participation .