Jeanette Loeb
About Jeanette W. Loeb
Jeanette W. Loeb, age 72, is an Independent Director of AllianceBernstein National Municipal Income Fund, Inc. (AFB) and AllianceBernstein Global High Income Fund (AGHIF), serving since April 2020; her current term as a Class Three director expires in 2027. She brings senior financial services and operating experience (former Goldman Sachs partner; former CEO of PetCareRx), has chaired the Governance & Nominating Committees of the AB Funds since August 2023 and of the broader AB Funds Complex since January 2025, and oversees 95 portfolios within the complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PetCareRx (e-commerce pet pharmacy) | Chief Executive Officer | 2002–2011; 2015–Apr 2023 | Operating executive experience relevant to e-commerce and private company governance |
| Goldman Sachs Group, Inc. | Partner; earlier roles | Partner 1986–1994; affiliated 1977–1994 | Large-cap financial services leadership; capital markets expertise |
| AB Multi-Manager Alternative Fund (AMMAF) | Director | 2012–2018 | Fund governance experience within AB complex |
| MidCap Financial Investment Corporation (public BDC) | Director; Audit Committee member | Aug 2011–Jul 2023 | Public company board and audit committee oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| New York City Center (non-profit) | Director | Since 2005 | Long-standing non-profit board service |
| Current public company boards | None | N/A | No other current public company directorships disclosed |
Board Governance
| Dimension | Details |
|---|---|
| Independence | Independent Director under 1940 Act; Board is led by an Independent Chair; all standing committees consist exclusively of Independent Directors . |
| Committees | Member of Audit Committee; Chair of Governance & Nominating Committee; Member of Independent Directors Committee (per “#” notation and committee rosters) . |
| Chair roles | Chair, Governance & Nominating Committees (AB Funds since Aug 2023; AB Funds Complex since Jan 2025) . |
| Meeting cadence (FY 2024) | Board met 4 times (AGHIF: 4; ANMIF: 4); Audit Committee met 4 (AGHIF) and 3 (ANMIF) times; Governance & Nominating met 3 times (each fund); Independent Directors Committee met 9 times (each fund). Independent Directors meet in executive session at every Board meeting . |
| Attendance | Individual attendance rates not disclosed; Governance & Nominating Committee annually reviews each Director’s performance including attendance and preparation . |
| Risk oversight | Regular reporting from Adviser CRO, Fund CCO, external auditor, and counsel; Audit Committee pre-approves all audit and relevant non-audit services and issues annual report . |
Fixed Compensation
| Director | Fund Compensation (AGHIF, FY ended 2024) | Fund Compensation (ANMIF, FY ended 2024) | AB Funds Complex Compensation (CY 2024) | Investment Companies Overseen | Portfolios Overseen |
|---|---|---|---|---|---|
| Jeanette W. Loeb | $4,024 | $3,331 | $437,000 | 28 | 95 |
- Pension/retirement: No pension or retirement benefits for directors in 2024 across the AB Funds Complex, except a one-time retirement benefit for two former SCB/AMMAF directors, fully borne by the Adviser via fee waiver (not applicable to Loeb) .
Performance Compensation
| Element | Disclosure |
|---|---|
| Equity (DSUs/RSUs/Options) | Not disclosed; proxy presents aggregate director compensation (cash), with no equity or option awards discussed for directors . |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed for directors; no performance-linked pay elements indicated . |
| Clawbacks/COC/Severance (directors) | Not applicable/not disclosed for directors . |
Other Directorships & Interlocks
| Company | Type | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| MidCap Financial Investment Corporation | Public BDC | Director (Aug 2011–Jul 2023) | Past role; no current interlock disclosed . |
| AB Funds Complex (Unitary Board) | Registered funds | Chair, Governance & Nominating (since Jan 2025) | Governance role across complex; committees comprised of independent directors to mitigate adviser conflicts . |
Expertise & Qualifications
- Financial services and capital markets (former Goldman Sachs partner) and operating leadership (PetCareRx CEO); prior public company audit committee service (MidCap BDC) .
- Non-profit board leadership (United Nations Development Corporation; New York City Center) and governance specialization (chairs Governance & Nominating) .
Equity Ownership
| Holder | AGHIF Dollar Range (12/31/2024) | ANMIF Dollar Range (12/31/2024) | Aggregate Dollar Range in AB Funds Complex (12/31/2024) | Notes |
|---|---|---|---|---|
| Jeanette W. Loeb | $10,001–$50,000 | $10,001–$50,000 | Over $100,000 | Individual % ownership of either fund not provided; Directors and officers as a group owned <1% of each fund as of Feb 3, 2025 . |
| Pledging/Hedging | Not disclosed | N/A | N/A | No pledging or hedging disclosure specific to directors found in proxy . |
Governance Assessment
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Strengths and signals of effectiveness
- Chair of Governance & Nominating across the AB Funds Complex, indicating trust in her governance leadership and board-refreshment oversight .
- Comprehensive independent structure: Independent Chair, fully independent committees, and executive sessions at every Board meeting support robust oversight in a fund-adviser context .
- Audit Committee membership and participation in the committee’s report underscore engagement with financial reporting and auditor independence processes .
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Alignment and compensation
- Personal fund holdings fall in the $10,001–$50,000 range for both AGHIF and ANMIF, with aggregate holdings across the complex over $100,000, providing some alignment though, consistent with fund governance norms, aggregate group ownership remains <1% of each fund .
- Director compensation is cash-based at the complex level ($437,000 in 2024), with no disclosed performance-linked components or equity awards—typical for registered fund directors, but investors should weigh whether high aggregate complex fees could create perceived dependence on the adviser relationship despite independence safeguards .
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Conflicts and red flags
- No related-party transactions, loans, pledging, or hedging disclosures specific to Loeb were identified in the proxy .
- The funds’ governance model is shaped by prior regulatory settlements requiring an Independent Chair—this reinforces independent oversight but also highlights a legacy of heightened governance scrutiny around the adviser .
- Activist ownership in ANMIF (e.g., Saba Capital at ~10.95%) suggests an environment of shareholder pressure on discount management and governance; while not tied to Loeb individually, it heightens the importance of effective independent board leadership and refreshment practices she oversees .
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Engagement
- Strong committee activity (Audit, Governance & Nominating, Independent Directors Committee) and regular executive sessions point to active board processes; however, individual director attendance rates are not disclosed (the Governance & Nominating Committee reviews attendance and preparedness annually) .
Overall: Loeb’s profile—deep finance and operating experience, plus leadership of governance across the AB Funds Complex—supports investor confidence in board process and refreshment. Monitoring remains warranted on complex-wide director fee levels and evolving activist dynamics, where independent committee leadership and responsiveness will be key .