Jorge Bermudez
About Jorge A. Bermudez
Independent Director of AllianceBernstein National Municipal Income Fund (AFB/ANMIF) and AllianceBernstein Global High Income Fund (AGHIF); age 73; tenure on the Funds’ boards: 5 years as of the 2025 meeting. Former Citigroup Chief Risk Officer and CEO of Citigroup’s Commercial Business Group/Citibank Texas; currently Audit Committee Chair at Moody’s Corporation. Standing for election as a Class One Director with a term ending at the 2028 annual meeting; also standing as Class One Preferred Director of ANMIF. Core credentials: deep risk management, audit oversight, and financial services board experience.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citigroup, Inc. | Chief Risk Officer | Nov 2007 – Mar 2008 | Senior executive risk leadership at a global financial services firm |
| Citigroup Commercial Business Group & Citibank Texas | Chief Executive Officer | 2005 – 2007 | Led commercial banking franchise in North America |
| Citibank, N.A. | Director | 2005 – 2008 | Board oversight at major bank subsidiary |
| Federal Reserve Bank of Dallas, Houston Branch | Director | 2009 – 2011 | Regional Fed governance and oversight |
| Federal Reserve Bank of Dallas | Director | 2011 – 2017 | Board oversight; audit-related experience cited by AB Funds |
| Electric Reliability Council of Texas (ERCOT) | Director | 2010 – 2016 | Grid reliability governance |
| Texas A&M Foundation Board of Trustees | Trustee; Chair | Trustee: 2014 – 2021; Chair: 2017 – 2018 | Philanthropic governance leadership |
| AllianceBernstein Funds (AB Funds Complex) | Independent Director/Trustee | Since Jan 2020 (AB Funds; complex-wide since Jan 2025) | Member of Audit, Governance & Nominating, and Independent Directors Committees |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Moody’s Corporation | Director; Chair, Audit Committee | Director since Apr 2011; Audit Chair since Dec 2022 | Leads audit oversight at a large public company |
| Texas A&M Smart Grid Center Board | Chairman | Since 2012 | Technical oversight of grid innovation |
Board Governance
- Committee memberships at AFB/AGHIF: Audit Committee, Governance & Nominating Committee, Independent Directors Committee; Audit Committee membership confirmed in the committee’s signed report.
- Independence: Classified by the AB Funds as an Independent Director under the Investment Company Act of 1940; all standing committees are composed exclusively of Independent Directors.
- Tenure/term: Standing as Class One (term to 2028) and as Class One Preferred Director (ANMIF) at the March 27, 2025 meeting.
- Board leadership and structure: Independent Chair (Garry L. Moody); the Board is divided into three staggered classes (an anti-takeover provision that maintains continuity of management).
- Meeting cadence and engagement: In fiscal 2024, AGHIF Board met 4 times; ANMIF Board met 4 times; Audit Committees met AGHIF 4 times, ANMIF 3 times; Governance & Nominating Committees met 3 times; Independent Directors Committees met 9 times; Independent Directors meet in executive session at every Board meeting.
- Audit oversight rigor: Audit Committee pre-approves 100% of audit-related and tax services; independence framework documented, with standard PCAOB communications received and discussed.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Compensation from AGHIF ($) | $3,820 | $3,656 |
| Compensation from ANMIF ($) | $2,760 | $2,998 |
| Compensation from AB Funds Complex, including the Funds ($) | $330,000 | $380,000 |
| Number of Investment Companies in AB Funds Complex (as Director/Trustee) | 28 | 28 |
| Number of Investment Portfolios overseen in AB Funds Complex | 82 | 95 |
- Pension/retirement: No pension or retirement benefits paid to directors across the AB Funds Complex in 2024, except a one-time retirement benefit for two former directors on other AB boards, fully borne by the Adviser via fee waiver.
Other Directorships & Interlocks
| Company | Role | Since | Committee Roles |
|---|---|---|---|
| Moody’s Corporation | Director | 2011 | Chair, Audit Committee (since Dec 2022) |
Expertise & Qualifications
- Deep risk management and audit oversight expertise from senior Citigroup roles (including Chief Risk Officer) and service on Federal Reserve Bank boards; recognized by AB Funds for audit leadership and financial services acumen.
- Public company governance experience as Audit Committee Chair at Moody’s, complementing fund governance responsibilities.
- Broad oversight capacity within the AB Funds Complex (95 portfolios in 2024), indicating significant engagement breadth across investment vehicles.
Equity Ownership
| Holding Disclosure Date | Fund | Dollar Range of Equity Securities | Aggregate Dollar Range of AB Funds Complex |
|---|---|---|---|
| As of Dec 31, 2024 | AGHIF | $10,001–$50,000 | Over $100,000 |
| As of Dec 31, 2023 | AGHIF | $10,001–$50,000 | Over $100,000 |
- Group ownership context: As of Feb 3, 2025, directors and officers individually and as a group owned less than 1% of shares of either Fund; ANMIF outstanding voting shares at record date included 28,744,936 common shares and preferred series as disclosed.
Governance Assessment
- Independence and committee coverage: Bermudez is an Independent Director serving on all three standing committees (Audit; Governance & Nominating; Independent Directors), supporting board effectiveness in oversight, nominations, and independent sessions.
- Audit rigor and regulatory posture: The Audit Committee’s full pre-approval of services and documented independence processes, plus PCAOB and SAS 114 communications, point to robust financial reporting oversight.
- Attendance and engagement signals: While individual attendance rates are not disclosed, committee/board meeting frequency and the Governance & Nominating Committee’s annual performance and attendance reviews indicate structured engagement monitoring.
- Compensation alignment: Compensation appears primarily cash-based at the fund complex level with no ongoing pensions; Bermudez holds AGHIF shares within disclosed ranges, supporting alignment, though ANMIF-specific holdings are not disclosed.
- Risk indicators and red flags: No delinquent Section 16 filings reported for directors except one late Form 3 for a fund controller; no related-party transactions involving Bermudez disclosed in the proxy; note the classified board as an anti-takeover feature that can reduce board turnover responsiveness.