Maureen Usifer
About Maureen Usifer
Maureen K. Usifer (year of birth: 1960) is an Independent Trustee/Director of Liberty All-Star Funds: Trustee of the Equity Fund since 2018 (term expires 2027) and Director of the Growth Fund since 2018 (term expires 2026). She chairs the Audit Committee and is designated the Audit Committee Financial Expert by both Boards; she also serves on the Nominating & Governance Committee. Her background includes CFO roles and extensive financial accounting and oversight experience in regulated and educational settings, and multiple current board roles in credit and operating companies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Seventh Generation, Inc. | Chief Financial Officer | 2012–2016 | Finance leadership and corporate oversight |
| Saint Michael’s College | Board of Trustees | 2015–2024 | Served on operations and audit committee |
| Green Mountain Care Board (State of Vermont) | Board Member | 2017–2021 | Financial regulatory oversight |
| Healthy Living Market | Board Advisor | 2017–2023 | Advisory oversight |
| PC Construction | Director | 2021–Present | Board member |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Charlotte’s Web | Director | 2024–Present | Board service |
| BlackRock TCP Capital Corp | Director | 2024–Present | Public BDC; governance and audit expertise |
| BlackRock Direct Lending Corp | Director | 2024–Present | Direct lending vehicle |
| BlackRock Private Credit Fund | Trustee | 2022–Present | Private credit oversight |
Board Governance
- Independence: All Trustees/Directors of both Funds are independent per the 1940 Act and NYSE standards; the Board Chair (Thomas W. Brock) is independent .
- Committee assignments:
- Audit Committee: Chair; Boards determined Usifer is the “audit committee financial expert” and financially literate; committee is composed solely of independent members .
- Nominating & Governance Committee: Member; committee comprises six independent Trustees/Directors; met twice in FY 2024 .
- Attendance and engagement:
- Meetings held in FY 2024: Equity Fund Board (4), Growth Fund Board (4), Audit Committees (4); all sitting Trustees/Directors attended all Board and Audit Committee meetings except Mr. Brock at the August 2024 Audit Committee meeting (implies Usifer had full attendance) .
- Annual shareholder meetings: No Trustees/Directors attended the 2024 annual meetings; the Funds have no formal policy on attendance at shareholder annual meetings .
- Executive sessions: Independent Trustees/Directors hold at least one in‑person meeting annually without management present .
- Shareholder communications: Shareholders may write to individual Trustees/Directors via the Secretary, 1290 Broadway, Suite 1000, Denver, CO 80203 .
Committee and Attendance Detail
| Item | Scheduled | Attended | Notes |
|---|---|---|---|
| Equity Fund Board meetings (FY 2024) | 4 | 4 | All sitting Trustees/Directors present |
| Growth Fund Board meetings (FY 2024) | 4 | 4 | All sitting Trustees/Directors present |
| Audit Committee meetings (FY 2024) | 4 | 4 | Brock absent in Aug. 2024; Usifer attended |
| Nominating & Governance Committee meetings (FY 2024) | 2 | 2 | Committee met twice |
| Annual Shareholder Meetings (2024) | — | 0 | No Trustees/Directors attended |
Fixed Compensation
- Compensation is reviewed by the Nominating & Governance Committee; neither Fund maintains a bonus, profit‑sharing, or retirement plan for Trustees/Directors .
| Component (FY 2024) | Equity Fund ($) | Growth Fund ($) | Total Fund Complex ($) |
|---|---|---|---|
| Independent Director Compensation – Maureen K. Usifer | 74,076 | 26,924 | 101,000 |
Performance Compensation
- No performance‑based pay: Neither Fund has a bonus, profit‑sharing, or retirement plan for Trustees/Directors .
| Performance Component | Status |
|---|---|
| Target/Actual Bonus | Not applicable; no bonus plan |
| Equity awards (RSUs/PSUs/Options) | Not disclosed in proxy for Trustees/Directors |
| Performance Metrics (TSR/EBITDA/ESG) | Not applicable for independent directors |
Other Directorships & Interlocks
| Relationship Area | Observation |
|---|---|
| Service provider interlocks | Fund managers/sub‑advisers are Aristotle, Congress, Fiduciary Management, Pzena, SGA, TCW, Weatherbie, Westfield; no BlackRock listed in Fund Complex managers . |
| Securities of advisers/sub‑advisers | As of Dec. 31, 2024, no Independent Trustee/Director or immediate family members owned beneficially or of record any class of securities of another investment adviser or Portfolio Manager of either Fund or controlling persons thereof . |
| Transactions with advisers | Since the most recent fiscal year, no Trustee/Director purchased or sold securities exceeding 1% of the outstanding securities of any class of shares of AAI or any Portfolio Manager or parents/subsidiaries . |
Expertise & Qualifications
- Audit leadership: Audit Committee Chair and SEC‑designated Audit Committee Financial Expert; Board confirms financial literacy .
- CFO and financial oversight: Former CFO of Seventh Generation; service on state regulatory board and college board audit/operations .
- Investment company governance: Multiple years as Trustee/Director of the Liberty All‑Star Funds; extensive experience as audit chairperson for a business development fund .
Equity Ownership
| Measure | Equity Fund | Growth Fund | Notes |
|---|---|---|---|
| Dollar range of beneficial ownership (as of 12/31/2024) | $10,001–$50,000 | $10,001–$50,000 | Aggregate across Funds: $50,001–$100,000 |
| Shares owned (as of 12/31/2024) | 6,600 | 7,600 | Group holdings under 1% of outstanding |
| Shares outstanding (Record Date 6/6/2025) | 294,774,236 | 61,958,696 | Outstanding shares for percent calc |
| Ownership as % of shares outstanding | ~0.0022% (6,600/294,774,236) | ~0.0123% (7,600/61,958,696) | Computed from disclosed holdings and shares outstanding |
| Pledged/hedged shares | Not disclosed | Not disclosed | No pledging disclosures found |
Governance Assessment
- Strengths:
- Independence and financial expertise: Entire Boards independent; Usifer serves as Audit Committee Chair and SEC‑defined Financial Expert, enhancing oversight of financial reporting and auditor independence .
- Attendance: Full participation in FY 2024 Board and Audit Committee meetings, indicating high engagement .
- No adviser/securities conflicts disclosed: No holdings of advisers/sub‑advisers by Independent Trustees/Directors; no large transactions with AAI or Portfolio Managers, supporting independence .
- Oversight processes:
- Formal Audit Committee charter; direct responsibility for auditor appointment, compensation, retention, and oversight; periodic PCAOB‑aligned reviews and pre‑approval policy for audit and non‑audit services .
- Independent executive sessions occur at least annually without management present .
- Compensation:
- Cash retainer structure with no bonus/profit‑sharing/retirement plan; total 2024 compensation of $101,000 across Funds for Usifer .
- RED FLAGS / Watch items:
- Shareholder meeting attendance: No Trustees/Directors attended the Funds’ 2024 annual meetings of shareholders; while common in funds, it is a potential engagement signal to monitor .
- External directorships at BlackRock credit vehicles: While no Fund‑adviser interlocks are disclosed and independence is affirmed, continued monitoring for any future related‑party exposure is prudent .
- Compliance:
- Section 16(a) filings: The Funds believe all applicable Section 16(a) filing requirements were complied with as of FY end Dec. 31, 2024 .
Overall, Usifer’s audit leadership, full meeting attendance, and absence of disclosed adviser interlocks support board effectiveness and investor confidence; maintain oversight on shareholder‑meeting engagement and any evolving cross‑directorship exposures .