Daniel L. Black
About Daniel L. Black
Independent Trustee of Advent Convertible and Income Fund (NYSE: AVK) since September 20, 2005, and designated Lead Independent Trustee by the Board. Year of birth: 1960. Current role: Managing Partner at The Wicks Group of Companies, LLC (since 2003). The proxy emphasizes his finance and investment background; education is not disclosed. Core credentials include leadership across commercial and corporate banking, merchant banking, private equity, and mezzanine investing, with extensive board experience in information, education, and media businesses .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BNY Capital Markets (division of BNY Mellon) | Managing Director & Co-Head, Merchant Banking Group | 1998–2003 | Not disclosed |
| BNY Mellon | Co-Head, U.S. Corporate Banking | 1995–1998 | Not disclosed |
| The Wicks Group of Companies, LLC | Managing Partner | 2003–present | Sponsor/PE leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sensata Technologies, Inc. | Director | 2021–present | Public company board |
| Dartmouth College | Trustee Emeritus | 2019–2022 | Non-profit governance |
| Antenna International, Inc. | Director (prior) | 2010–2020 | Prior board |
| Bendon Inc. | Director (prior) | 2012–2016 | Prior board |
| Bonded Services, Ltd. | Director (prior) | 2011–2016 | Prior board |
| Sontiq, Inc. | Director (prior) | 2016–2021 | Prior board |
Board Governance
- Lead Independent Trustee: chairs executive sessions of Independent Trustees, reviews Board agendas, represents Independent Trustees’ views to management, and facilitates communication among Independent Trustees and counsel .
- Independence: Listed among “Independent Trustees” (not an “interested person” of the Fund or Advent Capital Management, LLC per Rule 10A-3 definitions) .
- Committee memberships: Audit Committee member; Nominating & Governance Committee member (both committees comprise all Independent Trustees; a majority of Audit members are “audit committee financial experts”) .
- Engagement/attendance: In FY ended Oct 31, 2024, the Board held 7 meetings; Audit Committee 4; Nominating & Governance Committee 4. Each Trustee attended ≥75% of Board and relevant committee meetings, except the Interested Trustee; annual meeting attendance via teleconference noted .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Daniel L. Black – Aggregate Compensation from Fund (USD) | $88,500 | $99,500 | $99,500 |
Notes: AVK reports aggregate director compensation only; no granular breakdowns (retainer vs. meeting fees vs. chair fees) are disclosed .
Performance Compensation
- No performance-based metrics or equity awards are disclosed for Trustees; AVK’s proxy presents only aggregate cash compensation for directors. There are no RSU/PSU/option grants or performance targets tied to director pay disclosed .
| Performance-linked components | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), option awards | Not disclosed in AVK’s proxy statements |
| Performance metrics (TSR, revenue, EBITDA, ESG) | Not disclosed in AVK’s proxy statements |
Other Directorships & Interlocks
| Company | Type | Potential Interlock/Conflict with AVK |
|---|---|---|
| Sensata Technologies, Inc. | Public company board | None apparent from AVK filings; AVK is a closed‑end fund investing broadly, not an operating issuer; no related-party transactions disclosed involving Black . |
| Dartmouth College | Non-profit | No investor conflict indicated . |
AVK discloses general conflict risk oversight (including risks related to affiliates of Advent and Guggenheim), but does not identify any Black-specific related-party transactions under Item 404 .
Expertise & Qualifications
- Finance and governance: Extensive leadership in commercial/corporate banking, merchant banking, private equity/mezzanine investing; board experience across multiple industries .
- Board leadership: Lead Independent Trustee responsibilities enhance independent oversight .
- Audit oversight: Serves on an all-independent Audit Committee with a majority designated as financial experts .
Equity Ownership
| Metric | Value |
|---|---|
| Dollar range of AVK equity owned | Over $100,000 |
| Ownership as % of shares outstanding | <1% of outstanding shares |
| Shares outstanding reference | 44,148,745 (as of Aug 1, 2025 record date) |
No pledging/hedging or ownership guidelines are disclosed for Trustees; vested/unvested share breakdown is not provided .
Governance Assessment
- Strengths: Long tenure (since 2005) and designation as Lead Independent Trustee support board independence and effective oversight; consistent meeting attendance; meaningful personal investment (> $100k) aligns interests with shareholders .
- Compensation signals: Stable, modest cash compensation (increase from $88.5k in FY22 to $99.5k in FY23 and FY24); no equity or performance-based pay—reduces pay-for-performance concerns for director roles and limits dilution/alignment questions typical of operating companies .
- Conflicts/related party: AVK identifies oversight of potential conflicts involving Advent and Guggenheim affiliates but discloses no related‑party transactions involving Black; Section 16 filings were timely for FY2024 per the proxy .
- Engagement: Teleconference-format annual meetings and documented quarterly CCO reporting/audit oversight processes indicate formal governance routines; Black participates through his roles and committee memberships .
Overall, Daniel L. Black’s independent leadership role, multi-decade finance and governance experience, and personal ownership support investor confidence; no red flags specific to his involvement are disclosed in AVK filings .