Carol C. McMullen
About Carol C. McMullen
Carol C. McMullen (age 69) is an Independent Director of AllianceBernstein Global High Income Fund, Inc. (AWF) with eight years of board service as of the March 27, 2025 meeting. She is a private investor with deep asset and wealth management experience, including senior roles at Putnam Investments (Chief Investment Officer, Core & Growth; Head of Global Investment Research), Thomson Financial (Global Head of Sales for Investment Management), and Eastern Bank (President, Eastern Wealth Management). She currently chairs the Audit Committees for the AB Funds and the AB Funds Complex, reflecting core credentials in financial oversight and governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Putnam Investments | Chief Investment Officer, Core & Growth; Head of Global Investment Research | Not disclosed | Led investment research; senior investment leadership |
| Thomson Financial | Global Head of Sales for Investment Management | Not disclosed | Senior commercial leadership in investment tech/data |
| Eastern Bank | President, Eastern Wealth Management | Not disclosed | Led wealth management; executive leadership |
| Slalom Consulting | Managing Director | 2014–July 2023 | Talent/operations leadership at global tech consulting firm |
| The Crossland Group | Managing Director | 2012–2013 | Consulting leadership |
| Mass General Brigham (Partners Healthcare) Investment Committee | Member | 2010–2019 | Institutional investment oversight |
| Norfolk & Dedham Group | Director | 2011–Nov 2016 | P&C insurance governance |
| Partners Community Physicians Organization | Director | 2014–Dec 2016 | Healthcare provider governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Butcher Box (private, e‑commerce) | Advisory Board Member | Since 2018 | Advisory Board Chair since June 2023 |
| AB Funds (director/trustee) | Director/Trustee | Since June 2016 | Chair of Audit Committees since Feb 2023; AB Funds Complex Audit Chair since Jan 2025 |
Board Governance
- Independence: McMullen is classified as an Independent Director; she is a member of the Audit Committee, Governance & Nominating Committee, and Independent Directors Committee for each Fund, and serves as Audit Committee Chair .
- Board structure and leadership: The Board is led by an Independent Director (Chair: Garry L. Moody), with committees composed exclusively of Independent Directors; Independent Directors meet in executive session at every Board meeting .
- Meeting cadence (FY2024): Board met 4 times (AGHIF); Audit Committee met 4 (AGHIF) and 3 (ANMIF) times; Governance & Nominating met 3 times (each Fund); Independent Directors Committee met 9 times (each Fund). The Funds do not require directors to attend annual stockholder meetings .
- Years of service: 8 years on the Board as of the 2025 meeting; oversees 95 portfolios across 28 investment companies in the AB Funds Complex .
- Classified board note: The Board is divided into three classes with staggered three-year terms, an anti-takeover provision that maintains continuity of management .
Fixed Compensation
| Component | Amount | Period/Scope |
|---|---|---|
| Cash fees from AWF (AGHIF) | $4,388 | Fiscal year ended March 31, 2024 |
| Cash fees from ANMIF | $3,508 | Fiscal year ended Oct 31, 2024 |
| Compensation from AB Funds Complex (including AWF & ANMIF) | $456,000 | Calendar year 2024 |
| Investment companies overseen | 28 | Calendar year 2024 |
| Portfolios overseen | 95 | Calendar year 2024 |
The proxy reports aggregate director compensation and explicitly notes no pension or retirement benefits paid by the Funds or AB Funds Complex in 2024 (other than a one-time retirement benefit for two former directors unrelated to McMullen) .
Performance Compensation
| Item | Disclosure | Detail |
|---|---|---|
| Stock awards (RSUs/PSUs) | Not disclosed in proxy | No data provided on director stock grants |
| Option awards | Not disclosed in proxy | No data provided on director option awards |
| Bonuses (annual/retention/discretionary) | Not disclosed in proxy | No bonus disclosures for directors |
| Severance / Change‑of‑Control | Not disclosed in proxy | No severance or CIC terms disclosed for directors |
| Clawback / Tax gross‑ups | Not disclosed in proxy | No clawback or gross‑up provisions disclosed for directors |
| Pension/SERP | Not provided (except one‑time benefit to two former directors) | Pension/retirement benefits not provided to directors in 2024 |
Other Directorships & Interlocks
| Category | Status | Notes |
|---|---|---|
| Current public company boards | None | “Other Directorships Currently Held: None” |
| Prior public company boards | Not disclosed | Private company boards noted (insurance, healthcare) |
| Potential interlocks (suppliers/customers/competitors) | Not disclosed | No related-party transactions disclosed in proxy sections reviewed |
Expertise & Qualifications
- Financial oversight: Audit Committee Chair for the AB Funds and AB Funds Complex; significant asset management governance and risk oversight experience .
- Investment leadership: Former CIO (Core & Growth) and Head of Global Investment Research at Putnam; institutional investment committee service at Mass General Brigham (2010–2019) .
- Industry breadth: Senior roles spanning asset/wealth management, investment research, financial data/services, consulting, healthcare, and insurance governance .
- Board competencies emphasized by Governance & Nominating Committee include diversity of experience and rigorous evaluation of director performance (attendance, preparation, contribution) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Dollar range of AWF (AGHIF) holdings | $10,001–$50,000 | As of Dec 31, 2024 |
| Aggregate dollar range across AB Funds Complex | Over $100,000 | As of Dec 31, 2024 |
| Ownership as % of shares outstanding | Not disclosed; directors/officers as a group <1% | As of Feb 3, 2025 |
| Shares pledged/hedged | Not disclosed in proxy | No pledging disclosures found in reviewed sections |
Governance Assessment
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Strengths
- Independent director with extensive asset management leadership; serves as Audit Committee Chair, indicating strong oversight of financial reporting, auditor independence, and risk controls .
- Board governance structure favors independence: Independent Chair; committees comprised solely of Independent Directors; executive sessions at every Board meeting .
- Active committee cadence and documented pre‑approval controls for audit and non‑audit services; E&Y independence affirmed and attendance at meetings expected .
- Ownership alignment signaled by personal AWF holdings in the $10k–$50k range and aggregate AB complex holdings over $100k .
-
Watchpoints / Red Flags
- Classified/staggered board structure is anti‑takeover by design and can reduce investor ability to effect change quickly .
- Proxy does not disclose individual director attendance rates, equity/option grants, clawbacks, or ownership guidelines—limiting pay‑for‑performance evaluation granularity .
- Directors and officers collectively own <1% of shares, suggesting modest direct economic alignment versus compensation level across the AB Funds Complex; individual % ownership not disclosed .
Notes
- Insider trades are not presented in the proxy; Form 4 data is not included in the materials reviewed. The proxy provides beneficial ownership ranges and aggregate holdings but no Section 16 trading detail .
- Board size was reduced from eight to seven effective Jan 1, 2025, reflecting governance adjustments by the Directors in May 2024 .