Garry L. Moody
About Garry L. Moody
Garry L. Moody (age 72) is an Independent Director and Chair of the Board for AWF. He has served on the Board for 17 years, is a certified public accountant (CPA), and his current term as a Class Three Director expires at the 2027 annual meeting . He has served as Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023 and as Chair of the AB Funds Complex since January 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte & Touche LLP | Partner; Vice Chairman; U.S. and Global Investment Management Practice Managing Partner | 1995–2008 | Senior leadership in asset management audit/consulting |
| Fidelity Accounting and Custody Services Company | President | 1993–1995 | Responsible for accounting, pricing, custody, and reporting for Fidelity mutual funds |
| Ernst & Young LLP | Partner; National Director of Mutual Fund Tax Services; Managing Partner, Chicago Office Tax Department | 1975–1993 | Mutual fund tax leadership; practice management |
| Investment Company Institute (ICI) Board of Governors | Member | Oct 2019–Sep 2023 | Fund industry governance; policy engagement |
| Independent Directors Council (IDC) Governing Council | Member; Chairman of Governance Committee | Oct 2019–Sep 2023; Governance Chair Oct 2021–Sep 2023 | Led governance committee; director education and policy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Other public company boards | None | N/A | No other directorships currently held |
| AB Funds Complex | Chair of the AB Funds Complex and Chair of Independent Directors Committees | Since Jan 2025 (Complex Chair); since Jan 2023 (Independent Directors Committees Chair) | Complex-wide board leadership across AB funds |
Board Governance
- Structure and leadership: Independent Director serves as Chair by design; the Board and all standing committees (Audit; Governance and Nominating; Independent Directors Committee) are composed exclusively of Independent Directors .
- Committee memberships: Moody is a member of the Audit Committee, Governance and Nominating Committee, and Independent Directors Committee; he is Chair of the Board and Chair of the Independent Directors Committees .
- Meeting cadence FY2024: Board met 4 times (AGHIF) and 4 times (ANMIF); Audit Committee met 4 times (AGHIF) and 3 times (ANMIF); Governance and Nominating met 3 times for each fund; Independent Directors Committee met 9 times for each fund; Independent Directors meet in executive session at every Board meeting .
- Independence and oversight: Committees pre-approve all audit and related services; the Audit Committee Charter outlines auditor independence and oversight responsibilities .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Compensation from AGHIF ($) | $4,821 | $5,302 |
| Compensation from ANMIF ($) | $3,828 | $4,364 |
| Compensation from AB Funds Complex ($) | $478,500 | $551,000 |
- Director pensions/retirement: The Funds do not provide pension or retirement benefits to directors; for 2024 a one-time retirement benefit in the broader AB Funds Complex was borne entirely by the Adviser via fee waiver (not applicable to AWF directors currently serving) . A similar no-pension statement applies for 2023 .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Notable shared directorships with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- CPA with extensive asset management industry experience; prior Vice Chairman and practice leader at Deloitte; former Partner and mutual fund tax leader at EY; former President at Fidelity’s fund services unit .
- Fund industry governance: ICI Board of Governors and IDC Governing Council; Chairman of IDC Governance Committee (Oct 2021–Sep 2023) .
- Board leadership: Chairman of AB Funds since Jan 2023; historical Audit Committee leadership (2008–Feb 2023) .
Equity Ownership
| Metric | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Dollar Range of Equity Securities in AGHIF | $10,001–$50,000 | $10,001–$50,000 |
| Aggregate Dollar Range of Equity Securities in AB Funds Complex (overseen) | Over $100,000 | Over $100,000 |
- Shares pledged/hedged: Not disclosed in proxy .
- Ownership guidelines: Not disclosed; directors’ beneficial ownership presented as dollar ranges rather than share counts or guideline compliance .
Governance Assessment
- Committee effectiveness and independence: Moody’s deep audit and governance background (CPA; former Deloitte/EY senior roles; IDC Governance Chair) strongly supports oversight quality. Committees are entirely independent; Audit Committee pre-approves all audit/non-audit services and reports auditor independence, mitigating conflict risks .
- Potential conflicts: Historical affiliation with EY (1975–1993) while EY is current auditor could present a perceived optics issue, but the decades-long gap, independent Audit Committee oversight, and formal independence processes reduce conflict risk .
- Attendance and engagement: The Board and committees meet frequently, and Independent Directors hold executive sessions at every Board meeting—an engagement-positive signal; specific director attendance rates are not disclosed, limiting precise assessment .
- Pay and alignment: Compensation is cash-based with higher complex-wide fees consistent with Chair responsibilities; no equity grants or performance-conditioned pay are disclosed for directors. Personal beneficial ownership is >$100k across the AB funds complex, providing alignment, albeit reported only as dollar ranges .
- Structural considerations: AWF employs a classified Board (three classes, staggered three-year terms), which can be viewed as an anti-takeover feature that slows shareholder-driven board change; the independent chair requirement and independent-only committees partially offset entrenchment concerns .
RED FLAGS
- Classified Board may reduce responsiveness to shareholder mandates and complicate rapid governance change .
- Lack of disclosed individual attendance rates limits transparency into director-level engagement (Board/committee meeting counts provided, but no per-director attendance) .
- Perceived auditor optics: past EY partnership while EY is current auditor, though time gap and independence processes materially mitigate risk .