Michael B. Reyes
About Michael B. Reyes
Michael B. Reyes serves as Senior Vice President of the Funds (AllianceBernstein Global High Income Fund, Inc. – AWF – and its paired fund in the joint proxy) and is an executive of AllianceBernstein L.P. (the Adviser). He is listed as age 48 in the 2025 proxy and first elected as an officer in August 2018, with prior service noted as “Senior Analyst” of the Funds in 2018–2021 and later “Senior Vice President of the Funds” from 2022 onward . The proxies disclose his affiliation with the Adviser (AB) and that the Adviser also functions as administrator to the Funds; they do not provide education details or officer-specific compensation/performance metrics at the Fund level . As of February 3, 2025, directors and officers as a group owned less than 1% of either Fund’s shares (individual officer-level holdings not broken out), indicating limited direct fund equity exposure by insiders .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AllianceBernstein Global High Income Fund, Inc. (AWF) and paired fund in joint proxy | Senior Analyst, both Funds (first elected 8/18) | 2018–2021 | Officer role supporting fund operations; administered by the Adviser |
| AllianceBernstein Global High Income Fund, Inc. (AWF) and paired fund in joint proxy | Senior Vice President of the Funds (first elected 8/18) | 2022–present | Officer role with continuing responsibilities; administered by the Adviser |
| AllianceBernstein L.P. (Adviser) | Vice President (pre-2019 to 2024); Senior Vice President (by 2025) | ≤2019–2024; 2025 | AB is the Funds’ investment adviser and administrator; officer bios note AB titles |
External Roles
No public company board or external roles for Reyes are disclosed in AWF’s recent proxy statements; officer listings focus on AB titles and Fund officer roles .
Fixed Compensation
| Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base salary | Not disclosed by AWF; officers are employees of AB (the Adviser) | Not disclosed by AWF; officers are employees of AB (the Adviser) | Not disclosed by AWF; officers are employees of AB (the Adviser) |
| Target bonus % | Not disclosed | Not disclosed | Not disclosed |
| Actual bonus paid | Not disclosed | Not disclosed | Not disclosed |
AWF proxies provide detailed “Board Compensation” tables for independent directors but do not include officer salary/bonus tables; officers are AB employees and compensation is set/paid by the Adviser, not reported at the Fund level .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Officer incentive metrics (e.g., revenue growth, EBITDA, TSR percentile) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
The Fund’s proxy statements do not disclose performance metrics or incentive plan outcomes for Fund officers; compensation and any performance goals for these individuals would reside with AllianceBernstein L.P., the Adviser .
Equity Ownership & Alignment
| Measure | 2020 (as of Feb 3, 2020) | 2022 (as of Feb 1, 2022) | 2023 (as of Feb 1, 2023) | 2024 (as of Feb 1, 2024) | 2025 (as of Feb 3, 2025) |
|---|---|---|---|---|---|
| Directors and officers as a group – % of shares | <1% | <1% | <1% | <1% | <1% |
- Individual ownership for Reyes: Not separately disclosed in proxies; officer-level holdings are not itemized (only group-level reported) .
- Shares pledged/hedged: No pledging/hedging disclosures for officers identified in recent AWF proxies .
- Stock ownership guidelines (officers): Not disclosed at the Fund level .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement term/expiration | Not disclosed in AWF proxies for officers |
| Severance (salary+bonus multiples) | Not disclosed in AWF proxies for officers |
| Change-of-control (single/double trigger, acceleration) | Not disclosed in AWF proxies for officers |
| Non-compete / non-solicit | Not disclosed in AWF proxies for officers |
| Clawbacks / tax gross-ups | Not disclosed in AWF proxies for officers |
Additional Context and Signal Checks
- Officers are employees of AB; the Adviser also functions as administrator to the Funds, underscoring that compensation governance sits at the Adviser rather than the Fund .
- Top holders include an activist credit investor: as of Feb 3, 2025, Saba Capital owned 10.95% of AWF’s paired fund common stock, indicating potential governance and payout policy pressure typical in CEF activism cycles .
Investment Implications
- Pay-for-performance read-through at the Fund level is limited: officer comp is set and paid by AllianceBernstein (not the Fund), and the proxies contain no officer comp tables or incentive metrics; any incentive alignment will be governed by AB’s internal frameworks rather than AWF’s board processes .
- Skin-in-the-game is modest: directors and officers as a group consistently hold less than 1% of Fund shares across disclosures, indicating limited direct ownership alignment for individual officers, including Reyes .
- Insider selling pressure from vesting equity appears immaterial: the Fund does not report RSU/PSU/option grants at the Fund level for officers; with no Fund-level equity awards disclosed, vesting-related selling pressure should be negligible .
- Retention risk ties to AB, not AWF: because Reyes is an AB executive assigned to Fund officer duties, retention is driven by AB’s talent and incentive programs; monitor AB organizational updates and any Item 5.02 events but note no such officer event is disclosed in AWF’s proxies .
- Activism can be the catalyst: Saba’s >10% stake suggests ongoing potential for distribution policy changes, leverage adjustments, or corporate actions aimed at narrowing CEF discounts—key trading signals for AWF .