Nancy E. Hay
About Nancy E. Hay
Nancy E. Hay serves as Secretary of AllianceBernstein Global High Income Fund, Inc. (AWF) and AllianceBernstein National Municipal Income Fund, Inc., a role she has held since January 2023 . She is Senior Vice President and Counsel of AllianceBernstein L.P. (the Adviser) and Assistant Secretary of AllianceBernstein Investments, Inc. (ABI) . Age: 52 (as listed in 2025 proxy) . As context for fund performance during her tenure window, AWF’s average annual returns as of September 30, 2024 were NAV: 1Y 17.70%, 5Y 4.96%, 10Y 5.49%; Market Price: 1Y 26.32%, 5Y 6.69%, 10Y 6.34% . She is also listed as agent for service in AWF’s N-PX and has executed filings as attorney-in-fact, underscoring a legal/compliance-centered role rather than investment management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AllianceBernstein L.P. (Adviser) | Senior Vice President and Counsel | Associated since prior to 2020–present | Senior legal counsel to Adviser; supports governance for AB Funds |
| AB Funds (AGHIF/ANMIF) | Secretary | 1/2023–present | Corporate secretary responsibilities; signs proxy meeting materials |
| AllianceBernstein Investments, Inc. (ABI) | Assistant Secretary | Current (date not specified) | Affiliate governance/secretarial function |
| AB Funds (Power of Attorney) | Attorney-in-Fact (for Onur Erzan) | 8/15/2023 | Authorized to sign SEC filings and related instruments |
External Roles
- No public company directorships or external board roles for Nancy E. Hay are disclosed in AWF’s 2023–2025 proxy statements; filings list only her AB roles noted above .
Fixed Compensation
- Officer compensation is not disclosed by the Funds. AWF proxies provide director compensation tables but do not detail officer base salary/bonus; Hay is employed by the Adviser (AllianceBernstein L.P.), not the Funds .
Performance Compensation
- No disclosure of bonus metrics, RSUs/PSUs, or option awards for fund officers. AWF filings include no officer incentive plan details for Nancy E. Hay .
Equity Ownership & Alignment
| Item | As of Feb 1, 2024 | As of Feb 3, 2025 |
|---|---|---|
| Directors and officers of each Fund (group ownership as % of shares outstanding) | Less than 1% | Less than 1% |
- Individual officer holdings, pledging, and ownership guideline compliance for Nancy E. Hay are not itemized in the proxies .
- Section 16(a) compliance disclosure indicates all required insider filings were made, except one late Form 3 for a different officer (Controller Phyllis J. Clarke), with no delinquencies noted for Hay .
Employment Terms
- Position: Secretary of both Funds since January 2023 .
- Employer/Status: Senior Vice President and Counsel at AllianceBernstein L.P.; Assistant Secretary of ABI (affiliate) .
- Agent for Service: Listed as agent for service in the Funds’ N-PX; executed filings as attorney-in-fact pursuant to Power of Attorney .
- No disclosures in AWF filings regarding Hay’s employment agreement, severance/change-in-control terms, clawback provisions, non-compete, or perquisites .
Fund Performance Context (TSR proxy)
| Metric | Sep 30, 2023 | Sep 30, 2024 |
|---|---|---|
| NAV Return (1Y) | 13.54% | 17.70% |
| Market Price Return (1Y) | 19.43% | 26.32% |
| NAV Return (5Y) | 2.89% | 4.96% |
| Market Price Return (5Y) | 3.87% | 6.69% |
| NAV Return (10Y) | 4.65% | 5.49% |
| Market Price Return (10Y) | 3.90% | 6.34% |
Notes: Returns assume reinvestment of distributions; presented per AWF semiannual reports .
Investment Implications
- Compensation alignment: As an AB L.P. legal executive and fund Secretary, Hay’s compensation is set at the Adviser level; AWF provides no officer pay or equity award disclosures. This indicates limited direct pay-for-performance linkage to AWF NAV/market TSR from the fund level, reducing fund-specific compensation signals for investors .
- Insider selling pressure: No fund-level equity awards, vesting schedules, or officer grant details are disclosed; group ownership by officers/directors is <1%, and no pledging by officers is disclosed—implying minimal direct selling pressure from officer equity programs at the fund level .
- Governance/compliance strength: Hay’s agent-for-service designation and attorney-in-fact status highlight a focus on legal and regulatory execution. Section 16 compliance disclosures show no delinquencies for Hay, supporting robust governance process around filings .
- Execution risk: Given her legal/secretarial role (not a portfolio manager), her individual actions are less likely to drive investment returns; portfolio outcomes are primarily attributable to investment teams. Key person risk at the fund level for Hay is governance-related rather than performance-related .
- Performance backdrop: AWF’s improved 1-year returns through Sep 30, 2024 provide constructive context, but there is no disclosed linkage between Hay’s incentives and fund TSR metrics in the filings .
Data gaps and what’s not disclosed for Nancy E. Hay in AWF filings: base salary, target/actual bonus, equity grants/vesting, severance/CoC, clawbacks, ownership guidelines, and perquisites .