Michelle Greene
About Michelle Greene
Independent Trustee of Blackstone Secured Lending Fund (BXSL) since 2022; current term expires in 2026. Background includes senior governance roles in market infrastructure and academia: President Emeritus, director, and advisor to the Long‑Term Stock Exchange (LTSE) and LTSE Group; adjunct professor at Columbia SIPA; advisory roles with Aspen Institute and the Berkeley Center of Law & Business. Birth Year: 1969. Core credentials emphasized by the Board include experience as an executive and board member of a national market system exchange; she oversees three portfolios in the BXSL fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Long‑Term Stock Exchange (LTSE) | President Emeritus; Board member; Advisor | 2016–present | Governance and market-structure expertise |
| Columbia University SIPA | Adjunct Professor | 2013–2020; 2023–present | Academic engagement in policy/markets |
| Aspen Institute Business & Society Program | Fellow and Advisory Board Member | 2022–present | ESG and stakeholder governance input |
| Berkeley Center of Law & Business | Advisory Board Member | 2025–present | Corporate law and governance advisory |
External Roles
| Organization | Role | Tenure | Public Company Status / Interlocks |
|---|---|---|---|
| LTSE Group | Board Member | 2025–present | Private market infrastructure; no BXSL interlock disclosed |
| LTSE (national market system exchange) | President Emeritus; Board advisor | 2016–present | Exchange governance; Board cites exchange board service as credential |
| Columbia SIPA | Adjunct Professor | 2013–2020; 2023–present | Academic; non‑issuer |
| Aspen Institute | Fellow/Advisory Board | 2022–present | Non‑profit; non‑issuer |
| Berkeley Center of Law & Business | Advisory Board | 2025–present | Academic; non‑issuer |
| Other public or registered investment company directorships (past 5 years) | None | — | None disclosed |
Board Governance
- Independence: Independent Trustee under the Investment Company Act of 1940 and NYSE Listing Standards .
- Committee assignments (member in all): Audit; Nominating & Governance; Compensation. Chairs: Audit (Robert Bass), Nominating (Tracy Collins), Compensation (Vicki Fuller) — Greene is a member, not chair .
- Meeting cadence FY2024: Board met 8 times; Audit 8; Nominating & Governance 4; Compensation 3 .
- Attendance: Each Trustee attended at least 75% of Board and committee meetings of which they were a member in FY2024 .
- Executive sessions: Independent Trustees hold executive sessions regularly throughout the year; an Independent Trustee presides each session .
| Attribute | Detail |
|---|---|
| Trustee since | 2022 |
| Term expiry | 2026 |
| Independence | Independent (not an “interested person”) |
| Committees | Audit; Nominating & Governance; Compensation (member) |
| FY2024 Attendance | ≥75% of Board/committee meetings |
Fixed Compensation
- Policy change: Effective April 1, 2024, Independent Trustee cash compensation increased to $200,000 annual retainer; $2,500 per regular Board meeting; $1,000 per committee meeting; $15,000 annual fee for Audit Committee Chair (Greene is not chair) .
- Prohibition on equity awards: BXSL is prohibited under the 1940 Act from issuing equity incentive compensation to Officers and Trustees .
| Component (FY2024) | Amount / Disclosure |
|---|---|
| Fees earned or paid in cash (Michelle Greene) | $215,500 |
| Total compensation from Fund Complex | $393,500 (includes $178,000 from BCRED) |
| Annual retainer policy (effective 4/1/2024) | $200,000 |
| Board meeting fee | $2,500 per regular meeting |
| Committee meeting fee | $1,000 per committee meeting |
| Audit Chair premium | $15,000 (not applicable to Greene) |
| Equity/Options/RSUs | Not permitted for Trustees |
Performance Compensation
- Incentive pay: None. BXSL states it is prohibited under the 1940 Act from issuing equity incentive compensation to Officers and Trustees (covers options, RSUs, PSUs, etc.) .
| Metric | Disclosure |
|---|---|
| Short‑term bonus | Not applicable to Trustees |
| Stock awards (RSUs/PSUs) | Prohibited for Trustees |
| Option awards | Prohibited for Trustees |
| Performance metrics (TSR/EBITDA/ESG) | Not applicable / not used for Trustees |
| Clawback applicability | Clawback policy adopted in compliance with NYSE Section 303A.14; Company currently neither pays nor plans to pay incentive compensation to covered executives |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Public company boards (current/past 5 years) | None disclosed for Greene |
| Registered investment company boards | None disclosed for Greene |
| Exchange/market infrastructure | LTSE Board/Advisor; LTSE Group Board (private) |
| Interlocks with BXSL competitors/suppliers/customers | None disclosed; Independent Trustees/households had no >$120,000 interests in Advisers or affiliates; no related person transactions for Independent Trustees in last two fiscal years |
Expertise & Qualifications
- Board‑cited qualifications: Executive experience; board member of a national market system exchange (LTSE) .
- Financial literacy: All Audit Committee members, including Greene, determined financially literate by the Board .
- Academic/public policy credentials: Columbia SIPA adjunct; Aspen Institute fellow/advisory; Berkeley Center advisory — supports governance/ESG and policy acumen .
Equity Ownership
| Item | Disclosure |
|---|---|
| Total shares beneficially owned (6/27/2025) | — (none) |
| Percent of shares outstanding | — (less than 1%) |
| Dollar range in BXSL | None |
| Aggregate dollar range (Fund Complex) | None |
| Pledging/hedging policy | Company does not have a hedging policy for executive officers and Trustees at this time |
| Ownership guidelines | Not disclosed in proxy |
Governance Assessment
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Strengths:
- Independent Trustee with broad governance and market‑structure experience; member of all three key committees (Audit, Nominating & Governance, Compensation), indicating high committee engagement .
- Board reports ≥75% attendance for all Trustees and robust committee activity (Audit met 8x; Nominating 4x; Compensation 3x in FY2024) — supports active oversight .
- No related‑party transactions or material interests involving Independent Trustees; independence reaffirmed through disclosures .
- Clear compensation governance: Compensation Committee fully independent; authority to hire consultants; updated cash retainer structure approved May 1, 2024, effective April 1, 2024 .
-
Pay/Alignment Observations:
- Compensation is purely cash; total fees for Greene were $215,500 in FY2024 with no equity component, consistent with 1940 Act restrictions .
- Retainer increased from $150,000 to $200,000 effective April 1, 2024; indicates higher cash mix year‑over‑year for Independent Trustees .
-
RED FLAGS / Watch items:
- No personal share ownership disclosed in BXSL or fund complex (Dollar Range: “None”) — potential alignment concern for some investors given lack of “skin‑in‑the‑game” .
- No company hedging policy for Trustees — can be viewed as weaker alignment control relative to peers with explicit anti‑hedging rules .
- No director ownership guidelines disclosed — limits clarity on targeted alignment thresholds .
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Additional notes:
- Executive sessions of Independent Trustees held regularly, supporting independent oversight .
- Only two Trustees attended the 2024 annual meeting; BXSL does not require Trustee attendance at annual meetings — neutral but notable for investor engagement optics .
- Proxy proposals for 2025 limited to trustee elections and auditor ratification; no say‑on‑pay on ballot (typical for BDCs without executive pay) .
Overall: Greene’s independence, full committee membership, and governance track record at LTSE bolster board effectiveness. The absence of BXSL share ownership and lack of explicit anti‑hedging and ownership guidelines are alignment weak points to monitor, though equity compensation is prohibited for Trustees under the 1940 Act .