Burton N. Wallack
About Burton N. Wallack
Independent director nominee for BNY Mellon High Yield Strategies Fund (DHF); age 74. President and co-owner of Wallack Management Company, a real estate management firm, since 1987, and Board Member at Mount Sinai Hospital Urology since 2017. Nominee for Class II Trustee with a three-year term expiring in 2028; not deemed an “interested person” under the 1940 Act (independent). As of December 31, 2024, he held no DHF shares and no aggregate holdings in BNY Mellon Family of Funds; as of August 22, 2025, he and immediate family held no securities of the adviser or its affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wallack Management Company | President & Co-owner | 1987 – Present | Real estate management (financial reporting and management services) |
| Mount Sinai Hospital Urology | Board Member | 2017 – Present | Governance role (healthcare organization board) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mount Sinai Hospital Urology | Board Member | 2017 – Present | Listed under “Other Public Company Board Memberships During Past 5 Years” in proxy; healthcare board affiliation |
Board Governance
- Status: Nominee for Class II Trustee; independent (not an “interested person”) .
- Committee structure: Fund has Audit, Nominating, Compensation, and Litigation Committees; Independent Trustees comprise each, except Mr. Joseph S. DiMartino does not serve on Compensation .
- Audit Committee: Consists of all Trustees; charter available on the fund website .
- Meetings last fiscal year: 6 Board, 5 Audit, 1 Compensation, 1 Nominating; Litigation Committee did not meet .
- Attendance: All Continuing Trustees and Board Nominees attended at least 75% of the meetings of the Board and committees of which they were a member; Trustees did not attend last year’s annual meeting of shareholders (no formal attendance policy) .
- Leadership: Chairman of the Board is independent; Board oversight emphasizes risk management and regular reporting from adviser/sub-adviser and compliance .
Fixed Compensation
- Structure: Annual retainer and meeting attendance fees allocated among DHF and other BNY Mellon Family funds based on net assets; Chairman receives an additional 25% of such compensation. Reimbursement for travel/out-of-pocket expenses; no bonus, pension, profit-sharing or retirement plan .
| Metric | FY 2024 |
|---|---|
| Compensation from DHF (Fund-specific) | N/A (Nominee; not standing trustee at DHF for FY 2024) |
| Aggregate Compensation from Fund Complex | $170,700 (served across 17 portfolios) |
Performance Compensation
- No performance-based compensation disclosed for Trustees; no stock awards (RSUs/PSUs), options, or performance metrics tied to pay for DHF Trustees .
- No clawbacks, change-of-control provisions, severance, or tax gross-ups disclosed for Trustees .
Other Directorships & Interlocks
| Company/Entity | Role | Period | Public Company/Interlock Notes |
|---|---|---|---|
| Mount Sinai Hospital Urology | Board Member | 2017 – Present | Listed under “Other Public Company Board Memberships During Past 5 Years”; healthcare board role |
Expertise & Qualifications
- Real estate management executive for nearly four decades (financial reporting and management services) .
- Healthcare governance experience via Mount Sinai Hospital Urology board membership .
- Nominee status across BNY Mellon Family of Funds boards; the nominating committee cites character, integrity, and professional experience standards, with consideration of board diversity and time commitment .
Equity Ownership
| As of date | DHF Fund Shares | Aggregate Holdings (BNY Mellon Family of Funds) | Adviser/Affiliate Securities |
|---|---|---|---|
| December 31, 2024 | None | None | N/A |
| August 22, 2025 | N/A | N/A | None owned by nominees or immediate family members |
- Shares pledged as collateral: Not disclosed .
- Ownership guidelines and compliance status: Not disclosed .
Governance Assessment
- Independence/committee quality: Strong formal independence; all committees comprised of Independent Trustees, with an Audit Committee of all Trustees and an independent Chairman—supports oversight and mitigates adviser conflicts .
- Alignment: No DHF share ownership and no aggregate fund family holdings as of December 31, 2024, which may dilute “skin-in-the-game” alignment for investors focused on director ownership .
- Engagement: Board/committee cadence is regular (6/5/1/1), and attendance threshold (≥75%) was met by nominees and continuing trustees; however, trustees did not attend last year’s annual meeting (no formal attendance policy), which some shareholders may view negatively for engagement optics .
- Conflicts/related-party exposure: No related-party transactions or adviser-affiliate securities ownership disclosed for Wallack; primary business is real estate management with no disclosed dealings with DHF, BNY Mellon Investment Adviser, or sub-adviser Alcentra NY, LLC—low apparent conflict risk based on available filings .
- Board consolidation context: The 2025 special meeting seeks to consolidate DHF’s Board with other BNY Mellon Family funds, targeting administrative efficiencies; consolidation may affect governance bandwidth and information flow across multiple portfolios .
Red Flags to monitor
- No DHF share ownership (and no aggregate fund family holdings) as of 12/31/2024—limited ownership alignment with shareholders .
- Trustees did not attend the prior annual shareholder meeting (optics on engagement), although no formal attendance policy exists .
Items not disclosed (skipped): Education; detailed committee assignments for Wallack post-election; director equity awards/options; performance pay metrics; clawbacks, severance, CoC terms; ownership guidelines; insider trades.