John Emrich
About John S. Emrich
John S. Emrich, CFA, is an Independent Trustee of Destra Multi-Alternative Fund (DMA). He was first appointed in November 2018 and is nominated for re‑election with a term expiring at the 2028 annual meeting; the Board affirms he is independent and will remain so if re‑elected. Emrich’s background includes over 14 years as a financial analyst and portfolio manager, business valuation at KPMG Peat Marwick, and current roles as a financial advisor (Red Earth Finance LLC) and mortgage banker (The Mortgage Company). Birth year: 1967.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various investment advisory firms | Financial analyst/portfolio manager | Over 14 years | Deep investment management experience cited in trustee qualifications |
| KPMG Peat Marwick | Business valuations and appraisal analyses | Not disclosed | Valuation background enhances audit oversight capability |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Meridian Fund, Inc. (registered investment company) | Director | Past 5 years | Oversees 4 portfolios at Meridian; indicates multi‑fund oversight expertise |
| ArrowMark Financial Corp. (closed‑end management investment company) | Director | Past 5 years | Potential network tie: DMA’s CFO formerly Director of Operations at ArrowMark Colorado Holdings LLC (2009–2018) |
Board Governance
- Board composition: Five Independent Trustees; staggered three‑year terms. Emrich is a Class I Trustee up for re‑election; term to 2028 if elected. Chairman: Nicholas Dalmaso. No Lead Independent Director disclosed.
- Independence: Emrich is designated independent; Board Q&A confirms continued independence if re‑elected.
- Attendance: FY2025 Board met 4 times; each trustee attended at least 75% of Board and applicable committee meetings. Annual stockholder meeting attendance is not required.
| Committee | Emrich Membership | Chair | FY2025 Meetings |
|---|---|---|---|
| Audit Committee | Member | Jeffrey S. Murphy | 4 |
| Nominating & Governance Committee | Member (committee comprises all Independent Trustees) | Michael S. Erickson | 2 |
| Qualified Legal Compliance Committee | Not disclosed whether Emrich is a member; committee composed of Independent Trustees | Not disclosed | Not disclosed |
Audit Committee report was submitted by Emrich alongside Erickson and Murphy, evidencing active participation in financial reporting oversight.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Aggregate Compensation from DMA Fund | $5,797 | Allocation across the Fund Complex based on net assets |
| Aggregate Total Compensation from Fund Complex | $39,000 | Independent Trustee annual retainer across complex |
| Annual retainer (Independent Trustees) | $39,000 | Cash retainer paid by Fund Complex; no salaries to officers or interested trustees |
| Chairman retainer | $46,000 | Cash retainer for service as Chairman |
| Meeting/Committee fees | Not disclosed | Reimbursement of reasonable out‑of‑pocket meeting expenses |
Performance Compensation
| Metric/Instrument | Terms | Vesting | Notes |
|---|---|---|---|
| Equity awards (RSUs/PSUs/options) | Not disclosed | Not disclosed | Proxy describes cash retainers; no equity or performance‑based awards discussed for Independent Trustees |
| Performance metrics tied to pay (TSR, EBITDA, ESG) | Not disclosed | Not disclosed | No performance metric framework for directors disclosed |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| Meridian Fund, Inc. | Emrich is a Director | DMA’s CFO previously served as CFO (Principal Financial Officer) and Treasurer of Meridian Fund, Inc. (2013–2018) |
| ArrowMark Financial Corp. | Emrich is a Director | DMA’s CFO previously Director of Operations at ArrowMark Colorado Holdings LLC (2009–2018) |
Expertise & Qualifications
- CFA charterholder; extensive investment management experience as analyst/portfolio manager (14+ years).
- Valuation and appraisal experience (KPMG Peat Marwick).
- Current financial advisory and mortgage banking roles broaden financial services perspective.
Equity Ownership
| Holder | Shares Beneficially Owned (DMA) | % of Shares Outstanding | Pledged/Hedged | Ownership in Adviser/Underwriter Affiliates |
|---|---|---|---|---|
| John S. Emrich (Independent Trustee) | 0 | 0% | Not disclosed | Independent Trustees and immediate family members do not own any class of securities of the adviser or principal underwriter or their affiliates |
- Outstanding shares: 8,963,239 (record date).
- Significant shareowners: Saba Capital Management, L.P. beneficially owns 2,235,144 shares (24.94%); Bulldog Investors and affiliates own smaller stakes.
- Trustee ownership in DMA: As of September 30, 2025, no Independent Trustee beneficially owned equity securities in the Fund or Fund Complex.
Governance Assessment
- Independence and committee effectiveness: Emrich serves on Audit and Nominating & Governance Committees; the Audit Committee met 4 times and issued its report with Emrich as a signatory, indicating active engagement in financial oversight.
- Attendance and engagement: Board met 4 times; each trustee attended at least 75% of meetings. While adequate, exact attendance rates are not disclosed, and annual stockholder meeting attendance is not required.
- Compensation alignment: Director pay is a modest fixed cash retainer ($39,000 across the complex), which limits pay‑for‑performance risks but may reduce direct alignment given zero share ownership at DMA.
- Ownership alignment RED FLAG: No director equity ownership in DMA (including Emrich) as of September 30, 2025—typical in some registered fund complexes but a potential alignment concern for closed‑end fund investors seeking board skin‑in‑the‑game.
- Shareholder environment: A significant activist stake (Saba ~24.94%) and recent trustee engagement with a Saba nominee underscores scrutiny on governance, capital allocation, and the Fund’s scheduled 2027 termination; Emrich’s audit and nominating roles will be central to responses.
- Potential interlocks: Emrich’s external directorship at ArrowMark Financial Corp and historical ArrowMark/Meridian ties of DMA’s CFO suggest network overlap; monitor for any related‑party exposures or service provider influences (none disclosed).
RED FLAGS
- Zero fund share ownership by Independent Trustees (alignment).
- No requirement to attend annual stockholder meetings (stakeholder engagement expectation gap).
- High concentration of ownership by an activist (control/agenda risk).
Context Signals
- Nominating & Governance Committee comprised of all Independent Trustees; met twice in FY2025; Emrich participates but does not chair.
- Chairman is independent (Dalmaso), but no Lead Independent Director disclosed; QLCC details limited.
No related‑party transactions, director stock ownership guidelines, hedging/pledging disclosures, or performance‑based director pay structures were disclosed in the proxy.