Joseph Connolly
About Joseph Connolly
Joseph W. Connolly is Chief Compliance Officer (CCO) of BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and has served as CCO of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004. He has been the Fund’s CCO since 2012 and is 68 years old. Connolly previously served as CCO of the Investment Adviser from 2004 until June 2021 and currently oversees compliance for 45 registered investment companies (comprised of 89 portfolios) managed by the adviser . The Fund’s proxy focuses on board governance and does not disclose officer-linked performance metrics (e.g., TSR, revenue or EBITDA targets) or officer compensation outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | Chief Compliance Officer | 2012–present | Fund CCO; oversight of compliance program |
| BNY Mellon Family of Funds and BNY Mellon Funds Trust | Chief Compliance Officer | 2004–present | Complex-wide CCO responsibilities |
| BNY Mellon Investment Adviser, Inc. (Investment Adviser) | Chief Compliance Officer | 2004–Jun 2021 | Led adviser-level compliance program |
| BNY Mellon Investment Adviser-managed complex | Compliance oversight breadth | Current | CCO for 45 investment companies (89 portfolios) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or outside roles disclosed in the Fund’s proxy biography for Connolly |
Fixed Compensation
| Element | Latest disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed | The proxy provides detailed board (director) compensation but does not include officer (e.g., CCO) compensation . |
| Target bonus % | Not disclosed | Not disclosed in proxy materials . |
| Actual bonus paid | Not disclosed | Not disclosed in proxy materials . |
| Perquisites | Not disclosed | Not disclosed for officers; board compensation context only . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/measurement period |
|---|---|---|---|---|---|
| (e.g., revenue, EBITDA, TSR) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
The Fund’s proxy covers board governance and director pay and does not present officer incentive plan metrics or payouts for the Fund’s officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (officers and directors as a group) | Less than 1% of Common Stock as of June 25, 2025 . |
| Individual officer ownership (Connolly) | Not reported individually; group figure only . |
| Shares pledged as collateral | Not disclosed in proxy . |
| Stock ownership guidelines for officers | Not disclosed in proxy . |
Employment Terms
| Term | Detail |
|---|---|
| Current title | Chief Compliance Officer |
| Age | 68 |
| Fund officer start date | 2012 (CCO for this Fund) |
| Term length | Officers hold office for an indefinite term until a successor is elected and qualified . |
| Employer context | CCO to the BNY Mellon Family of Funds and the Trust; previously CCO of the Investment Adviser through June 2021 . |
| Non-compete / non-solicit | Not disclosed in proxy . |
| Severance / change-of-control | Not disclosed in proxy . |
| Clawbacks / hedging / pledging policies for officers | Not disclosed in proxy . |
Additional Governance and Context
- The Fund has standing Audit, Nominating, Compensation, and Litigation Committees (comprised of Independent Directors); the Compensation Committee establishes board (director) compensation only .
- Beneficial owners ≥5% of Common Stock as of June 25, 2025 included Saba Capital Management (6.83%) and First Trust Portfolios (6.08%), signaling an active governance environment; officers and directors as a group owned <1% .
- Officers’ biographical listings are provided; the proxy does not include officer compensation tables, incentive plans, vesting schedules, or equity grants for officers .
Investment Implications
- Alignment and trading signals: With officers and directors as a group holding <1% and no officer equity awards disclosed, direct equity alignment and insider-selling pressure indicators are limited for Connolly specifically .
- Retention and continuity: Connolly’s long tenure (Fund CCO since 2012; family-of-funds CCO since 2004) and the indefinite officer term structure suggest continuity in the Fund’s compliance oversight framework; no severance/change-in-control economics disclosed .
- Focus on governance risk, not pay-for-performance: As a closed-end fund, board compensation is disclosed while officer pay is not; investor analysis should emphasize board composition/activism and the robustness of compliance oversight rather than executive pay incentives at the Fund level .