Nathan Leventhal
About Nathan Leventhal
Independent Class II Director of BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB); age 82; serving since 2013 as one of two designated directors elected solely by holders of the Fund’s Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP) . The Fund’s Board is fully independent with no “interested persons” under the Investment Company Act; the Chairman is independent . Leventhal’s background spans senior New York City government roles, legal practice, and leadership in prominent cultural institutions .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lincoln Center for the Performing Arts | President Emeritus | 2001 – Present | Cultural leadership; governance in major arts institution |
| Palm Beach Opera | President | 2016 – 2023 | Executive leadership; nonprofit oversight |
| City of New York | Deputy Mayor (Mayor Ed Koch); Chief of Staff (Mayor John V. Lindsay); Transition Chair (Mayors David Dinkins & Michael Bloomberg); Commissioner, NYC Planning Commission | Not disclosed (prior roles) | Fiscal management, planning, and senior municipal governance |
| Poletti Freidin Prashker Feldman & Gartner | Partner | Not disclosed | Legal practice; corporate and governance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Movado Group, Inc. (public company) | Director | 2003 – 2020 | Watch designer/distributor; public board experience |
Board Governance
- Structure and independence: All Directors are independent; none are “interested persons.” Chair is independent .
- Committee assignments: Audit Committee consists of all Directors; Leventhal is an Audit Committee member (Report signatory) .
- RVMTP representation: One of two Directors elected exclusively by RVMTP holders; RVMTP holders vote separately for his seat .
- Meetings and attendance:
- Board meetings: 6; Audit Committee meetings: 7; Nominating: 1; Compensation & Litigation: 0 (last fiscal year) .
- Attendance: All Directors and Nominees attended at least 75% of applicable meetings .
- Annual stockholder meeting attendance: No formal policy; Directors did not attend last year’s annual meeting .
| Governance Metric | Value |
|---|---|
| Independence status | Independent Director; none are “interested persons” |
| Committee membership | Audit Committee member (Audit Committee includes all Directors) |
| Years on DMB Board | Since 2013 (Class II Director; RVMTP designee) |
| FY meeting counts | Board: 6; Audit: 7; Nominating: 1; Compensation: 0; Litigation: 0 |
| Attendance rate | ≥75% of applicable meetings (all Directors/Nominees) |
| Board Chair | Joseph S. DiMartino (Independent) |
Fixed Compensation
- Structure: Directors receive annual retainer and meeting attendance fees allocated among DMB and other BNY Mellon funds based on net assets; the Board Chairman receives an additional 25% of such compensation; travel/out-of-pocket expenses reimbursed; no bonus, pension, profit-sharing, or retirement plan .
- FY ended Feb 28, 2025 compensation:
| Component | Amount |
|---|---|
| Compensation from DMB (FY ended Feb 28, 2025) | $6,403 |
| Aggregate compensation from Fund Complex (2024) | $507,700; across 51 portfolios |
| Office/admin costs borne by DMB (context, not paid to Directors) | ~$238 in 2024 (allocated) |
Performance Compensation
| Element | Disclosure |
|---|---|
| Bonus | None; the Fund does not have a bonus plan |
| Equity awards (RSUs/PSUs/Options) | Not disclosed for Directors; Fund states no pension/profit-sharing/retirement plan |
| Performance metrics tied to pay | Not disclosed |
| Clawbacks, severance, CoC provisions | Not disclosed |
Other Directorships & Interlocks
| Company/Institution | Type | Role | Potential Interlock |
|---|---|---|---|
| Movado Group, Inc. | Public | Director (2003–2020) | None disclosed with DMB/BNY service providers |
| Lincoln Center; Palm Beach Opera | Nonprofit | President Emeritus; President | None disclosed with DMB/BNY service providers |
- Related-party transactions: None disclosed involving Leventhal; as of Dec 31, 2024, none of the Directors or their immediate family members owned securities of the Investment Adviser or any person (other than registered investment companies) controlling/controlled by/under common control with the Adviser .
Expertise & Qualifications
- Public sector leadership and fiscal oversight: Deputy Mayor, Chief of Staff, Commissioner, Transition Chair across multiple NYC administrations .
- Legal and governance experience: Former law firm partner .
- Nonprofit executive leadership: Lincoln Center President Emeritus; Palm Beach Opera President .
- Investment company oversight: Long-standing independent board service across the BNY Mellon Family of Funds .
Equity Ownership
| Holding | Amount/Range | As of |
|---|---|---|
| DMB Common Stock | None | Dec 31, 2024 |
| Aggregate holdings in BNY Mellon Family of Funds | Over $100,000 | Dec 31, 2024 |
| Ownership of Investment Adviser or affiliates (non-RICs) | None by Directors or immediate family (aggregate disclosure) | Dec 31, 2024 |
| Group beneficial ownership of DMB Common Stock (Directors/officers as a group) | <1% | June 25, 2025 |
Governance Assessment
-
Strengths:
- Full Board independence; Audit Committee includes all Directors; Leventhal participates in audit oversight (signed Audit Committee Report) .
- Tenured governance experience with complex institutions and public entities, supporting risk oversight in a regulated fund structure .
- Attendance threshold met (≥75%), indicating baseline engagement; robust audit oversight cadence (7 meetings in FY) .
-
Neutral/Contextual:
- Compensation from the broader fund complex ($507.7k across 51 portfolios) is typical for multi-fund complexes but warrants continued monitoring for alignment with stockholders’ interests and Adviser conflicts; Board emphasizes independence and oversight of Adviser relationships .
- RVMTP designee status: elected solely by preferred shareholders, which structurally separates election from common holders; governance intent is to balance constituencies in a leveraged closed-end fund .
-
RED FLAGS / Watch items:
- Directors did not attend the prior annual meeting; the Fund has no formal policy for annual meeting attendance—potential engagement concern for some investors .
- Compensation and Litigation Committees did not meet in the last fiscal year; while possible given limited agenda, investors may scrutinize committee activity levels .
- Activist governance pressure (Saba Capital’s non-binding Board declassification proposal) and the Board’s opposition highlight contested governance dynamics; investors should monitor outcomes and potential implications for control and capital structure .
-
Compliance/Disclosure:
- Section 16(a) reporting: The Fund believes required persons complied during FY ended Feb 28, 2025, except for a late Form 4 by Bank of America Corporate Center (no late filings attributed to Leventhal) .
Appendix: Key Biographical & Role References
- Class II Director; RVMTP Shares designee; age 82; service since 2013 .
- Audit Committee member (Committee composed of all Directors) .
- Prior roles in NYC government and legal practice .
- Nonprofit leadership and Movado Group directorship (2003–2020) .