Eileen Moran
About Eileen Moran
Eileen A. Moran (age 70) is an independent director and Vice Chair of the Board for DNP Select Income Fund, serving since 2008; she also serves on sister funds DPG (since 2011) and DTF (since 1996) . She is a private investor since 2011 and previously served as President and CEO of PSEG Resources L.L.C. from 1990–2011, with board selection citing her experience managing large utility-focused portfolios . She is independent under the Investment Company Act of 1940 and will assume the role of independent Chair of the Board following the March 10, 2025 annual meeting upon the retirement of the current Chair .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PSEG Resources L.L.C. (investment company) | President & CEO | 1990–2011 | Led management of a large asset portfolio with significant utility exposure; cited as qualification for fund board |
| Private Investor | Investor | 2011–Present | Ongoing investment activity; relevant capital markets experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed in past 5 years | — | — | No other public company directorships disclosed for Moran in the biographical table |
Board Governance
| Item | Detail |
|---|---|
| Independence | Independent director under 1940 Act; not an “interested person” of the Funds |
| Board leadership | Will become independent Chair of the Board upon retirement of current Chair after March 10, 2025; Board policy prefers independent Chair for oversight |
| Committees | Executive Committee member (will become Chair upon Vitale’s retirement); Audit Committee member; Contracts Committee Chair; Nominating & Governance Committee member (committee chaired by Cusack) |
| Meetings and attendance | In FY ended Oct 31, 2024: DNP Board met 4 times (1 written consent); Audit 2; Nominating & Governance 3 (1 consent); Contracts 2; Executive 0; each director attended ≥75% of aggregate Board and committee meetings served |
| Retirement policy | Mandatory director retirement age 78 per bylaws |
Committee Assignments (current and pending)
| Committee | Moran role | Chair? | Notes |
|---|---|---|---|
| Executive | Member | Pending (will chair after Vitale retires) | Exercises Board powers between meetings under defined exceptions |
| Audit | Member | No (Burke chairs) | Oversees accounting, auditing, financial reporting, internal controls |
| Contracts | Chair | Yes | Oversees investment advisory and administration contracts, terms and renewals |
| Nominating & Governance | Member | No (Cusack chairs) | Board composition, officer appointments, governance matters, continuing education |
Fixed Compensation
| Component | DNP ($) | DPG ($) | DTF ($) | Total ($) |
|---|---|---|---|---|
| Aggregate FY2024 compensation paid to Moran | 88,371 | 12,709 | 1,920 | 103,000 |
- Director fee structure: independent directors receive an annual retainer of $90,000; committee chairs (Audit, Contracts, Nominating & Governance) receive an additional $8,000; the Chair of the Board receives an additional $50,000; no pensions; expenses reimbursed .
Performance Compensation
| Element | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs), options | Not disclosed for directors; compensation presented as cash retainers and chair fees |
| Performance metrics tied to pay (TSR, revenue, ESG) | Not disclosed/applicable for directors |
| Severance/CoC provisions | Not disclosed for directors |
| Clawback provisions | Not disclosed for directors |
| Pensions/Deferred comp | Funds do not have pension or retirement plan for directors |
Other Directorships & Interlocks
| Board | Role | Tenure | Interlocks/Notes |
|---|---|---|---|
| DNP Select Income Fund | Director; Vice Chair; Future Chair | Director since 2008; Vice Chair current; Chair effective post-3/10/2025 | Independent; Chairs Contracts; member Audit & Executive |
| Duff & Phelps Utility & Infrastructure Fund (DPG) | Director | Since 2011 | Independent; member of committees across fund complex |
| DTF Tax-Free Income 2028 Term Fund | Director | Since 1996 | Independent; member of committees across fund complex |
- No other public company boards disclosed in past 5 years for Moran .
Expertise & Qualifications
- Extensive experience managing a large asset portfolio with material utility industry exposure from her role at PSEG Resources; board selection rationale explicitly cites utility sector investment/regulatory familiarity .
- Oversight breadth: oversees three portfolios within the fund complex; active roles across key board committees .
- Board’s DEI-conscious nomination process and continuing education program (including governance best practices, ERM, cybersecurity) support director effectiveness .
Equity Ownership
| Fund | Shares owned | Shares outstanding | Ownership % of common |
|---|---|---|---|
| DNP | 14,266 | 370,030,932 | 0.0039% (computed from disclosed figures) |
| DPG | 8,335 | 37,130,045 | 0.0224% (computed from disclosed figures) |
| DTF | 5,316 | 7,029,567 | 0.0756% (computed from disclosed figures) |
- Dollar ranges reported: Moran holds “Over $100,000” in DNP and DPG; “$50,001–$100,000” in DPG/DTF as presented in fund family table; aggregate in fund complex “Over $100,000” .
- No holdings of the Adviser (Duff & Phelps Investment Management Co.) or affiliates by independent directors or their immediate family members as of Nov 30, 2024, reducing conflict risk .
- Shares held by each director represent less than 1% of each fund’s outstanding common stock .
Governance Assessment
- Strengths: Independence and pending elevation to independent Chair reinforce oversight; Moran chairs the Contracts Committee—critical for adviser and administrator oversight—and serves on Audit and Executive committees, indicating deep engagement across risk, financial reporting, and contract governance . Attendance threshold met; board implements continuing education and ERM reporting .
- Alignment: Meaningful personal ownership across the funds and absence of Adviser-affiliate securities by independent directors support investor alignment and mitigate conflicts .
- Signals: Transition to Moran as Chair coincides with retirement of three long-tenured directors and a board-size reduction from seven to five; while continuity is supported by Moran’s tenure, board shrinkage could affect diversity of perspectives—Board notes potential future increases to enhance diversity/skills .
- Red flags: None disclosed specific to Moran—no related-party transactions, pledging, or performance-linked pay for directors; compensation structure is fixed cash with modest chair retainers; Audit Committee independence affirmed; Section 16 compliance noted across the complex .