Kathryn Santoro
About Kathryn Santoro
Kathryn L. Santoro, age 50, serves as Secretary of DNP Select Income Fund Inc. (and affiliated funds DPG and DTF) since June 2024; she is based at Virtus Investment Partners, Inc., One Financial Plaza, Hartford, CT . Her current role is Vice President and Senior Attorney at Virtus (since 2024), following prior roles as Vice President, General Counsel, and Secretary at Anuvu Corp (2021–2023) and Managing Counsel at Janus Henderson Investors (2016–2020) . Officers of the funds receive no compensation from the Funds and are employees of the adviser or fund administrators, limiting direct fund-level pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Anuvu Corp. | Vice President, General Counsel, and Secretary | 2021–2023 | Not disclosed |
| Janus Henderson Investors | Managing Counsel; various officer roles at registered funds | 2016–2020 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Virtus Investment Partners, Inc. | Vice President and Senior Attorney; various officer roles at registered funds | 2024–present | Not disclosed |
Fixed Compensation
- Officers of the Funds receive no compensation from DNP/DPG/DTF (no base salary, bonus, or perquisites paid by the Funds); they are compensated by the Adviser or fund administrators in those capacities .
| Item | Amount/Status | Source |
|---|---|---|
| Fund-paid base salary | Not applicable (officers receive no compensation from the Funds) | |
| Fund-paid target bonus % | Not applicable | |
| Fund-paid actual bonus | Not applicable | |
| Fund-paid perquisites | Not applicable | |
| Pension/SERP from Funds | None; the Funds do not have a pension or retirement plan for directors or officers |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-based incentives (RSUs/PSUs/Options tied to Fund metrics) | Not disclosed for officers; no Fund-paid equity awards disclosed | — | — | — | — |
- The proxies do not disclose any Fund-based RSUs/PSUs/options or performance metric frameworks for officers; officers are compensated by Virtus/administrators outside the Funds .
Equity Ownership & Alignment
- Individual disclosure for Santoro’s holdings is not provided; the proxies present aggregate ownership for directors and executive officers as a group, with each person holding less than 1% of outstanding common stock of each Fund .
- Section 16(a)/30(h) compliance: Funds state all filing requirements were met in the most recent fiscal year, with one exception noted for another individual, not Santoro .
| Ownership Item | DNP Common Shares | % of Outstanding | Notes |
|---|---|---|---|
| Kathryn L. Santoro – direct/indirect beneficial ownership | Not disclosed | Not disclosed | Officers’ individual holdings not enumerated in proxy |
| Directors and executive officers as a group | 223,267 | Each <1% | Group holdings; shared voting/disposition details provided in proxy |
Pledging or hedging of Fund shares by officers is not disclosed in the proxies .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Officer election | Officers are elected at the annual meeting of the Board held in connection with the annual meeting of shareholders | |
| Compensation source | Officers receive no compensation from the Funds; compensated by the Adviser (Duff & Phelps Investment Management Co.) or fund administrators (Virtus Fund Services/Baird) | |
| Santoro address | Virtus Investment Partners, Inc., One Financial Plaza, Hartford, CT 06103 | |
| Start date as Secretary | June 2024 | |
| Severance/Change-of-control | Not disclosed (officers are not Fund employees) | |
| Non-compete/Non-solicit/Garden leave | Not disclosed in Fund proxies | |
| Post-termination consulting | Not disclosed |
Investment Implications
- Compensation alignment: Santoro’s compensation is paid by Virtus (and/or fund administrators), not by DNP/DPG/DTF, so there are no Fund-level salary/bonus/equity levers or performance metrics tied to DNP that would directly influence her pay; investor pay-for-performance analysis at the Fund level is therefore not applicable to this officer .
- Insider selling pressure: Individual ownership and vesting schedules for Santoro are not disclosed; aggregate group ownership is small (<1% per person), implying limited officer-driven trading signal visibility at the Fund level .
- Retention risk: As employment and compensation sit with Virtus/administrators rather than the Funds, retention drivers and severance/change-of-control economics would be governed by those entities’ policies and are not disclosed in DNP’s proxy; monitor Virtus legal/administrative staffing changes for continuity signals .
- Governance levers: Santoro is an officer (Secretary), not a director or committee member; board governance levers (committee roles, director compensation, say-on-pay) are not applicable to her, reducing direct governance-related trading signals from her role .