Burton Wallack
About Burton N. Wallack
Burton N. Wallack (age 74) is a Class III Independent Director of BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) and BNY Mellon Strategic Municipals, Inc., serving since 2006. He is President and co-owner of Wallack Management Company, a real estate management firm (1987–present), and serves on the Mount Sinai Hospital Urology board (2017–present) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wallack Management Company | President & Co-owner | 1987 – Present | Provides financial reporting and management services |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mount Sinai Hospital Urology | Board Member | 2017 – Present | Non-profit/medical institution |
Board Governance
- Committee memberships and chair roles:
- Audit Committee member (DSM and BNYMSM) .
- Audit Committee Chair is Alan H. Howard .
- Standing committees: Audit, Nominating, Compensation, Litigation; each comprised of Independent Directors (Chairman DiMartino does not serve on Compensation) .
- Attendance and engagement:
- DSM held 5 Board meetings, 6 Audit Committee meetings, 1 Compensation Committee meeting, and 1 Nominating Committee meeting in the last fiscal year; Litigation Committee did not meet .
- Directors attended at least 75% of meetings of the Board and committees of which they were members .
- No formal policy on attending annual stockholder meetings; Directors did not attend last year’s annual meeting .
- Independence and conflicts:
- As of Dec 31, 2024, none of the Directors or their immediate family members owned securities of the Investment Adviser or any person controlling/controlled by/under common control with the Adviser .
- Committees comprised solely of Independent Directors; Wallack listed among Audit Committee members .
Fixed Compensation
- Compensation structure:
- Annual retainer and meeting attendance fees are allocated among DSM and other BNY Mellon Family of Funds based on net assets; Chairman receives additional 25% of such compensation; travel and out-of-pocket expenses reimbursed .
- The Fund does not have a bonus, pension, profit-sharing or retirement plan .
| Director | Compensation from DSM ($) | Aggregate Compensation from Fund Complex ($) (portfolios) |
|---|---|---|
| Burton N. Wallack | 8,151 | 170,700 (17) |
Note: Combined fund disclosure shows DSM (BNYMSMB) $8,220 and BNYMSM $9,570 for fiscal year 2024; aggregate $170,700 .
Performance Compensation
- None disclosed: No stock awards, options, performance-based incentives, or equity compensation for DSM Directors; DSM explicitly states no bonus, pension, profit-sharing or retirement plan .
Other Directorships & Interlocks
| Company/Institution | Public Company? | Role | Overlap/Interlock |
|---|---|---|---|
| Mount Sinai Hospital Urology | No | Board Member | None disclosed with DSM counterparties |
| Wallack Management Company | No | President & Co-owner | Private real estate; no DSM-related transactions disclosed |
Expertise & Qualifications
- Real estate management, financial reporting and operational management experience via Wallack Management Company .
- Non-profit healthcare governance exposure via Mount Sinai Hospital Urology .
Equity Ownership
- DSM share ownership:
- As of Dec 31, 2024, Wallack owned None of DSM’s Common Stock and held None in aggregate across the BNY Mellon Family of Funds .
- As of Apr 10, 2025, none of DSM’s Directors or officers owned any Common Stock or VMTP Shares .
- Adviser-related holdings:
- As of Dec 31, 2024, none of the Directors or immediate family members owned securities of the Investment Adviser or its affiliates .
| Date (As of) | DSM Common Stock | Aggregate BNY Mellon Family Fund Holdings |
|---|---|---|
| Dec 31, 2024 | None | None |
| Apr 10, 2025 | None (Directors/officers) | N/A |
Insider Trades (Section 16 Compliance)
| Fiscal Year | Filing Compliance Summary | Exceptions Disclosed |
|---|---|---|
| FY 2024 | DSM believes all filing requirements applicable to officers and Directors were complied with | Late Form 4 by Bank of America Corp. (VMTP) filed Dec 13, 2024 (not a Director) |
| FY 2024 (combined funds) | Each Fund believes all applicable filings complied (officers/Directors); certain late filings noted for non-Director entities | Late Form 3 for certain officers (administrative oversight) and late Form 4 for Bank of America Corp. (not a Director) |
Governance Assessment
- Positives:
- Long-tenured Independent Director (since 2006), contributing continuity and institutional knowledge .
- Active Audit Committee membership across DSM/BNYMSM; robust oversight process documented and PCAOB/SEC-required discussions held; independence of auditors reviewed; recommended inclusion of audited financials .
- No securities of the Investment Adviser held by Directors/immediate family, reducing adviser-related conflicts .
- Concerns and RED FLAGS:
- No DSM share ownership by Wallack (and none in BNY Mellon fund family), limiting direct alignment with stockholder outcomes; skin-in-the-game appears minimal .
- DSM has no formal annual meeting attendance policy and Directors did not attend last year’s annual meeting (investor engagement signal) .
- Neutral/Context:
- DSM Director compensation is modest and cash-based, allocated across the fund complex; no performance-based equity or option awards—typical for closed-end funds .
- Litigation Committee exists to manage potential conflicts between the Fund and the Adviser; did not meet in the last fiscal year .
Overall: Wallack’s independence and Audit Committee participation are positives for oversight quality. Lack of DSM share ownership and non-attendance at annual meetings are alignment/engagement watch items that may matter to investors focused on board skin-in-the-game and external engagement .