David Larcker
About David F. Larcker
Independent Trustee of Allspring Income Opportunities Fund (EAD) since 2009; prior Advisory Board member (2008–2009). Year of birth: 1950. Distinguished Visiting Fellow, Hoover Institution (since 2022); James Irvin Miller Professor of Accounting (Emeritus) at Stanford GSB; Director of the Corporate Governance Research Initiative and Senior Faculty of the Rock Center for Corporate Governance (since 2006). Expected to retire December 31, 2025; oversees 93 portfolios within the Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stanford Graduate School of Business | Professor of Accounting | 2005–2008 | Academic governance, corporate governance research emphasis |
| The Wharton School, University of Pennsylvania | Ernst & Young Professor of Accounting | 1985–2005 | Managerial accounting, financial statement analysis, corporate governance scholarship |
| Allspring Asset Allocation Trust | Trustee | 2010–2018 | Oversight of fund operations within complex |
| Allspring Funds (Advisory Board) | Advisory Board Member | 2008–2009 | Advisory input prior to trustee appointment |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hoover Institution | Distinguished Visiting Fellow | Since 2022 | Governance and policy research |
| Stanford GSB | James Irvin Miller Professor of Accounting (Emeritus) | Current | Senior faculty; governance research |
| Rock Center for Corporate Governance, Stanford | Director, Corporate Governance Research Initiative; Senior Faculty | Since 2006 | Corporate governance expertise and publications |
Board Governance
- Committee memberships: Audit Committee and Nominating & Governance Committee (standing committees composed of the Trustees listed, which include Larcker) .
- Committee chairs: Audit Committee Chair—Jane A. Freeman (since 2025); prior chair Isaiah Harris (2019–2024). Nominating & Governance Committee Chair—James G. Polisson (since 2024); prior chair Olivia S. Mitchell (2018–2024) .
- Independence: Serves as an Independent Trustee; Board committees composed solely of independent trustees per charter .
- Meetings and attendance: FY ended April 30, 2025—Board Regular (8), Special (2), Nominating & Governance (5), Audit (7). Each Trustee attended at least 75% of board and committee meetings on which they served .
| Board/Committee | FY 2025 Meetings | Attendance Statement |
|---|---|---|
| Board – Regular | 8 | Each Trustee ≥75% attendance |
| Board – Special | 2 | Each Trustee ≥75% attendance |
| Nominating & Governance | 5 | Each Trustee ≥75% attendance |
| Audit Committee | 7 | Each Trustee ≥75% attendance |
- Oversight scope: Fund valuation oversight via Allspring Funds Management as valuation designee under Rule 2a-5; audit committee charter details auditor independence, pre-approval protocols, and responsibilities—reinforces governance rigor .
Fixed Compensation
- Trustees are reimbursed for meeting expenses; no pension or retirement benefits are provided by the Fund .
- Compensation is paid by the Fund and the broader Fund Complex.
| Metric (USD) | FY 2024 | FY 2025 |
|---|---|---|
| Aggregate Compensation from EAD | $3,662 | $3,722 |
| Total Compensation from Fund Complex | $362,500 | $368,500 |
Performance Compensation
- No performance-based metrics, equity awards, or options for Trustees are disclosed in the proxy; Trustees do not receive pension/retirement benefits. Chair roles may receive an additional annual fee (policy level; Larcker is not a committee chair) .
| Component | Disclosure | Notes |
|---|---|---|
| Bonus/Performance Pay | Not disclosed | No performance metrics tied to trustee pay described |
| Equity Awards (RSUs/PSUs/Options) | Not disclosed | Proxy provides cash totals; no equity award details for Trustees |
| Chair Fee Policy | Disclosed | N&G Chair eligible for additional annual fee; applies to Chair role, not Larcker |
Other Directorships & Interlocks
| Company | Role | Period | Notes |
|---|---|---|---|
| None | — | Past 5 years | Proxy lists “None” for other directorships in past 5 years (reduces interlock risk) |
Expertise & Qualifications
- Over 30 years as an accounting professor; numerous publications in managerial accounting, financial statement analysis, and corporate governance .
- Governance specialization through leadership at Stanford’s Corporate Governance Research Initiative and Rock Center .
- Oversight breadth: 93 portfolios in Fund Complex—relevant for cross-fund governance consistency .
Equity Ownership
- Personal holdings calibrated by dollar range; aligns but relatively modest direct exposure to EAD.
| As of Date | EAD Dollar Range | Aggregate Dollar Range (Fund Complex) |
|---|---|---|
| April 30, 2024 | $1 – $10,000 | Over $100,000 |
| April 30, 2025 | $1 – $10,000 | Over $100,000 |
Governance Assessment
- Strengths: Independent trustee with deep governance scholarship; consistent meeting attendance ≥75%; robust committee charters with clear auditor independence and valuation oversight. Oversight across 93 funds suggests process familiarity and governance continuity .
- Alignment: Holds EAD shares in the $1–$10,000 range and substantial aggregate holdings across the complex; however, direct fund exposure is modest, and compensation is primarily cash-based at complex level—typical for closed-end fund trustees .
- Committee influence: Member of Audit and Nominating & Governance committees; not a chair—limits direct control over agenda-setting, though charters support independent oversight and annual reviews of trustee compensation and governance principles .
- Transitions: Expected retirement on December 31, 2025 could create succession/knowledge transfer considerations for the Board, especially given his governance expertise .
- RED FLAGS: None disclosed on related-party transactions, pledging/hedging, legal proceedings, or say-on-pay issues; “None” for other public company boards reduces interlock conflict risk. Note modest EAD-specific ownership and absence of performance-linked compensation disclosures, which may temper perceived alignment but are standard for fund trustees .