Pamela Wheelock
About Pamela Wheelock
Pamela Wheelock (born 1959) is an Independent Trustee of Allspring Income Opportunities Fund (EAD), serving since January 2020 (and previously from January 2018 to July 2019) and currently acting as the Board’s Chair Liaison since July 2024. She brings over 25 years of executive and senior financial leadership across public, private, and nonprofit sectors, including interim CEO roles, state cabinet leadership, and university operations; she is nominated to continue as a Class III Trustee with a term through the 2028 annual meeting. Wheelock’s independence is affirmed under the Investment Company Act of 1940, and she oversees the Fund with the Board’s established governance and committee structure .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| McKnight Foundation | Interim President & CEO | 2020 | Led philanthropic operations during leadership transition |
| Minnesota Department of Human Services | Interim Commissioner; Consultant (part-time) | 2019; 10–12/2019 | Oversight of state health & human services; continuity support |
| Twin Cities Habitat for Humanity | Chief Operating Officer | 2017–2019 | Operational leadership in nonprofit housing |
| University of Minnesota | Vice President for University Services (Chief Operations Officer) | 2012–2016 | Led campus operations; infrastructure services |
| Blue Cross and Blue Shield of Minnesota | Interim President & CEO | 2011–2012 | Health insurer leadership during transition |
| Minnesota Wild (NHL) | Executive Vice President & Chief Financial Officer | 2002–2008 | Senior finance leadership in sports franchise |
| Minnesota Department of Finance | Commissioner | 1999–2002 | State budget and finance oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Destination Medical Center Corporation | Chair of Board of Directors | Current | Strategic oversight of economic development initiative |
| Minnesota Wild Foundation | Board Member | 2009–2024 | Nonprofit governance; community engagement |
Board Governance
- Structure and independence: Board comprises eight Independent Trustees (not “interested persons” under the 1940 Act). Wheelock is an Independent Trustee and was nominated as a Class III Trustee to serve until 2028 .
- Roles and committees: All Independent Trustees, including Wheelock, serve on the standing Nominating & Governance Committee (NGC) and the Audit Committee; Wheelock is the Board’s Chair Liaison (one-year term, renewable) coordinating Trustee communications and governance matters with the Chair and management .
- Committee chairs: NGC Chair—James G. Polisson; Audit Chair—Jane A. Freeman. Committee chairs receive additional annual fees (Board-determined); Wheelock is not listed as a committee chair .
- Attendance and engagement: Each Trustee attended at least 75% of Board and committee meetings in the last fiscal year; prior Annual Meeting attendance noted (Ebsworth and Penny telephonically) .
- Board leadership: Board Chair is Independent Trustee Timothy J. Penny; Wheelock serves as Chair Liaison to enhance governance communication and responsiveness .
Board meetings last fiscal year:
| Meeting Type | Count |
|---|---|
| Regular Board Meetings | 8 |
| Special Board Meetings | 2 |
| Nominating & Governance Committee | 5 |
| Audit Committee | 7 |
Fixed Compensation
| Metric | FY 2025 |
|---|---|
| Aggregate Compensation from EAD (Fund) | $3,949 |
| Total Compensation from Fund Complex (93 funds) | $391,000 |
| Pension/Retirement Benefits from Fund | None (Trustees do not receive any) |
| Expense Reimbursement | The Fund reimburses Trustees for meeting-related expenses |
Notes:
- Compensation structure for Independent Trustees is overseen and periodically reviewed by the Nominating & Governance Committee; committee chairs receive additional annual fees (amounts not disclosed) .
- Principal executive officers receive no compensation from the Fund; Trustee compensation is fund-complex wide with per-fund allocations (e.g., $3,949 from EAD) .
Performance Compensation
- Equity awards (RSUs/PSUs), stock options, and performance-linked metrics are not disclosed for Independent Trustees in the proxy. The compensation disclosures list cash compensation and do not include performance-based incentive structures for Trustees .
| Performance Element | FY 2025 Detail |
|---|---|
| RSUs/PSUs | Not disclosed for Trustees |
| Stock Options | Not disclosed for Trustees |
| Performance Metrics (e.g., TSR, EBITDA, ESG) | Not disclosed for Trustee compensation |
| Vesting Schedules | Not disclosed for Trustees |
| Clawbacks/Change-in-Control Provisions | Not disclosed for Trustees |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed outside the Allspring Funds family/Fund Complex |
| Nonprofit/Private boards | Chair—Destination Medical Center Corporation; Board—Minnesota Wild Foundation (2009–2024) |
| Shared directorships with competitors/suppliers/customers | Not disclosed; no relevant interlocks identified in proxy |
Expertise & Qualifications
- Senior finance and operations leadership across healthcare insurance, higher education operations, professional sports finance, state finance, and philanthropy—providing robust risk oversight and operational governance perspective .
- Board-level governance experience in nonprofit settings; currently Chair Liaison enhancing Board communications and responsiveness to fiduciary matters .
- Independent status under 1940 Act; service across 93-fund complex improves cross-fund governance continuity .
Equity Ownership
| Holder | Dollar Range in EAD (as of 4/30/2025) | Aggregate Dollar Range in Fund Complex (as of 4/30/2025) |
|---|---|---|
| Pamela Wheelock | $1 – $10,000 | Over $100,000 |
Additional ownership context:
- As of June 10, 2025, officers and Trustees of the Fund, as a group, beneficially owned less than 1% of EAD shares outstanding .
- Section 16(a) reporting: The Fund believes all required reports by Trustees and officers were filed timely; Forms 3/4/5 can be accessed via Allspring’s website .
Governance Assessment
- Strengths: Fully independent Board with established committee charters; Wheelock’s multi-sector operational and financial leadership supports effective risk oversight and governance. Chair Liaison role indicates high engagement and board communication efficacy .
- Attendance: Met the 75% threshold across Board/committee meetings, matching governance norms for closed-end funds; active committee cadence (12 total Board/committee meetings) supports oversight rigor .
- Compensation alignment: Trustee pay is cash-based and fund-complex anchored; absence of equity or performance-linked awards reduces misalignment risks common in operating company director pay structures, but also limits direct “skin-in-the-game” incentives specific to EAD .
- Ownership: Dollar-range holding in EAD is modest ($1–$10,000), typical for fund trustees; aggregate fund-complex holdings over $100,000 demonstrate broader alignment across Allspring funds but provide limited direct incentive tied to EAD’s specific discount/premium dynamics or distribution policy .
- Conflicts/related parties: No related-party transactions or pledging/hedging disclosures identified for Wheelock; committee charters explicitly embed independence reviews and disqualifying criteria for candidates, mitigating conflict risk .
- Red flags: None explicitly disclosed. Areas to watch include: low direct EAD ownership versus fund-complex exposure, and absence of disclosed equity/performance pay metrics (neutral or positive for independence depending on investor preference) .
Section 16 Reporting/Insider Trades:
- Reporting compliance: All required filings believed timely; individual transaction detail not provided in the proxy—investors should review Forms 3/4/5 for Wheelock via Allspring’s website for transaction-level insights .