Timothy Penny
About Timothy J. Penny
Timothy J. Penny (born 1951) is an Independent Trustee of the Allspring Income Opportunities Fund (EAD), serving since 1996 and as Chair of the Board since 2018; the board is comprised entirely of Independent Trustees under the 1940 Act, and Penny is expected to retire on or about December 31, 2026 . His background includes leading non-profit institutions and public policy organizations, notably President & CEO of Southern Minnesota Initiative Foundation since 2007, and 12 years as a member of the U.S. House of Representatives representing Minnesota’s First Congressional District .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Southern Minnesota Initiative Foundation | President & Chief Executive Officer | Since 2007 | Non-profit leadership; community economic development |
| U.S. House of Representatives (MN–01) | Member of Congress | 12 years | Public finance and policy experience |
| University of Minnesota Humphrey Institute | Senior Fellow | 1995–2017 | Academic policy work |
| NorthStar Education Finance, Inc. | Board of Trustees (non-profit) | 2007–2022 | Education finance oversight |
| Committee for a Responsible Federal Budget | Co-Chair | Since 1995 | Federal budget governance |
| Economic Club of Minnesota | Vice Chair | Since 2007 | Policy and economic engagement |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Other Public Company Directorships | None | Past 5 years | No other public boards disclosed |
| Destination Medical Center Corporation; Minnesota Wild Foundation | Not Penny’s roles | — | These are roles of other Trustees; no indication Penny serves here |
Board Governance
- Board composition: Eight Trustees, all Independent under the 1940 Act; staggered terms with Class III nominees (including Penny) proposed for election to serve until the 2028 annual meeting, with Penny’s retirement expected around December 31, 2026 .
- Chair role: Penny serves as Independent Chair, presiding over Board meetings and liaising with service providers and Trustees between meetings; the Board also appoints a Chair Liaison (currently Pamela Wheelock) to coordinate communications .
- Committees: Standing Nominating & Governance Committee and Audit Committee; committees are comprised of the Trustees listed (i.e., the Board members), with chairs receiving an additional annual fee determined by the Board (Nominating & Governance Chair: James G. Polisson since 2024; Audit Committee Chair: Jane A. Freeman since 2025) .
- Meeting cadence: Board typically holds four in-person regular meetings plus a fifth by video conference each year, with additional special meetings as needed; Penny attended the previous year’s Annual Meeting telephonically (along with William Ebsworth), evidencing engagement .
- Independence and conflicts vetting: Committee charter outlines rigorous independence and disqualifying factors, including regulatory bars and criminal offenses; candidates must meet exchange independence standards and trustee qualification by-laws for closed-end funds .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Aggregate Compensation From EAD (Fund) | $4,449 | $4,525 |
| Total Compensation From Fund Complex | $440,500 | $448,000 |
| Pension/Retirement Benefits | None disclosed for Trustees | None disclosed for Trustees |
- Notes: Independent Trustees are reimbursed for meeting expenses; officers who are also affiliated with Allspring receive compensation from the adviser or affiliate, not from the Fund .
- Committee chair fees: Charters provide for additional annual fees for committee chairs (Audit and Nominating & Governance) in amounts set by the Board; Penny’s larger complex-wide compensation vs. peers is consistent with added Board Chair responsibilities (Board Chair compensation specifics not itemized) .
Performance Compensation
- No performance-conditioned compensation metrics, RSUs/PSUs, options, or bonus targets are disclosed for Trustees; trustee pay is presented as cash compensation with expense reimbursement and no pension benefits .
- Committee charters reference added fees for chair duties but do not specify performance metrics for Trustee compensation .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current Public Company Boards | None disclosed (past 5 years) |
| Private/Non-Profit Boards | Southern Minnesota Initiative Foundation (President & CEO), Economic Club of Minnesota (Vice Chair), Committee for a Responsible Federal Budget (Co-Chair), NorthStar Education Finance (Board of Trustees 2007–2022) |
| Potential Interlocks | No public company interlocks disclosed; roles concentrated in non-profit/public policy, reducing commercial conflict risk |
Expertise & Qualifications
- Public policy and fiscal governance: 12-year congressional tenure and co-chair of a federal budget organization indicate deep policy and fiscal oversight experience .
- Non-profit leadership: Long-standing CEO role at a regional foundation supports stakeholder engagement and community investment perspective .
- Board experience within fund complex: Trustee since 1996; Chair since 2018; familiarity with closed-end fund governance, independence standards, and audit oversight processes .
Equity Ownership
| Metric | As of Apr 30, 2024 | As of Apr 30, 2025 |
|---|---|---|
| Dollar Range of Equity Securities in EAD | $1 – $10,000 | $1 – $10,000 |
| Aggregate Dollar Range in Fund Complex | Over $100,000 | Over $100,000 |
| Shares Pledged as Collateral | Not disclosed; no pledging disclosed in proxy | |
| Ownership Guidelines | Committee charter indicates periodic review of Independent Trustee share ownership policies; specific numeric guidelines not disclosed |
Governance Assessment
- Board independence and oversight: Fully independent board with formal audit and nominating/governance structures; Penny’s role as Independent Chair supports effective oversight and board cohesion .
- Engagement signals: Regular meeting cadence and telephonic participation in the prior Annual Meeting indicate ongoing engagement; Penny’s extended tenure and announced retirement timeline support succession planning visibility .
- Compensation alignment: Trustee compensation is cash-based, with added fees for committee chairs and likely for Board Chair responsibilities; Penny’s total complex compensation exceeds peers, consistent with his leadership role, though award-level details are not itemized .
- Ownership alignment: Penny holds $1–$10,000 in EAD and over $100,000 across the fund complex; while EAD holdings are modest, complex-wide exposure enhances alignment with fund complex performance .
- Conflicts and red flags: No related-party transactions, loans, or tax gross-ups disclosed; independence vetting in charter is robust; no legal proceedings or SEC investigations disclosed in the proxy materials reviewed .
- Committee leadership and expertise: Clear designation of committee chairs (Freeman—Audit; Polisson—Nominating & Governance) with charters emphasizing independence and audit communications; Penny’s governance profile is strong though not chairing a committee beyond Board Chair .
Overall, Timothy Penny presents as a long-tenured, independent Chair with strong governance and public policy credentials, moderate direct fund ownership but significant complex-wide holdings, and transparent retirement timing—factors supportive of investor confidence, with no material conflicts or pay anomalies disclosed in the latest proxy .