Daniel D. Harding
About Daniel D. Harding
Daniel D. Harding (born 1952) is an Independent Trustee of Ellsworth Growth and Income Fund Ltd. (ECF), serving since 2007, and is designated the Fund’s Audit Committee Financial Expert. He is the Managing General Partner of the Global Equity Income Fund (private), co‑founded Harding Loevner Management LP and served as its Chief Investment Officer (1989–2003), and holds CFA and CIC charters; he earned his undergraduate degree from Colgate University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Harding Loevner Management LP | Co‑Founder; Chief Investment Officer | 1989–2003 | Built investment advisory capabilities; prior experience informs audit/valuation oversight |
| American National Bank | Trust Investment Officer | Not disclosed | Fiduciary investment management |
| Rockefeller Family Office | Partner; Associate | Not disclosed | Family office investment operations |
| Legg Mason Investment Counsel, LLC | Director; Chair of Investment Committee | 2010–2012 | Chaired investment oversight |
| TRC (private asset management) | Director (former) | Not disclosed | Private asset management governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Global Equity Income Fund (private) | Managing General Partner | Current | Private investment fund leadership |
| Reef Consulting & Investment (private equity) | Director | Current | Private equity governance |
| Atlantic Health Systems | Director/Trustee | Current | Non‑profit fiduciary roles |
| Ocean Reef Community Foundation | Director/Trustee | Current | Non‑profit fiduciary roles |
| Ocean Reef Medical Center Foundation | Director/Trustee | Current | Non‑profit fiduciary roles |
Board Governance
- Independence: Classified as an Independent Trustee under the Investment Company Act; no reported interests in the Adviser or its control affiliates for Independent Trustees as of Dec 31, 2024 (exceptions noted for others, not Harding) .
- Committees: Chair of the Audit Committee; member of the Pricing Committee; designated Audit Committee Financial Expert .
- Attendance and engagement: Board met 4 times in FY ended Sep 30, 2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings . Audit Committee met 2 times in FY2024; Harding signed the Audit Committee report recommending inclusion of audited financials .
- Lead Independent Director: James P. Conn serves as Lead Independent Trustee; independent Trustees meet in executive session and chair all Board committees .
- Shareholder meeting attendance: The Fund does not expect Trustees to attend annual meetings; no Trustees attended the annual meeting held May 13, 2024 .
Fixed Compensation
| Component | Structure / Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustee) | $8,500 | Paid by Fund |
| Board meeting fee | $1,000 per meeting | Four regular quarterly meetings in FY2024 |
| Committee meeting fee | $500 per meeting | All Board committee members |
| Audit Committee Chair fee | $2,000 annual | Harding is Audit Chair |
| Lead Independent Trustee fee | $1,000 annual | Not applicable to Harding |
| Aggregate compensation from ECF (FY) | $14,500 (FY2024); $16,500 (FY2023); $17,000 (FY2022) | As reported in compensation table |
| Aggregate compensation from Fund Complex (CY) | $34,250 (CY2024); $38,000 (CY2023); $38,000 (CY2022) | As reported; number of portfolios overseen: 3 |
Performance Compensation
| Item | Disclosure |
|---|---|
| Stock awards (RSUs/PSUs) | None disclosed in director compensation schedule |
| Option awards | None disclosed in director compensation schedule |
| Performance metrics tied to pay | None disclosed for Trustees (fees are fixed cash + meeting/chair fees) |
| Clawbacks / COI provisions | Not disclosed in director compensation section |
| Equity compensation vesting | Not applicable (no equity awards disclosed) |
Director compensation at ECF is cash‑based (retainer, meeting, and chair fees); the proxy does not describe stock or option grants for Trustees .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Harding in past five years (excluding other funds) |
| Interests in Adviser/affiliates | Independent Trustees listed with affiliate interests exclude Harding (table shows other individuals) |
| Noted interlocks | None disclosed relating to Harding |
| Prior public company boards | None disclosed for Harding in proxy biographies |
Expertise & Qualifications
- Designated Audit Committee Financial Expert; chairs Audit Committee for ECF .
- Deep investment management background (co‑founder/CIO, Harding Loevner; Global Equity Income Fund leadership) .
- Credentials: CFA and CIC charterholder; undergraduate degree from Colgate University .
Equity Ownership
| Metric | As of Dec 31, 2022 | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|---|
| Common shares beneficially owned | 20,912 | 22,273 | 23,655 |
| Preferred shares beneficially owned | 0 | 0 | 0 |
| Percent of class | <1% (asterisk) | <1% (asterisk) | <1% (asterisk) |
| Dollar range in ECF | Over $100,000 (“E”) | Over $100,000 (“E”) | Over $100,000 (“E”) |
| Aggregate dollar range in Fund Complex | Over $100,000 (“E”) | Over $100,000 (“E”) | Over $100,000 (“E”) |
The Fund’s ownership reporting is by dollar range and share counts; Harding’s holdings are consistently in the “Over $100,000” range and his share count increased across the three years shown .
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) compliance | FY2024: The Fund believes required persons complied with filing requirements; no delinquency noted for Harding . FY2023: One late filing by another Trustee (van Ekris), not Harding . |
| Form 4 transactions | Not detailed in the proxy; no Harding‑specific Form 4 data provided . |
Governance Assessment
- Strengths: Independent status; Audit Committee chair with designated financial expert credentials; documented engagement via Audit Committee oversight and report; meaningful personal investment in ECF and the broader complex .
- Compensation alignment: Cash‑based director pay with modest chair premium; no equity grants disclosed, which avoids potential option‑related conflicts but also limits direct equity incentive linkage; structure aligns with reported aggregate fees .
- Attendance/engagement: Board met quarterly in FY2024; all Trustees attended at least 75% of meetings; Audit Committee met twice; Harding signed the report; Trustees generally do not attend annual shareholder meetings per Fund practice .
- Conflicts/related‑party exposure: No reported Harding interests in affiliates or related‑party transactions; Independent Trustees broadly reported no interest in the Adviser or its control affiliates (with exceptions noted for others) .
- Governance context: Lead Independent Director structure and regular executive sessions support independent oversight; By‑Laws include trustee qualification limits (e.g., age, other board service) to mitigate overboarding and conflicts .