David F. Larcker
About David F. Larcker
Independent Trustee of Allspring Utilities and High Income Fund (ERH) since 2009; previously served on the Advisory Board (2008–2009). Born in 1950. Academic credentials include Professor of Accounting at Stanford GSB (2005–2008), James Irvin Miller Professor of Accounting (Emeritus), Director of the Corporate Governance Research Initiative and Senior Faculty at the Rock Center for Corporate Governance since 2006; Distinguished Visiting Fellow at the Hoover Institution since 2022. Expected retirement date: December 31, 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Wharton School, Univ. of Pennsylvania | Ernst & Young Professor of Accounting | 1985–2005 | Led research in accounting and governance |
| Stanford Graduate School of Business | Professor of Accounting | 2005–2008 | Faculty leadership in accounting |
| Allspring Asset Allocation Trust | Trustee | 2010–2018 | Oversight of fund governance |
| Allspring Fund Complex Advisory Board | Advisory Board Member | 2008–2009 | Pre-Trustee advisory role |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Hoover Institution | Distinguished Visiting Fellow | Since 2022 |
| Stanford GSB | James Irvin Miller Professor of Accounting (Emeritus) | Ongoing |
| Stanford Rock Center/Corporate Governance Research Initiative | Director and Senior Faculty | Since 2006 |
Board Governance
- Board independence: ERH’s board comprises eight Independent Trustees (no “interested persons”) under the Investment Company Act of 1940 .
- Committee membership: Each Independent Trustee (including Larcker) serves on both the Nominating & Governance Committee and the Audit Committee .
- Committee chairs: Audit Committee Chair – Jane A. Freeman; Nominating & Governance Committee Chair – James G. Polisson .
- Meetings and attendance (last fiscal year): Regular Board 4; Special 0; Nominating & Governance 5; Audit 7. Each Trustee attended at least 75% of Board and relevant committee meetings .
- Portfolios overseen: 92 portfolios in the Fund Complex .
- Board leadership: Independent Chair – Timothy J. Penny; Independent Trustees retain independent legal counsel .
- Retirement: Larcker expected to retire December 31, 2025 .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Compensation from ERH (cash) | $2,781 | $4,052 |
| Total compensation from Fund Complex (cash) | $350,500 | $372,250 |
| Pension/retirement benefits | None disclosed | None disclosed |
| Expense reimbursement | Trustees reimbursed for meeting expenses | Trustees reimbursed for meeting expenses |
- Committee Chair fees exist (additional annual fee for chair roles), but Larcker is not identified as a chair; Audit Chair and N&G Chair compensation supplements are authorized by charter .
Performance Compensation
- No performance-based components (no bonus, stock awards, options, or performance metrics) disclosed for Trustees; compensation is presented as cash retainer/fees across the Fund Complex .
- Trustees do not receive pension or retirement benefits; no equity-based director awards disclosed .
Other Directorships & Interlocks
| Company | Role | Status |
|---|---|---|
| None | — | No other directorships in past five years |
- No public company interlocks or shared directorships with ERH competitors/suppliers/customers disclosed .
Expertise & Qualifications
- Over 30 years as a professor of accounting; published extensively in managerial accounting, financial statement analysis, and corporate governance .
- Governance specialization as Director of Corporate Governance Research Initiative and Senior Faculty at Stanford’s Rock Center since 2006 .
- The Audit Committees Charter allows the Board to designate audit committee financial experts; no explicit designation for Larcker in the proxy .
Equity Ownership
| Holding | Aug 31, 2024 | Aug 31, 2025 |
|---|---|---|
| ERH share ownership (dollar range) | $1–$10,000 | $1–$10,000 |
| Aggregate Allspring Fund Complex holdings (dollar range) | Over $100,000 | Over $100,000 |
- No disclosure of shares pledged as collateral, hedging, or ownership guideline compliance; N&G Committee periodically reviews trustee share ownership policies .
Governance Assessment
- Strengths: Independent status, long tenure, and deep accounting/governance expertise enhance audit oversight quality; serves on both key committees; adequate meeting attendance; broad oversight across 92 portfolios .
- Alignment: Personal investment in ERH is modest but present; aggregate holdings in the Fund Complex are “Over $100,000,” indicating broader platform alignment .
- Compensation structure: Pure cash compensation with no performance-linked pay or equity grants aligns with independence but limits pay-for-performance signals; year-over-year increase in total complex compensation ($350,500 → $372,250) reflects adjusted retainer/fee levels rather than performance awards .
- Committee effectiveness: Committee charters provide robust oversight frameworks; independent chairs and legal counsel support board autonomy .
- RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, tax gross-ups, or option repricing; upcoming retirement in 2025 implies near-term succession planning need .