Madelyn A. Reilly
About Madelyn A. Reilly
Independent Trustee (Class II) of Federated Hermes Premier Municipal Income Fund; birth date February 2, 1956; began serving November 2020. Background spans senior legal leadership at Duquesne University and compliance/risk roles at PPG Industries; currently active on several non-profit boards. Term expires at the 2026 annual meeting; independence affirmed by NYSE standards and the Fund’s classification of “Independent Trustees.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Duquesne University | Senior Vice President for Legal Affairs; General Counsel; Secretary of Board; Director of Risk Management; Associate General Counsel | Not disclosed | Oversaw legal, governance and risk management functions |
| PPG Industries | Assistant General Counsel – Compliance & Enterprise Risk; Senior Counsel – Environment, Health & Safety | Not disclosed | Led compliance and EHS legal advisory responsibilities |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| UPMC Mercy Hospital | Director | Current | Non-profit hospital governance |
| Catholic Charities, Pittsburgh | Director | Current | Non-profit board service |
| Duquesne Kline Law School | Advisory Board Member | Current | Academic advisory engagement |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Classified as Independent Trustee under NYSE standards; listed among Independent Trustees |
| Board Class/Term | Class II; began Nov 2020; term expires at 2026 annual meeting |
| Committee Memberships | Audit Committee member; Executive Committee member; Nominating Committee member (all Independent Trustees) |
| Committee Chairs | Audit Committee chaired by Thomas M. O’Neill; Nominating Committee chaired by John S. Walsh |
| Attendance | Board met 4 times in fiscal 2024; each Trustee attended at least 75% of Board and applicable committee meetings; similar disclosure for fiscal 2023 |
| Annual Meeting Attendance Policy | No policy requiring Board attendance; not anticipated Board members will attend; no Board member attended 2024 meeting |
Fixed Compensation
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation From FMN (past fiscal year) | $1,086.25 | $1,044.49 | $1,031.08 |
| Total Compensation From Fund and Federated Hermes Complex (calendar year) | $300,000 | $300,000 | $310,000 |
Notes:
- Compensation for Federated Hermes fund Trustees is primarily paid across the Federated Hermes Complex; FMN’s aggregate share is small due to allocation methodology .
Performance Compensation
| Performance Component | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs), option awards, performance metrics (TSR/EBITDA/ESG), vesting, severance/CoC terms | Not disclosed in FMN’s DEF 14A for Independent Trustees; compensation tables show cash compensation figures without performance-linked components |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Public company boards | None (Other Directorships Held: None) |
| Investment company boards beyond FMN | Serves as Director/Trustee across the Federated Hermes Complex (registered investment companies) |
| Potential interlocks/conflicts | No public-company interlocks disclosed; external roles are non-profit/academic |
Expertise & Qualifications
- Legal governance, enterprise risk, and compliance leadership (Duquesne University; PPG Industries) .
- Service on hospital and charitable boards, contributing to compliance and stakeholder engagement perspectives .
- Independent Trustee qualification criteria include judgment, time commitment, lack of conflicts, and regulatory appreciation per Board’s standards .
Equity Ownership
| Ownership Measure | As of Jun 30, 2023 | As of Jul 31, 2024 | As of Jun 30, 2025 |
|---|---|---|---|
| Dollar Range of FMN Shares Owned | None | None | None |
| Aggregate Dollar Range of Shares Owned in Federated Hermes Family of Investment Companies | Over $100,000 | Over $100,000 | Over $100,000 |
Additional disclosure: As of the respective dates, no Trustee (other than the Fund President) beneficially owned FMN shares; officers and Trustees collectively own <1% of each class .
Governance Assessment
- Independence and committee effectiveness: Reilly is an Independent Trustee on the Audit Committee, which met seven times in fiscal 2024, with designated financial experts on the committee; she also serves on Executive and Nominating, indicating broad governance engagement .
- Attendance: Board-level disclosure indicates at least 75% attendance for all Trustees in fiscal 2024 and 2023, supporting baseline engagement .
- Ownership alignment: No FMN share ownership reported across 2023–2025, while holding >$100k in Federated Hermes family of funds; alignment to FMN’s shareholder outcomes may be limited absent direct FMN stake (RED FLAG for “skin-in-the-game”) .
- Compensation structure: Proxy shows fixed cash compensation through the Federated Hermes Complex without performance-linked elements or equity awards; this lowers pay-for-performance sensitivity (neutral for independent fund trustees, but a potential signal for traders seeking incentive alignment) .
- Shareholder/activism context: 2024 standstill agreement with Saba and a 32% tender offer at 99% of NAV reflects heightened governance and shareholder engagement environment; Board policies include application of the Delaware Control Beneficial Interest Statute to control share voting—both relevant to investor confidence and board oversight dynamics .