Max F. Miller
About Max F. Miller
Max F. Miller (born December 6, 1968) is an Independent Class I Trustee of Federated Hermes Premier Municipal Income Fund (FMN), first appointed in January 2025, and nominated for election at the September 12, 2025 annual meeting with a term expected to run until the 2028 annual meeting if elected . He is Associate Professor of Business & Entrepreneurship and Director of Entrepreneurial Studies and the Ignite Business Incubator at Washington & Jefferson College; prior roles span legal, operations, and marketing leadership in non-profit and corporate settings, and he previously served as an attorney for Federated Investors, Inc. (now Federated Hermes, Inc.) from May 3, 1994 to November 11, 1997 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Washington & Jefferson College | Associate Professor; Director of Entrepreneurial Studies; Director – Ignite Business Incubator | Not disclosed | Academic leadership in entrepreneurship |
| Raise Your Spirits | President and Chief Tasting Officer | Not disclosed | Experiential engagement leadership |
| Urban Innovation 21 | EVP & Chief Operating Officer | Not disclosed | Public-private economic development execution |
| MetroMe | Director of VIP Experiences | Not disclosed | Product/experience development for mobile concierge |
| Big Brothers Big Sisters of America | Chief Administrative Officer & General Counsel | Not disclosed | Legal and administrative oversight |
| Univ. of Pittsburgh School of Law | Director, Innovation Practice Institute | Not disclosed | Program leadership in legal innovation |
| H.J. Heinz Company | Operations, marketing, legal leadership roles | Not disclosed | Corporate operating experience |
| Federated Investors, Inc. | Attorney | May 3, 1994 – Nov 11, 1997 | Legal work for adviser’s parent; prior tie to sponsor |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Highmark, Inc.; Modern Executive Solutions; Children’s Museum of Pittsburgh; United Way of Southwestern Pennsylvania; Goodwill Industries Pittsburgh; Duquesne Club; Robert Morris University; PNC Foundation; numo (fintech incubator) | Various board and leadership roles (current/former, not-for-profit and for-profit) | Not disclosed | Community, health, executive search, nonprofit governance (disclosed in proxy across Trustees, context primarily for other Trustees; no specific external boards disclosed for Miller) |
Note: Proxy lists “Other Directorships Held: None” for Miller (no current public company boards) .
Board Governance
- Independent Trustee (Class I), first serving January 2025; nominated for election at the Sept 12, 2025 meeting; term to 2028 annual meeting if elected .
- Committee assignments: Member of the Nominating Committee (comprised of all Independent Trustees; chaired by John S. Walsh); Miller is not listed on the Audit Committee (O’Neill – Chair; Carson, Reilly, Walsh) nor the Executive Committee (Donahue, Hough, Reilly, Walsh) .
- Independence: The Board determined Audit and Nominating Committee members are “independent” under NYSE rules; Independent Trustee qualification criteria emphasize no conflicts interfering with independence and a mandatory retirement age of 75 for Independent Trustees .
- Attendance/engagement context: In fiscal 2024, the Board met 4 times, Audit Committee met 7 times, Nominating Committee met once, Executive Committee met once; each Trustee (serving during fiscal 2024) attended at least 75% of applicable meetings. Miller began service in January 2025, so fiscal 2024 attendance is not applicable to him .
- Board chair independence: Chairman of the Board is not an interested person and has no prior relationship with Federated Hermes or the Fund, consistent with regulatory settlements; G. Thomas Hough serves as Chair of the Board within the Federated Hermes complex .
Fixed Compensation
| Component | Amount | Period/Notes |
|---|---|---|
| Aggregate Compensation from FMN (past fiscal year) | $0 | Fiscal year ended Nov 30, 2024; Miller began Jan 2025 |
| Total Compensation from Federated Hermes Complex (calendar year 2024) | $0 | Aggregated across Federated Hermes funds |
Proxy provides per-trustee totals and examples for other Trustees but does not disclose a detailed FMN director fee schedule (annual retainer, chair fees, meeting fees) or any equity compensation program for directors .
Performance Compensation
- No performance-based compensation details (e.g., PSUs, TSR metrics, ESG goals), option grants, vesting schedules, clawbacks, severance, or change-of-control terms for directors are disclosed in the FMN proxy; compensation presentation is limited to aggregate cash totals per fund and complex .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None (for Miller) |
| Prior public company boards | None disclosed (for Miller) |
| Interlocks/potential ties | Prior employment at Federated Investors, Inc. (adviser’s parent) from May 3, 1994 to Nov 11, 1997 |
Expertise & Qualifications
- Legal, operations, academic entrepreneurship leadership; roles include Associate Professor and Director of Entrepreneurial Studies and the Ignite Business Incubator; prior C-suite operations in public-private development; general counsel/CAO experience; product/experience leadership; corporate operating roles at H.J. Heinz; legal experience at Federated Investors .
- Independent Trustee qualifications emphasize judgment, time dedication, lack of conflicts, and retirement age policies; committee independence and financial expertise roles are specified at the Board level (Audit Committee financial experts are O’Neill and Walsh) .
Equity Ownership
| Metric | Value | As-of |
|---|---|---|
| Dollar range of FMN shares owned (Miller) | None | June 30, 2025 |
| Aggregate dollar range in Federated Hermes family of funds (Miller) | None | Dec 31, 2024 |
| Beneficial ownership of FMN shares (Miller) | 0 | June 30, 2025 (proxy lists only Donahue with 6,630 shares; no other Trustee/Officer, including Miller, owned FMN shares) |
Section 16(a) compliance: The Fund believes all Reporting Persons filed required ownership reports timely for fiscal 2024 .
Governance Assessment
- Independence and oversight: Miller is an Independent Trustee and participates in the Nominating Committee that oversees board composition; Audit Committee independence and financial expert designations strengthen financial reporting oversight at the board level (though Miller is not on Audit) .
- Skin-in-the-game alignment: Miller holds no FMN shares and no aggregate holdings in the Federated Hermes family as of the latest reporting periods, a potential alignment gap for investors who prefer director ownership in the fund; board-wide independent ownership varies, with at least one interested Trustee holding fund shares (Donahue) .
- Potential conflict signal: Historical employment as an attorney at Federated Investors (1994–1997) represents a prior tie to the adviser’s parent; however, he is designated independent and committee structures are NYSE-compliant regarding independence .
- Engagement cadence: Governance processes (four board meetings and seven audit meetings in fiscal 2024) indicate robust oversight; Miller’s attendance record is not yet assessable for fiscal 2024 given his 2025 start .
- Shareholder governance context: The Fund maintains staggered board terms and applies Delaware Control Beneficial Interest Statute provisions limiting voting power of control beneficial interests without shareholder reinstatement—factors relevant to contestability and long-term stability .