Robert Keith
About Robert F. Keith
Robert F. Keith (born 1956) is an Independent Trustee of First Trust Intermediate Duration Preferred & Income Fund (FPF) and currently serves as Lead Independent Trustee across the First Trust Funds’ unitary board; he has been a trustee since 2006 and is President of Hibs Enterprises, a financial and management consulting firm . A certified public accountant and former CFO/Treasurer of ServiceMaster, Keith is designated an Audit Committee Financial Expert and is a member of multiple board committees, reflecting deep finance and governance expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ServiceMaster Consumer Services | President & COO | 3 years | Led initial expansion of certain products overseas |
| ServiceMaster Management Services Company | President & COO | 5 years | Oversaw financial aspects of international expansion |
| Aramark ServiceMaster Management Services | President | 2 years | Operational leadership |
| ServiceMaster | Treasurer and Chief Financial Officer | Not specified | CFO/Treasurer responsibilities; CPA credential |
| Trust Company of Illinois | Director (former) | Not specified | Board experience |
External Roles
| Organization | Role | Tenure | Scope |
|---|---|---|---|
| Hibs Enterprises | President | 2003–present | Financial and management consulting |
| First Trust Funds (unitary board across open-end, closed-end, ETFs) | Lead Independent Trustee, Trustee | Trustee since 2006; Lead Independent Trustee since Jan 1, 2023 | Oversees 304 portfolios; broad governance duties |
Board Governance
- Independence: Independent Trustee under the 1940 Act (only James A. Bowen is the Interested Trustee) .
- Current roles: Lead Independent Trustee; Chairman of the Dividend Committee; member of the Executive Committee; Audit Committee member and Audit Committee Financial Expert; member of Nominating & Governance and Valuation Committees .
- Committee history: Previously chaired Audit (2008–2009, 2017–2019), Nominating & Governance (2010–2011, 2020–2022), and Valuation Committees (2014–2016); served on Executive Committee (2012–2016) .
- Attendance: Each Trustee attended at least 75% of Board and committee meetings during the last fiscal year .
- Meeting cadence (FY 2024): Board 6; Audit 9; Dividend 0; Executive 0; Nominating & Governance 4; Valuation 4 (FPF and sister funds) .
- Mandatory retirement: Board policy sets Independent Trustee retirement age at 75 .
Fixed Compensation
- Structure: Fixed annual retainer $285,000 plus per-fund fees ($7,500 closed-end; $2,000 actively managed; $750 target outcome; $500 index); role premia: Lead Independent Trustee $30,000; Vice Lead up to $25,000; Audit Chair $25,000; Valuation Chair $20,000; Nominating & Governance Chair $20,000; Audit Vice Chair $15,000 .
- Reimbursements: Travel and out-of-pocket expenses reimbursed; no retirement or pension plans for Trustees .
- 2024 compensation amounts (illustrative): Keith received $7,569 from FPF and $657,442 in total for service across the First Trust Fund Complex (calendar 2024) .
| Fund | Aggregate Fees and Expenses Paid to All Trustees | Keith’s Compensation from Fund | Total Compensation (Complex) |
|---|---|---|---|
| First Trust Intermediate Duration Preferred & Income Fund (FPF) | $45,110 | $7,569 | $657,442 |
| First Trust Enhanced Equity Income Fund (FFA) | $51,808 | $8,636 | $657,442 |
| First Trust Mortgage Income Fund (FMY) | $44,141 | $7,342 | $657,442 |
Performance Compensation
- No performance-based compensation disclosed for Trustees (no bonuses, options, PSUs/RSUs, or performance metric ties) .
- Director stock ownership guideline: Expectation that within three years of becoming an Independent Trustee, the Trustee invests at least one year’s annual retainer across funds overseen (allocation suitable to personal investment needs) .
Other Directorships & Interlocks
- Other boards: Former Director, Trust Company of Illinois .
- Interlocks/structural considerations: Executive Committee includes the Interested Trustee (Bowen), alongside Keith and Kadlec . The Advisor’s affiliate owns a majority interest in Stonebridge Advisors LLC, FPF’s sub-advisor (oversight via Audit and Valuation Committees and independence policies) .
Expertise & Qualifications
- CPA; extensive CFO/Treasurer and COO experience at ServiceMaster; international expansion and enterprise risk oversight .
- Audit Committee Financial Expert designation; broad multi-fund governance exposure across 304 portfolios .
Equity Ownership
| Fund | Dollar Range and Shares Owned | Ownership % of Shares Outstanding |
|---|---|---|
| FPF | $1–$10,000; 512 shares | ~0.00084% (512 / 60,847,827) |
| FFA | $10,001–$50,000; 0 shares listed? 513 shares shown for Erickson; Keith shows $0 for FFA in table; for Keith: FFA $0 (0 shares) [Corrected] | N/A |
| FMY | $0 (0 shares) | N/A |
| Aggregate (all First Trust Funds overseen) | Over $100,000 | N/A |
Notes:
- FPF shares outstanding: 60,847,827 (Record Date: Feb 19, 2025) .
- The ownership percentage for FPF is computed from disclosed share count and shares outstanding (indicative, not company-reported) .
- As of Dec 31, 2024, Independent Trustees and immediate family did not own securities of First Trust Advisors or sub-advisors/principal underwriters; no purchases/sales disclosed in the period for those entities .
Governance Assessment
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Strengths:
- Lead Independent Trustee with long tenure (since 2006) and deep finance credentials (CPA; former CFO/Treasurer), designated Audit Committee Financial Expert—supports robust oversight of valuation, audit and risk .
- Broad committee engagement (Executive, Dividend Chair, Audit, Valuation, Nominating & Governance) and documented attendance (≥75%) .
- Ownership alignment policy and reported aggregate holdings over $100,000 across First Trust funds provide some skin-in-the-game .
-
Watch items / potential red flags:
- Unitary board scope (304 portfolios) can stretch director bandwidth; vigilance on committee effectiveness is warranted .
- Structural affiliation: Advisor’s affiliate majority ownership of Stonebridge (FPF sub-advisor) requires sustained independent oversight to mitigate perceived conflicts; committee pre-approval and independence policies are in place .
- Personal holding in FPF is small (512 shares) relative to fund size; alignment relies more on aggregate complex-wide investments and guidelines rather than FPF-specific exposure .
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Compliance/filings:
- Delinquent Section 16(a)/30(h) late filings disclosed for certain other officers; no late filings identified for Keith in FY 2024 disclosures .
This analysis is based on the First Trust Funds’ 2025 DEF 14A and related governance disclosures .