W. Whitney George
About W. Whitney George
W. Whitney George (age 67) serves as a Class I director of Sprott Focus Trust, Inc. and is classified as an “interested person” under the Investment Company Act of 1940 due to his roles with Sprott Inc. and its affiliates; he has served on the Fund’s Board since 2015 with his current term expiring at the 2027 annual meeting . He is the Chief Executive Officer of Sprott Inc. (TSX: SII) since June 30, 2022; previously President (Jan 2019–Jun 2022), Executive Vice President (Jan 2016–Jan 2019), CIO of Sprott Asset Management LP (Apr 20, 2018–Jan 20, 2021), and Chairman/Senior Portfolio Manager of Sprott Asset Management USA Inc. (since Jan 2017 and Mar 2015, respectively), following senior roles at Royce & Associates (Oct 1991–Mar 2015) . The Board states he brings over 30 years of investment experience and leadership, including service as Senior Portfolio Manager of the Fund; he acts as chairman at Board meetings despite the Board not formally having a chairman .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Royce & Associates, LLC | Managing Director and Vice President | Oct 1991–Mar 2015 | Long-tenured investment leadership; prior career foundation |
| Sprott Asset Management USA Inc. | Senior Portfolio Manager | Since Mar 2015 | Portfolio leadership for the Fund; investment oversight |
| Sprott Asset Management USA Inc. | Chairman | Since Jan 2017 | Strategic direction within the adviser affiliate |
| Sprott Asset Management LP | Chief Investment Officer | Apr 20, 2018–Jan 20, 2021 | CIO across broader platform; investment policy setting |
| Sprott Inc. | Executive Vice President | Jan 2016–Jan 2019 | Senior corporate leadership |
| Sprott Inc. | President | Jan 2019–Jun 2022 | Elevated corporate leadership pre-CEO |
External Roles
| Organization | Position | Tenure | Notes |
|---|---|---|---|
| Sprott Inc. (TSX: SII) | Chief Executive Officer | Since Jun 30, 2022 | Parent of Fund’s adviser; creates affiliate relationships |
| Sprott Focus Trust Fund Complex | Portfolios overseen | 1 | Oversees Fund complex; single-fund complex |
| Other Public Company Boards | Director | None | No other public company directorships |
Board Governance
- Independence status: “Interested person” under Section 2(a)(19) of the 1940 Act due to affiliations with Sprott Inc. and the Fund’s adviser .
- Board leadership: The Board does not have a formal chairman, but Mr. George acts as chairman at Board meetings; Independent Directors have not designated a lead Independent Director due to the small Board size .
- Board composition: Five directors; currently 80% are Independent Directors .
- Committee structure: Audit Committee and Governance Committee are composed solely of Independent Directors; Mr. George is not a member of either .
- Audit Committee chair and expertise: Michael W. Clark chairs Audit; designated as an Audit Committee Financial Expert under SEC rules .
- Compensation oversight: No standing compensation committee; Independent Directors review their compensation annually .
- Meetings and attendance (FY2024): Board met 4 times; Audit met 2 times; Governance met 1 time; each director attended at least 75% of applicable Board/committee meetings .
- Stockholder meeting attendance: None of the Directors attended the 2024 Annual Meeting of Stockholders .
Board and Committee Activity (FY2024)
| Metric | FY2024 | Notes |
|---|---|---|
| Board meetings held | 4 | Regular Board oversight |
| Audit Committee meetings held | 2 | Financial reporting oversight |
| Governance Committee meetings held | 1 | Director nominations and governance |
| Director attendance threshold | ≥75% for each director | Minimum per-director attendance met |
| Director attendance at 2024 stockholder meeting | None | No directors present |
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Director fees for Independent Directors (each) | $5,086.25 | Paid by Fund; no pension/retirement benefits |
| Director fees for Mr. George (Interested Director) | Not disclosed in proxy | Compensation table covers Independent Directors; no separate amounts shown for Interested Director |
| Additional/alternative remuneration | None (for directors) | “No Director received remuneration… in addition to or in lieu of this compensation” |
Performance Compensation
- No director equity awards (RSUs/PSUs/options), performance bonus metrics, or change-in-control provisions are disclosed for directors of the Fund; the proxy only discloses modest cash fees to Independent Directors and notes annual review of their compensation by the Independent Directors .
Other Directorships & Interlocks
| Category | Detail | Notes |
|---|---|---|
| Other public company boards | None | No external public board seats |
| Fund complex oversight | 1 portfolio | Single-fund complex |
| Affiliate interlocks | CEO of Sprott Inc.; roles at Sprott Asset Management USA Inc. and Sprott Asset Management LP | Parent/adviser affiliations constitute related-party exposure |
Expertise & Qualifications
- 30+ years of investment business experience; senior portfolio management and leadership roles across Sprott affiliates and prior tenure at Royce & Associates .
- The Board cites his ability to contribute to effective oversight given his investment management background and leadership credentials, including service as Senior Portfolio Manager of the Fund .
Equity Ownership
| Record Date | Shares Outstanding | Mr. George Total Beneficial Ownership | % of Class |
|---|---|---|---|
| Jul 18, 2025 | 29,641,944 | 15,670,672 | 52.86% |
Beneficial Ownership Breakdown
| Category | Shares | Control/Voting Details |
|---|---|---|
| Direct (Mr. George) | 2,772,761 | Sole voting/dispositive power |
| IRA (Mr. George) | 1,050,026 | Beneficial ownership via IRA |
| Joint with spouse | 4,108,467 | Joint holdings |
| Spouse’s IRA | 71,642 | Deemed beneficial ownership |
| Spouse direct | 3,094,983 | Spouse owns directly; Mr. George may be deemed to beneficially own certain holdings as described |
| The Meredith and Whitney George Family Foundation | 2,493,025 | Chairman; shared voting/dispositive power |
| Trusts for immediate family members | 597,311 | Trustee; sole voting/dispositive power |
| Trust for spouse | 110,094 | Trustee; sole voting/dispositive power |
| Family trust for nieces/nephews | 1,372,363 | Trustee; sole voting/dispositive power |
As of the Record Date, all current directors/executive officers as a group (8 persons) owned 15,693,282 shares (52.93% of outstanding), driven by Mr. George’s control position .
Governance Assessment
- Independence and control: Mr. George is an “interested person” due to his roles with the parent of the Fund’s adviser and affiliates, and he beneficially owns 52.86% of outstanding shares—both factors concentrate influence and create structural conflicts (RED FLAG) .
- Board leadership and checks: He acts as chairman at Board meetings, while 80% of directors are independent; however, no lead Independent Director is designated, which can weaken counterbalancing oversight (RED FLAG) .
- Committee independence: Audit and Governance Committees are fully independent, chaired by Independent Directors, with Audit Committee Financial Expert designation and robust pre-approval/oversight procedures—this is a governance strength .
- Engagement and transparency: Each Director met minimum attendance thresholds (≥75%) in FY2024, but no Directors attended the 2024 Annual Meeting of Stockholders, which may be perceived negatively by shareholders (RED FLAG) .
- Director compensation: The Fund discloses modest cash fees for Independent Directors and no additional remuneration; no equity grants or performance-contingent elements are disclosed for directors—limited pay-for-performance alignment via director comp, with alignment primarily through Mr. George’s substantial ownership .
- Section 16 compliance: The Fund reports all required Forms 3/4/5 were timely filed and no delinquent filings, supporting baseline compliance discipline .
- Overall: Strong independent committee structures and majority-independent board are positives, but concentrated ownership, affiliate leadership roles, and de facto chair status without a lead independent counterweight heighten perceived conflicts and raise board effectiveness questions for minority shareholders (RED FLAGS) .