Ellen Alberding
About Ellen Alberding
Independent director of PGIM Global High Yield Fund, Inc. (GHY) since September 2013; born 1958. Former President and CEO of The Joyce Foundation (2002–2024), with 30+ years in the nonprofit sector and oversight of multiple investment managers; prior trustee of Aon Funds (2000–2003). Serves across a large PGIM fund complex (portfolios overseen rose from 100 to 103) and is designated an Independent Director under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Joyce Foundation | President & CEO | 2002–2024 | Led charitable foundation; oversaw multiple investment managers |
| City Colleges of Chicago | Vice Chair | 2011–2015 | Governance of community college system |
| National Park Foundation | Trustee | 2009–2018 | Governance for national park system charitable foundation |
| Economic Club of Chicago | Trustee | 2009–2016 | Economic policy forum governance |
| Aon Funds | Trustee | 2000–2003 | Investment fund board experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Loyola University | Trustee | 2018–Present | Higher education board governance |
| Public company boards | None | — | No other SEC-reporting company directorships in past five years |
Board Governance
- Independence: Classified as an Independent Director (not an “interested person”) under the 1940 Act .
- Tenure: Joined GHY Board in September 2013 .
- Committees: Member, Nominating & Governance; Member, Dryden Investment; no chair roles. Committee structures and charters available on the fund website .
- Attendance: 100% attendance at Board and assigned committee meetings in FY ended July 31, 2024; Board met eight times in FY2024 (seven times in FY2023) .
- Board leadership: Board chaired by Independent Director; Independent Directors retain independent legal counsel .
- Portfolios overseen: 103 in 2025 proxy (100 in 2024 proxy), evidencing broad complex-level responsibilities .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Fiscal Year Compensation from GHY (cash) | $2,003 | $1,950 |
| Total Compensation from PGIM Fund Complex (calendar year) | $314,000 (30/100 portfolios) | $323,000 (32/104 portfolios) |
| Deferred Fees (calendar year) | $290,950 deferred | $289,370 deferred |
- Fee deferral program: Independent Directors may defer fees; accrual earns interest at 90-day U.S. Treasury Bill rate each quarter or tracks a selected PGIM mutual fund’s daily return; obligations are general obligations of the Fund; deferred amounts are deposited into a trust for participating Board Members and are not continuing obligations of the Fund .
- Committee service: Independent Directors serving on committees may receive additional compensation; specific per-committee rates not disclosed .
Performance Compensation
| Element | Disclosure |
|---|---|
| Bonus/variable cash | Not disclosed for Independent Directors; compensation presented as fixed fees |
| Stock awards (RSUs/PSUs) | Not applicable/disclosed for Independent Directors |
| Options | Not applicable/disclosed for Independent Directors |
| Performance metrics (EBITDA, TSR, ESG, etc.) | None disclosed for director pay |
| Clawbacks, severance, CoC terms | Not disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Indicator |
|---|---|---|
| None | — | No public company boards in past five years; reduces interlock/conflict risk |
Expertise & Qualifications
- Nonprofit executive leadership with oversight of external investment managers; prior investment fund board experience (Aon Funds) .
- Board qualification narrative cites ability to critically evaluate information, interact with service providers, and apply business judgment; experience complements Board composition .
Equity Ownership
| Holding Category | GHY Dollar Range | Aggregate Dollar Range across PGIM Complex |
|---|---|---|
| Independent Director Share Ownership | None | Over $100,000 |
- Related-party securities: As of Dec 31, 2024 (and Dec 31, 2023), none of the Independent Directors or their immediate family beneficially owned any securities of the investment adviser or principal underwriter, or controlled affiliates; reduces related-party conflict exposure .
Governance Assessment
- Positives: Independent status, full attendance, engaged membership on Nominating & Governance and Dryden Investment committees, and no related-party beneficial ownership reduce conflict risk and support investor confidence .
- Alignment considerations: No direct ownership of GHY shares disclosed (“None”), which may be viewed as limited fund-level “skin-in-the-game”; however, she holds over $100,000 across the PGIM complex, and directors in this complex are compensated via fees with optional deferral rather than equity grants .
- Compensation structure: Stable, fee-based compensation with substantial voluntary deferrals into a trust and low fund-level cash compensation; no performance-linked metrics or equity awards are disclosed—minimizing pay-for-performance distortions but also limiting direct performance alignment at the fund level .
- Committee workload: Participation on governance and investment review committees (no chair roles) suggests focus on board composition, director education, and performance oversight; committee charters and meeting cadence (3–4 times in FY2024) indicate formalized oversight .
- Compliance signals: Section 16 filing compliance met; Audit Committee independence affirmed; PwC audit fees modest with zero non-audit fees to adviser/affiliates—supporting oversight quality .
RED FLAGS
- No GHY share ownership disclosed for Ellen Alberding (alignment concern for “skin-in-the-game”) .