Kevin Bannon
About Kevin Bannon
Independent Director (Class II) of PGIM Global High Yield Fund, Inc. (GHY); year of birth 1952; joined the Board in September 2012 and has served across the PGIM fund complex since 2008. He is a retired asset management executive and former Chief Investment Officer at Highmount Capital LLC and Bank of New York Company, with prior service as President of the BNY Hamilton Family of Mutual Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Highmount Capital LLC | Managing Director; Chief Investment Officer | Apr 2008–May 2015; Oct 2008–Nov 2013 | Led investment and CIO functions at a registered investment adviser |
| Bank of New York Company | Executive Vice President; Chief Investment Officer | Apr 1993–Aug 2007 | Senior investment leadership at a major financial institution |
| BNY Hamilton Family of Mutual Funds | President | May 2003–May 2007 | Oversaw mutual fund family operations |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Urstadt Biddle Properties (REIT) | Director | Sep 2008–Aug 2023 | Former public-company directorship; ended 2023 |
Board Governance
- Committee assignments: Chair, Nominating and Governance Committee; Member, Dryden Investment Committee .
- Not a member of Audit or Compliance Committees (Audit: Torres (Chair), Evans, Hartstein (ex-officio), Reid; Compliance: Reid (Chair), Evans, Hartstein (ex-officio), Torres) .
- Independence: Listed among Independent Directors; portfolios overseen 104 (2025) .
- Tenure: Joined Board in September 2012; has served within the PGIM fund complex since 2008 .
- Attendance and engagement: Board met eight times in fiscal year ended July 31, 2024; each Director attended all Board and committee meetings of which they were a member; Nominating and Governance met three times; Dryden Investment met four times; Audit met four times; Compliance met four times .
- Board leadership: The Board is chaired by an Independent Director (Keith F. Hartstein) and independent counsel is engaged for Independent Directors .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from GHY ($) | $1,923 | $2,017 | $2,030 |
| Pension/Retirement Benefits Accrued | None | None | None |
| Total Compensation from PGIM Fund Complex ($) | $314,000 (33/100) | $336,000 (31/101) | $343,000 (33/105) |
Notes: Independent Directors may defer fees; the proxy discloses deferrals for other Directors (Alberding, Evans) but does not list a deferral amount for Bannon in the noted years .
Performance Compensation
- No performance-based compensation, equity grants (RSUs/PSUs), or options are disclosed for Independent Directors; compensation is cash-based with optional fee deferral; no per-director performance metrics tied to pay are disclosed .
- Clawbacks, change-in-control, severance, tax gross-ups, and equity award terms are not disclosed for Independent Directors in GHY’s proxy materials; the structure is board fee-based only .
Other Directorships & Interlocks
| Company | Relationship | Overlap/Interlock Considerations |
|---|---|---|
| BNY Mellon | Fund custodian and foreign custody manager | Bannon is former EVP/CIO of Bank of New York Company (1993–2007); custodial role is current but his employment ended in 2007; he is classified independent under the 1940 Act . |
| Urstadt Biddle Properties (REIT) | Former Director (ended Aug 2023) | No current interlock; prior REIT directorship concluded . |
Expertise & Qualifications
- Senior investment leadership (>25 years) as CIO at Highmount and Bank of New York; mutual fund president experience (BNY Hamilton) .
- Governance expertise as Chair of the Nominating and Governance Committee overseeing Board composition, director independence, education, and compensation policy oversight .
- Strong attendance and engagement in Board oversight and committee work in FY2024 .
Equity Ownership
| As-of Date | Dollar Range of GHY Shares | Aggregate Dollar Range Across PGIM Registered Funds |
|---|---|---|
| Dec 31, 2022 | None | Over $100,000 |
| Dec 31, 2023 | None | Over $100,000 |
| Dec 31, 2024 | None | Over $100,000 |
Notes: The Nominating & Governance Committee Charter expects Independent Directors to maintain investments across fund clusters equal to one year of aggregate Board-related fees, with new Independent Directors typically having two years to comply; the proxy does not disclose per-director compliance status or holdings beyond dollar ranges .
Insider Trades & Section 16 Compliance
| Fiscal Year End | Section 16(a) Filing Compliance (GHY) |
|---|---|
| Jul 31, 2022 | All met except one late Form 3 by an officer (not Bannon) |
| Jul 31, 2023 | All filing requirements met |
| Jul 31, 2024 | All filing requirements met |
Governance Assessment
- Strengths: Independent director with deep CIO experience; Chair of Nominating & Governance overseeing independence and board composition; perfect attendance in FY2024 strengthens oversight effectiveness .
- Alignment watchpoint: No direct GHY share ownership reported (None), though holdings exceed $100,000 across the registered fund complex; the charter outlines ownership expectations at the cluster level, but per-director compliance is not disclosed .
- Conflicts: No related-party securities ownership for Independent Directors in adviser/underwriter affiliates; prior Bank of New York employment predates BNY Mellon’s current custodial role and Bannon remains classified independent under the 1940 Act .
- Compensation structure: Cash-only director fees with optional deferral; no equity or performance-linked pay reduces pay-for-performance signaling but aligns with closed-end fund governance norms; total complex compensation ranges from $314,000 to $343,000 over 2022–2024 .
RED FLAGS: None disclosed regarding related-party transactions, hedging/pledging, tax gross-ups, option repricing, or legal proceedings; continued “None” ownership in GHY specifically may be viewed by some investors as a modest alignment gap, though offset by substantial holdings across PGIM registered funds .