Bob Froehlich
About Bob Froehlich
Independent Trustee of Highland Global Allocation Fund since December 2013; date of birth 4/28/1953; current term is a 3-year Class II term expiring at the 2026 annual meeting; oversees 7 funds in the NexPoint/Highland fund complex; retired executive with significant financial industry and board experience, including audit committee service. The Board is majority independent under the 1940 Act and NYSE Rule 303A.02; in FY2024 the Board met seven times and each Trustee attended at least 75% of Board and committee meetings on which they served, indicating baseline engagement standards were met .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Galen Robotics, Inc. | Independent Director; Audit Committee Chair; Compensation Committee Chair; Nominating Committee member | Aug 2016 – Sept 2023 | Chaired audit and compensation; member of nominating committee |
| FC Global Realty, Inc. | Chairman and Director | May 2017 – Jun 2018 | Board leadership |
| First Capital Investment Corp. | Chairman and Director | Mar 2017 – Mar 2018 | Board leadership |
| KC Concessions, Inc. | Director | Jan 2013 – Mar 2025 | Director through Mar 2025 |
| Kane County Cougars Baseball Club | Chairman and Owner | Jan 2013 – Mar 2025 | Ownership and leadership through Mar 2025 |
| The Midwest League of Professional Baseball Clubs, Inc. | Director | Jan 2013 – Dec 2021 | League governance |
| Kane County Cougars Foundation, Inc. | Director; Executive Director | Director: Jan 2013 – Mar 2025; Exec Dir: Jul 2023 – Mar 2025 | Philanthropic leadership; remains as Director post Mar 2025 |
| American Sports Enterprise, Inc. | Director | Since Jan 2013 | Ongoing directorship |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vault Data, LLC | Director and Special Advisor | Since Feb 2018 | Ongoing |
| American Association of Professional Baseball, Inc. | Director | Since Feb 2021 | Ongoing |
| National Amateur Fall Baseball Federation | Director | Since Dec 2023 | Ongoing |
| American Sports Enterprise, Inc. | Director | Since Jan 2013 | Ongoing |
Board Governance
| Committee | Membership | Chair | Meetings FY2024 |
|---|---|---|---|
| Audit and Qualified Legal Compliance Committee | Member; independent under the 1940 Act and meets Rule 10A-3 independence and experience requirements | No | 5 meetings |
| Governance and Compliance Committee | Member; independent under the 1940 Act | Yes (Chairperson) | 5 meetings |
| Administration and Operations Committee | Member | No | 5 meetings |
- Independence: One of four Independent Trustees; Board independence conforms to 1940 Act and NYSE Rule 303A.02 .
- Attendance and engagement: Board met seven times in FY2024; each Trustee attended ≥75% of Board and committee meetings on which they served .
- Leadership structure: Independent trustees chair Audit and Governance & Compliance committees; periodic executive sessions with independent legal counsel occur as needed .
- Retirement policy: Governance & Compliance Committee will not recommend continued service for trustees older than 80 at annual review timing; Froehlich’s DOB is disclosed for policy context .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Annual Trustee Retainer (Fund Complex) ($) | $150,000 | $150,000 |
| Chair Stipend ($) | $0 (audit chair only eligible; Froehlich was not audit chair) | $10,000 (each committee chair eligible; Froehlich chairs Governance & Compliance) |
| Aggregate Compensation from Fund Complex ($) | $150,000 | $160,000 |
| Aggregate Compensation from HGLB ($) | $16,247 | $20,536 |
| Meeting Fees | None | None |
| Pension/Retirement Plan | None | None |
- Structure: Trustees receive a fixed retainer allocated across portfolios; no separate meeting fees; committee chairs receive additional amounts (FY2024 policy: $10,000 per committee chair; Board Chair $20,000) .
- YoY change: Policy expanded in FY2024 to pay each committee chair, increasing Froehlich’s complex-level pay from $150,000 to $160,000 .
Performance Compensation
| Component | Status | Details |
|---|---|---|
| Performance Bonus | Not applicable | Proxy discloses fixed retainers and chair stipends; no performance-based bonuses for Trustees |
| Equity Awards (RSUs/PSUs/Options) | Not disclosed | No equity grants referenced in Trustee remuneration sections |
| Clawback/COC Provisions | Not disclosed | No director-specific clawback or change-in-control terms disclosed |
Other Directorships & Interlocks
| Company/Entity | Relationship to HGLB (supplier/customer/competitor) | Potential Interlock/Conflict Notes |
|---|---|---|
| Vault Data, LLC; sports organizations listed above | None disclosed | Roles are outside HGLB’s advisory, underwriting, and affiliates; Independent Trustees and immediate family held no securities of the Adviser/underwriter or their affiliates as of Feb 28, 2025, supporting independence . |
Expertise & Qualifications
- Significant financial industry experience; extensive managerial/executive background; and meaningful board experience, including audit committees .
- Audit Committee financial expert designation resides with the Audit Committee Chair (Bryan A. Ward), but Froehlich serves on Audit and chairs Governance & Compliance, evidencing governance expertise .
Equity Ownership
| Metric | Value |
|---|---|
| Dollar range of HGLB shares (as of Feb 28, 2025) | $50,001 – $100,000 |
| Aggregate dollar range of equity securities in all RICs overseen | Over $100,000 |
| Trustees & officers group ownership of HGLB | <0.01% of outstanding common shares (as of Feb 28, 2025) |
| Independent Trustees/adviser-underwriter securities | None owned by Independent Trustees or their immediate family (as of Feb 28, 2025) |
- Section 16 filings: Fund believes Officers, Trustees and >10% holders complied with all filing requirements during the past fiscal year .
Governance Assessment
- Strengths: Long tenure with HGLB (since Dec 2013), chairing Governance & Compliance and serving on Audit and Administration committees; independence affirmed under 1940 Act/NYSE; regular committee participation with documented meeting cadence; personal HGLB share ownership in the $50k–$100k range enhances alignment .
- Compensation signals: Purely fixed cash retainer with modest chair stipend; no equity or performance-based components—typical for closed-end fund governance—reducing pay-for-performance risk but limiting equity alignment mechanisms; FY2024 policy broadened chair stipends, modestly increasing compensation .
- Conflicts/related parties: No holdings by Independent Trustees in Adviser/underwriter affiliates; Governance & Compliance Committee explicitly oversees governance, potential conflicts with NexPoint, and litigation-connected conflicts—appropriate controls in place; no related-party transactions specific to Froehlich disclosed .
- Engagement: Board met seven times; each Trustee met the ≥75% attendance threshold; committees met five times each in FY2024, indicating active oversight cadence .
- Red flags: None disclosed regarding pledging/hedging, legal proceedings, or insider trading irregularities; retirement policy exists to manage board refresh above age thresholds, supporting board effectiveness .