Ethan Powell
About Ethan Powell
Independent Trustee and Chair of the Board of Highland Global Allocation Fund (HGLB) since December 2013; born 6/20/1975 (age 50 in 2025, based on DOB). Core credentials include significant financial industry experience, prior service as an officer of funds in the fund complex, and extensive administrative and managerial experience; he is also Principal & CIO of Brookmont Capital and Founder/CEO/Chair of Impact Shares LLC . The Board identifies him as an Independent Trustee under the 1940 Act/NYSE standards; HGLB’s Board has five trustees (four independent, one interested) with Powell serving as independent Chair .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Highland Global Allocation Fund (HGLB) | Independent Trustee; Chairman of the Board | Trustee since Dec 2013; Chair since Dec 2013; current term up for re‑election in 2025 (Class I) | Identified for significant financial industry and managerial experience; previously an officer of funds in complex |
| Highland/NexPoint Funds Complex (prior roles) | Officer roles across funds in complex (e.g., Executive Vice President/Secretary roles cited historically) | Prior to Dec 2015 (historical service) | Board cites his prior officer roles as enhancing board understanding of Adviser operations |
| Highland/NexPoint Fund Boards (Fund Complex) | Trustee/Director | June 2012–July 2013; Dec 2013–present | Oversees 7 portfolios in the fund complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Brookmont Capital Management, LLC | Principal & Chief Investment Officer | Since May 2020 | External investment role; not an HGLB affiliate |
| Impact Shares LLC | CEO, Chairman & Founder | Since Dec 2015 | ETF sponsor; Powell also referenced as Trustee of the related trust entities |
| Strategic Trust | Trustee | Since Aug 2021 | RIC trust governance role |
| Tidal Trust III (formerly Impact Shares Trust I) | Trustee | Not dated (current in 2025 proxy) | RIC trust governance role |
| (2024 proxy reference) Kelly Strategic Management | Director | Since Aug 2021 (2024 proxy) | Appears in 2024 proxy biography; not repeated in 2025 table |
Board Governance
- Board composition and independence: Five Trustees; four Independent (including Powell) and one Interested (Honis). Powell serves as independent Chairman. The Board meets quarterly (and as needed) and uses three standing committees for oversight .
- Attendance: In FY ended 9/30/2024, Board met 7 times; each Trustee attended at least 75% of Board and committee meetings on which they served. Trustees are not required to attend annual shareholder meetings .
- Committee structure and assignments (FY2024):
- Audit and Qualified Legal Compliance Committee: Members Froehlich, Ward, Powell, McWhorter (all independent); Chair: Ward; met 5 times; Ward is audit committee financial expert .
- Governance and Compliance Committee: Members Froehlich, Ward, Powell, McWhorter (all independent); Chair: Froehlich; met 5 times; oversees trustee selection, trustee compensation, compliance, and potential conflicts (including Fund vs. NexPoint litigation-related matters) .
- Administration and Operations Committee: Members Froehlich, Honis, Ward, Powell, McWhorter; Chair: Honis; met 5 times; oversees administrative operations and intermediary arrangements .
Fixed Compensation
Policy and actual compensation (directors receive cash retainers; no pensions/retirement plans; meeting fees are not paid; chair premiums are paid):
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Annual Trustee Retainer (Fund Complex policy) | $150,000 | $150,000 |
| Chairman of the Board premium | $10,000 | $20,000 |
| Committee Chair premium | $10,000 (Audit Chair only) | $10,000 (each Committee Chair) |
| Meeting fees | None | None |
| Pension/retirement plan | None | None |
Ethan Powell – actual compensation:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from HGLB (Fund) | $17,330 | $21,820 |
| Aggregate Compensation from Fund Complex | $160,000 | $170,000 |
Notes:
- The 2025 proxy (covering FY 2024) increased the Chair premium to $20,000 from $10,000 prior year, modestly raising fixed pay for the Chair role .
Performance Compensation
- The proxy describes cash retainers and chair fees; no equity (RSUs/PSUs/options), performance metrics, or contingent/at‑risk pay elements for Trustees are described. No clawbacks, severance, or CIC provisions for Trustees are discussed. The Trustees do not have any pension or retirement plan .
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Potential Interlock/Notes |
|---|---|---|---|
| Impact Shares LLC / related ETF trusts | Private sponsor / RIC trusts | CEO/Chair (Impact Shares LLC); Trustee (Tidal Trust III; Strategic Trust) | Roles at unaffiliated ETF sponsor/trusts; no HGLB‑specific related‑party transactions disclosed |
| Brookmont Capital Management, LLC | Private | Principal & CIO | External asset management role; no HGLB related‑party transactions disclosed |
No Section 16(a) filing delinquencies reported for officers/trustees or >10% holders in FY 2024 or FY 2023 .
Expertise & Qualifications
- Board summary for Powell: significant financial industry experience; executive experience including past service as an officer of funds in the complex; significant administrative/managerial experience. The Board also notes his and Mr. Honis’s prior roles with the Adviser/historical affiliates enhance oversight understanding .
Equity Ownership
Dollar ranges as disclosed (as of stated dates):
| Metric | Feb 28, 2020 | Feb 28, 2024 | Feb 28, 2025 |
|---|---|---|---|
| HGLB – Powell’s dollar range | None | None | $50,001–$100,000 |
| Aggregate dollar range across all RICs overseen (Fund Complex) | $10,001–$50,000 | $10,001–$50,000 | $50,001–$100,000 |
- Group ownership: Trustees and officers as a group owned less than 0.01% of outstanding common shares as of Feb 28, 2025 .
- Independence from Adviser securities: As of Feb 28, 2025, none of the Independent Trustees or their immediate family members owned securities of the Adviser, principal underwriter, or their control affiliates .
Governance Assessment
-
Strengths
- Independent Chair with deep fund industry experience and prior operational roles in the complex; sits on Audit and Governance & Compliance committees, supporting robust oversight .
- Consistent meeting participation (≥75%) and active committee cadence (each committee met five times in FY 2024) .
- Increased personal ownership in HGLB and across the complex from 2024 to 2025 improves alignment (moved from “None” to $50–100K range in HGLB) .
-
Watch items / potential red flags
- Prior affiliations: The Board cites that Powell’s and Honis’s prior roles with the Adviser/historical affiliates enhance understanding, but prior affiliations can pose perceived independence risks; Governance & Compliance Committee oversight is important here. Powell is still classified as independent under 1940 Act/NYSE .
- Chair retainer increase: Chair premium rose from $10K to $20K year‑over‑year, modestly increasing fixed compensation; while standard for governance workload, it slightly raises guaranteed pay vs. variable alignment (though no equity is used) .
- Related‑party environment: Fund disclosures describe shared services/affiliation dynamics (Adviser, Skyview dual‑employees) and allocation policies; while not tied to Powell specifically, it elevates the importance of conflict oversight (committee includes Powell) .
-
Overall view
- Powell appears to be a knowledgeable independent Chair with broad committee involvement and improving ownership alignment. The complex’s affiliated‑party context warrants continued focus on the Governance & Compliance Committee’s conflict oversight (on which Powell serves) to sustain investor confidence .