Heidi Stam
About Heidi Stam
Independent Class I Trustee of CBRE Global Real Estate Income Fund (NYSE: IGR); appointed June 1, 2020. Year of birth: 1956. Background includes Managing Director and General Counsel at Vanguard (2005–2016) and service on the SEC Investor Advisory Committee (2017–2021) and FINRA’s National Adjudicatory Council (2017–2021). Next anticipated re‑election in 2026; the Board classifies her as an Independent Trustee. Beneficial ownership dollar range in IGR increased from $50,001–$100,000 (as of June 30, 2024) to $100,001–$500,000 (as of June 30, 2025); each Trustee individually owns <1% of shares outstanding.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Vanguard Group, Inc. | Managing Director and General Counsel | 2005–2016 | Led legal and governance for registered investment adviser (regulated fund complex), strengthening fund governance and shareholder relations. |
| U.S. Securities and Exchange Commission | Investor Advisory Committee (Member) | 2017–2021 | Provided investor perspective to SEC policy; enhances regulatory oversight expertise at the fund. |
| FINRA | National Adjudicatory Council (Member) | 2017–2021 | Participated in adjudicatory oversight; deepens compliance and regulatory adjudication experience. |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Bridge Builder Trust | Trustee | 2022 | Registered fund governance experience; complements IGR oversight. |
| Edward Jones Money Market Fund | Trustee | 2022 | Liquidity and cash management oversight experience; relevant for fund fiduciary duties. |
Board Governance
| Item | Detail |
|---|---|
| Board classification | Class I Trustee; next anticipated re‑election at the 2026 annual meeting. |
| Independence status | Independent Trustee (not an “interested person” under the 1940 Act). |
| Committee memberships | Audit Committee and Nominating Committee (each composed of all Independent Trustees). |
| Committee chair roles | Audit Committee Chair: Peter Finnerty; Nominating Committee Chair: Asuka Nakahara (Stam is not a chair). |
| Audit Committee financial expert | Peter Finnerty designated AC Financial Expert. |
| Board meeting cadence | 12 Board meetings in calendar 2023; 5 in calendar 2024; Audit Committee met 2x (2023, 2024); Nominating met 2x (2023) and 3x (2024). |
| Attendance | Each Trustee attended at least 75% of Board and committee meetings in 2023 and 2024. |
| Annual meeting attendance | Independent Trustees did not attend the annual meetings held Oct 11, 2023 and Oct 10, 2024 (attendance not required by policy). |
| Lead Independent Director | None appointed; Board chaired by an interested person (T. Ritson Ferguson). |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Aggregate compensation from the Trust ($) | $50,000 | $50,000 |
| Pension/retirement benefits | Not applicable (none) | Not applicable (none) |
| Meeting/committee fees disclosed | Not disclosed | Not disclosed |
Performance Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Bonus | Not disclosed (proxy only shows aggregate trustee compensation and notes no pension/retirement benefits) | Not disclosed (proxy only shows aggregate trustee compensation and notes no pension/retirement benefits) |
| Equity awards (RSUs/PSUs/options) | Not disclosed | Not disclosed |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed | Not disclosed |
| Clawback provisions | Not disclosed for Trustees | Not disclosed for Trustees |
- The Nominating Committee periodically reviews Independent Trustee compensation; no third-party search fees are paid for trustee candidates.
Other Directorships & Interlocks
| Organization | Role | Tenure/Status | Potential Interlock/Notes |
|---|---|---|---|
| Bridge Builder Trust | Trustee | Since 2022 | No IGR-related conflicts disclosed; standard independent fund governance. |
| Edward Jones Money Market Fund | Trustee | Since 2022 | No IGR-related conflicts disclosed. |
| SEC Investor Advisory Committee | Member | 2017–2021 | Advisory/regulatory role, not a corporate board; strengthens policy insight. |
| FINRA National Adjudicatory Council | Member | 2017–2021 | Regulatory adjudication; not a corporate board. |
Expertise & Qualifications
- Significant experience as a managing executive and general counsel of a registered investment adviser (Vanguard) with deep knowledge of investment company regulation, operations, shareholder relations, and fund governance.
- Former senior SEC staff advisory role and FINRA adjudicatory service; strong regulatory and compliance credentials applicable to closed‑end fund oversight.
Equity Ownership
| Metric | 2020 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Beneficial shares (Direct) | 1,835 shares | 13,843.04 shares (via dividend reinvestments) | Not disclosed in shares; dollar range: $50,001–$100,000 | Not disclosed in shares; dollar range: $100,001–$500,000 |
| Ownership form | Direct | Direct | Not disclosed in shares | Not disclosed in shares |
| % of outstanding | Not disclosed | Not disclosed | <1% for each Trustee individually | <1% for each Trustee individually |
Insider Trades
| Filing Type | Filed Date | Event/Period | Key Details |
|---|---|---|---|
| Form 3 | 2020-08-11 | Event date 2020-06-24 | Initial ownership: 1,835 IGR shares, Direct. |
| Form 5 | 2023-01-31 | FY ended 2022-12-31 | Beneficially owned 13,843.04 IGR shares at FY-end; explanation: dividend reinvestments; Direct ownership. |
Governance Assessment
- Independence and committee participation: Stam is an Independent Trustee and serves on both the Audit and Nominating Committees, which are composed of all Independent Trustees—supportive of independent oversight across financial reporting and board composition.
- Attendance and engagement: Met at least the 75% attendance threshold in 2023 and 2024; however, Independent Trustees did not attend the annual shareholder meetings in 2023 and 2024 (attendance not required), which may be viewed as a modest engagement gap.
- Ownership alignment: Dollar range of beneficial ownership increased from $50,001–$100,000 (2024) to $100,001–$500,000 (2025); individual holdings remain <1% of outstanding—aligned via meaningful personal exposure but not a controlling stake.
- Compensation structure: Modest, fixed aggregate compensation ($50,000 in 2023 and 2024) with no pension benefits; Nominating Committee reviews trustee compensation—indicates restrained pay and governance-conscious oversight; no performance‑based pay or equity awards disclosed.
- Potential conflicts and structural risks: Board chaired by an interested person (affiliated with the Adviser), and CBRE Group, Inc. owns a majority interest in the Adviser—an inherent structural conflict mitigated by independent committee oversight; absence of a Lead Independent Trustee is a governance risk indicator.
- Related-party and red flags: No adverse proceedings or materially adverse interests disclosed for Stam; no pledging or related‑party transactions disclosed specific to Stam in the proxy materials.