T. Ritson Ferguson
About T. Ritson Ferguson
T. Ritson Ferguson (born 1959) serves as Chairman of the Board and a Class I Trustee of CBRE Global Real Estate Income Fund (IGR); he is classified as an “interested” trustee due to his employment with the Adviser, CBRE Investment Management Listed Real Assets LLC, and has served on IGR’s Board since the Trust’s 2004 inception . He previously served as IGR’s President and CEO and currently serves as an Independent Investment Committee Member of the Adviser; his tenure and senior roles reflect extensive real estate investment management experience and longstanding board service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CBRE Investment Management Listed Real Assets LLC (Adviser) | Vice Chairman; previously CEO, Co-Chief Investment Officer | Vice Chairman since 2021; CEO/Co-CIO 1995–2020 | Founded the Adviser in 1991; led investment management, contributing to board’s assessment of qualifications |
| CBRE Global Investors | CEO, CIO, Global CIO | 2015–2019 | Senior leadership across global real estate investment |
| IGR (Trust) | President and CEO (prior role) | Prior to 2021 (date not further specified) | Executive leadership preceding current Chair role |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Wharton Real Estate Center | Senior Fellow | Since 2022 | Academic affiliation in real estate |
| TRF3 Advisors | Managing Director | Since 2022 | Advisory leadership |
| CBRE Investment Management Listed Real Assets LLC | Independent Investment Committee Member | Since 2022 (latest proxy) | Oversight of listed real assets investment decisions |
| Hudson Pacific Properties, Inc. | Director | As of Sep 12, 2025 | Public REIT board service |
| Templeton World Charity Foundation | Director | Since July 2023 | Non-profit governance |
| Duke Management Company (DUMAC) | Director | Since 2018 | Endowment management governance |
Board Governance
- Classification and tenure: Class I Trustee (with Heidi Stam); next stand for re-election anticipated at 2026 annual meeting .
- Independence: Not independent; designated “interested person” under the 1940 Act due to employment with the Adviser .
- Board leadership: Chairman of the Board; sets agendas, presides at meetings, facilitates information flow among trustees and the Adviser; the Trust has not appointed a Lead Independent Trustee (LID) .
- Committee structure: Audit Committee and Nominating Committee are composed exclusively of Independent Trustees per NYSE closed-end fund standards and 1940 Act; Audit chaired by Peter Finnerty in 2025, Nominating chaired by Asuka Nakahara .
- Meeting cadence and attendance: In 2024, the Board met 5 times; Audit 2; Nominating 3. Each Trustee attended at least 75% of applicable meetings (Finnerty excepted due to July 31, 2024 appointment) . In 2023, Board met 12 times; Audit 2; Nominating 2; each trustee attended ≥75% .
- Annual meeting attendance policy: Trustees are not required to attend; Independent Trustees did not attend the Oct 10, 2024 annual meeting .
Fixed Compensation
| Year | Aggregate Compensation from the Trust | Pension/Retirement Benefits | Notes |
|---|---|---|---|
| 2023 | $0 | Not Applicable | Interested Trustee compensation borne by Adviser, not Trust |
| 2024 | $0 | Not Applicable | No Trust-paid fees to Interested Trustee |
- Independent Trustee context: Independent Trustees were paid $50,000 in 2024 (Finnerty $25,000 due to mid-year appointment) and $50,000 in 2023 (Finnerty $0); no pensions/retirement benefits .
Performance Compensation
- No performance-based compensation, equity grants, options, meeting fees, or incentive metrics are disclosed for Ferguson’s role as a Trustee; Interested Trustee compensation from the Trust is $0 and the Trust reports no pensions/retirement benefits for trustees .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Tenure | Potential Interlock/Notes |
|---|---|---|---|---|
| Hudson Pacific Properties, Inc. | Public company (REIT) | Director | As of Sep 12, 2025 | Monitor if Trust holds HPP securities (not disclosed in proxy) |
| Templeton World Charity Foundation | Non-profit | Director | Since Jul 2023 | Trustee network/visibility |
| Duke Management Company (DUMAC) | Endowment manager | Director | Since 2018 | Investment governance experience |
Expertise & Qualifications
- The Board concluded Ferguson should continue to serve based on founding and leading the Adviser and substantial real estate investment management experience, with added understanding from service as Trustee since 2004 .
- Skills include evaluating information, interacting effectively with management and service providers, addressing financial/legal issues, and exercising reasonable business judgment in shareholder interests .
Equity Ownership
| As of | Dollar Range of Equity Securities Beneficially Owned in the Trust | Ownership as % of Shares Outstanding |
|---|---|---|
| Jun 30, 2024 | $500,001–$1,000,000 | Each Trustee and Trustees/officers as a group owned <1% |
| Jun 30, 2025 | $500,001–$1,000,000 | Each Trustee and Trustees/officers as a group owned <1% |
- Section 16 compliance: The Trust reports all applicable ownership filings were completed and filed for 2023 and 2024 .
- No disclosures on pledging/hedging or unvested/vested share breakdown for Trustees in the proxy .
Governance Assessment
- Independence and conflicts: Ferguson is not independent and is an “interested” trustee due to employment with the Adviser; he is also Chairman with agenda-setting duties, while the Trust has no LID—this concentration of influence at an affiliated Chair is a governance risk that warrants scrutiny of board oversight of the Adviser and potential conflicts in fund management and valuation .
- Committee safeguards: Audit and Nominating committees are fully independent, with designated Audit Committee Financial Expert and updated Audit Committee Charter (amended Aug 8, 2025), supporting financial reporting oversight and auditor independence .
- Engagement and attendance: Board and committee activity levels and ≥75% attendance (except for a newly appointed trustee) indicate baseline engagement; trustees are not required to attend annual meetings, and Independent Trustees did not attend in 2024—investors may prefer live Q&A participation from independent trustees .
- Ownership alignment: Ferguson’s $500k–$1,000k beneficial ownership in IGR is a positive alignment signal, though overall insider ownership is <1%, limiting aggregate alignment .
RED FLAGS
- Non-independent Chair with employment ties to the Adviser; no Lead Independent Trustee .
- Potential interlock risk if IGR invests in companies where Ferguson is a director (e.g., Hudson Pacific Properties)—holdings not disclosed in the proxy; monitor for related-party or conflict risk disclosures in future reports .
Potential Watch Items
- Continued review of Audit Committee pre-approval policies and aggregate non-audit fees given adviser relationships (e.g., KPMG aggregate non-audit fees to Trust/adviser/affiliates were $302,500 in 2024 vs. $287,720 in 2023; policy thresholds increased to $25,000 interim pre-approval in 2025) .
- Any future disclosure of IGR holdings in issuers where trustees serve on boards, and any related-party transactions or valuation conflicts, particularly given Adviser’s role as valuation designee reviewed by the Board .