Todd Modic
About Todd Modic
Todd Modic (born 1967) serves as Senior Vice President, Chief/Principal Financial Officer, and Assistant Secretary of Voya Emerging Markets High Dividend Equity Fund (IHD) and other Voya closed-end funds; he has held the IHD officer role since July 2010 and similar roles across the complex since 2005–2007 . He is Director and Senior Vice President of Voya Capital, LLC and Voya Funds Services, LLC (since September 2022); Director at Voya Investments, LLC (since September 2022); and Senior Vice President at Voya Investments, LLC (since April 2005); he previously served as President of Voya Funds Services, LLC (March 2018–September 2022) . Officers are compensated by Voya Investments, LLC or affiliates and are not paid by any Fund; specific compensation metrics (salary/bonus/equity) are not disclosed in the proxy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Voya Funds Services, LLC | President | Mar 2018 – Sep 2022 | Not disclosed in proxy |
| Voya Investments, LLC | Senior Vice President | Apr 2005 – Present | Not disclosed in proxy |
| Voya Capital, LLC | Director; Senior Vice President | Sep 2022 – Present | Not disclosed in proxy |
| Voya Investments, LLC | Director | Sep 2022 – Present | Not disclosed in proxy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in proxy | — | — | — |
Fixed Compensation
- Officers are compensated by Voya Investments, LLC or its affiliates; officers are not paid by any Fund .
Performance Compensation
- No disclosure of performance metrics, targets, payout formulas, or vesting schedules tied to Mr. Modic’s compensation in the Fund proxy; officers’ compensation details are not provided by the Fund .
Equity Ownership & Alignment
- Officer/Trustee ownership: To the best of the Funds’ knowledge as of May 1, 2025, no Trustee or officer—individually or as a group—owned 1% or more of any class of any Fund’s outstanding shares .
- Shares Outstanding (context): IHD had 17,735,861 shares outstanding as of the record date (May 1, 2025) .
Top 5% beneficial owners of IHD (as of record date):
| Shareholder | Shares Owned | % of Outstanding |
|---|---|---|
| Allspring Funds Management, LLC | 1,746,691 | 9.85% |
| 1607 Capital Partners, LLC | 1,368,302 | 7.71% |
| First Trust Portfolios L.P.; First Trust Advisors L.P.; The Charger Corporation | 1,329,479 | 7.50% |
| Saba Capital Management, L.P.; Saba Capital Management GP, LLC; Boaz R. Weinstein | 1,104,021 | 6.22% (Schedule 13D/A) |
| Wells Fargo & Company | 996,710 | 5.62% |
Employment Terms
| Fund | Position | Start Date | Term of Office |
|---|---|---|---|
| IHD | Senior Vice President; Chief/Principal Financial Officer; Assistant Secretary | 07/2010 | Officers are elected by the Board and hold office until successors are chosen and qualified; officers are not paid by the Fund |
| IGD | Senior Vice President; Chief/Principal Financial Officer; Assistant Secretary | 05/2005 | Officers elected; serve until successors; not paid by Fund |
| IGA | Senior Vice President; Chief/Principal Financial Officer; Assistant Secretary | 07/2005 | Officers elected; serve until successors; not paid by Fund |
| IDE | Senior Vice President; Chief/Principal Financial Officer; Assistant Secretary | 11/2007 | Officers elected; serve until successors; not paid by Fund |
| IAE | Senior Vice President; Chief/Principal Financial Officer; Assistant Secretary | 01/2007 | Officers elected; serve until successors; not paid by Fund |
Notes:
- Officers are elected by the Board; they hold office until successors are chosen and qualified, or until resignation/removal/disqualification .
- Mailing address for officers (unless noted): 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258-2034 .
Investment Implications
- Compensation alignment: Because Fund officers (including the CFO) are paid by Voya Investments, LLC and not by the Funds, pay-for-performance alignment at the Fund level is not directly observable in proxy materials; specific salary/bonus/equity metrics, vesting, clawbacks, or ownership guidelines for officers are not disclosed .
- Ownership alignment: Officers and Trustees collectively own less than 1% of outstanding shares, suggesting limited direct equity alignment with IHD shareholders; governance oversight is exercised by a fully independent Board .
- Trading signals: The IHD register includes multiple concentrated holders and at least one Schedule 13D filer (Saba Capital), which can be associated with activism or corporate actions in closed-end funds; this investor mix may influence discount dynamics and governance engagement independent of officer incentives .
- Tenure and continuity: Mr. Modic’s long tenure as CFO/Assistant Secretary across Voya funds (IHD since 2010; complex roles since 2005–2007) indicates operational continuity in finance functions, but the proxy provides no performance track record (TSR, revenue/EBITDA growth) attributable to his role .