Brian Reid
About Brian Reid
Independent Director of PGIM High Yield Bond Fund, Inc. (NYSE: ISD); year of birth 1961; joined the Board in March 2018. Background includes 30+ years in economics, notably Chief Economist at the Investment Company Institute (ICI) and prior economist roles at the Federal Reserve. He oversees 104 portfolios across the PGIM fund complex, reflecting broad governance exposure .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Chief Economist | 2005–2017 | Led industry and financial analysis; senior leadership in mutual fund economics |
| ICI | Senior Economist; Director of Industry & Financial Analysis | 1996–2004 | Directed industry analytics and policy research |
| Federal Reserve Board | Staff Economist | 1989–1996 | Macroeconomic and financial analysis |
| ICI Mutual Insurance Company | Director | 2012–2017 | Board-level oversight at industry captive insurer |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company directorships (last five years) | None | N/A | No current public company boards disclosed |
Board Governance
- Independence: Classified as an Independent Director under the 1940 Act .
- Years of service: Joined the ISD Board in March 2018; currently nominated to continue as a Class I Director and is standing for re‑election in 2025 for a term through 2028 .
- Committee assignments:
- Compliance Committee: Chair .
- Audit Committee: Member .
- Dryden Investment Committee: Member .
- Committee activity and attendance:
- Audit Committee met 4 times (FY ended July 31, 2024); Reid is a member .
- Compliance Committee met 4 times (FY ended July 31, 2024); Reid is Chair .
- Dryden Investment Committee met 4 times (FY ended July 31, 2024); Reid is a member .
- Board engagement: Board met 8 times in FY2024; each Director attended all Board and committee meetings of which they were a member (i.e., 100% attendance) .
- Board leadership: The Board is chaired by an Independent Director; Independent Chair participates ex‑officio on committees, supporting independent oversight .
Fixed Compensation
| Component | ISD Fund FY Ended 7/31/2024 | Fund Complex Calendar 2024 | Notes |
|---|---|---|---|
| Aggregate cash compensation | $2,057 | $385,000 (33/105) | Fund pays Independent Directors; Manager pays Interested Directors |
| Pension/retirement benefits | None | N/A | No retirement plan for Independent Directors |
| Deferred fees | Not disclosed for Reid | N/A | Some directors elect deferral; deferrals noted for Alberding and Evans, not for Reid |
Performance Compensation
- No performance-based equity or bonus plans for directors disclosed (no RSUs/PSUs/options, targets, or vesting schedules for directors). Independent Directors may elect to defer fees, which accrue interest at the prevailing 90‑day U.S. Treasury Bill rate or the daily rate of return of a selected PGIM mutual fund; this is a fee deferral mechanism, not incentive pay tied to Fund KPIs .
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock | Status |
|---|---|---|---|
| None (public companies, last five years) | — | — | None disclosed |
Expertise & Qualifications
- Econometrics and industry analysis: Former Chief Economist, ICI; extensive mutual fund industry expertise .
- Policy and regulatory insight: Experience at the Federal Reserve Board .
- Governance experience: Prior director at ICI Mutual Insurance Company; current oversight across 104 PGIM portfolios .
Equity Ownership
| Security | Ownership Range | As-of Date | Aggregate Fund Complex Ownership Range |
|---|---|---|---|
| ISD common stock | Over $100,000 | December 31, 2024 | Over $100,000 |
- Related-party holdings: As of December 31, 2024, none of the Independent Directors or their immediate family members beneficially owned any securities of the Fund’s adviser, principal underwriter, or their control affiliates—reducing conflict risk .
Insider Filings
| Filing Type | Date | Key Disclosure |
|---|---|---|
| Form 3 (Initial Statement of Beneficial Ownership) | March 1, 2018 | Filed as Director; no securities beneficially owned at filing |
Governance Assessment
- Strengths:
- Independent status with robust committee responsibilities (Chair of Compliance; member of Audit and Investment) signaling active oversight in critical risk and financial reporting areas .
- 100% attendance across Board and committee meetings in FY2024 indicates strong engagement .
- No related-party holdings in adviser/underwriter affiliates; Audit Committee reports and auditor fees show clean non‑audit fee profile (zero), supporting independence of oversight .
- Watch items:
- Heavy portfolio oversight (104 portfolios) may create time‑allocation risk; monitor sustained attendance and quality of committee outputs .
- Compensation primarily cash and sizable at Fund complex level ($385k) is standard for multi‑fund oversight, but investors may scrutinize alignment given limited equity ownership disclosure granularity beyond dollar ranges .
- Signals:
- Board unanimously recommends voting FOR Reid’s re‑election as Class I Director, reflecting internal confidence in his effectiveness .
- Compliance Committee chair role positions him centrally in regulatory and risk matters—material for fixed income fund governance .