Ellen Alberding
About Ellen S. Alberding
Independent Director of PGIM High Yield Bond Fund, Inc. (NYSE: ISD), Class I nominee for election in 2025. Born in 1958 (age 67) and has served on the Board since September 2013; she oversees 103 portfolios across the PGIM fund complex and brings over 30 years of nonprofit leadership with direct oversight of investment managers .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Joyce Foundation | Chief Executive Officer and President | 2002–2024 | Led a major charitable foundation; oversaw multiple investment managers |
| City Colleges of Chicago | Vice Chair | 2011–2015 | Governance role in large public education system |
| National Park Foundation | Trustee | 2009–2018 | National nonprofit board governance |
| Economic Club of Chicago | Trustee | 2009–2016 | Civic and business community engagement |
| Aon Funds | Trustee | 2000–2003 | Prior investment company board experience |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Loyola University | Trustee | Since 2018 |
Board Governance
- Independence: Classified as an Independent Director; not an “interested person” under the 1940 Act .
- Tenure: Joined the Board in September 2013; currently a Class I Director nominee for 2025 .
- Committee assignments (FY 2024 activity):
- Nominating & Governance Committee member; met 3 times .
- Dryden Investment Committee member; met 4 times .
- Not a member of Audit or Compliance Committees (Audit met 4 times; Compliance met 4 times) .
- Attendance: The Board met 8 times in FY ended July 31, 2024; each Director attended all Board and committee meetings of which they were a member. In FY ended July 31, 2023, the Board met 7 times with the same 100% attendance disclosure .
- Board leadership: The Board is chaired by Independent Director Keith F. Hartstein, who serves ex-officio on all committees .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from ISD (Fund) | $1,913 | $1,867 |
| Pension or Retirement Benefits Accrued | None | None |
| Annual Benefits Upon Retirement | None | None |
| Total Compensation from Fund Complex (Calendar Year) | $314,000 (30/100) | $323,000 (32/104) |
| Deferred Compensation (Calendar Year) | $290,950 deferred | $289,370 deferred |
- Structure: Independent Directors receive annual cash compensation paid by the Fund; interested Directors’ fees are paid by the Manager. Independent Directors may elect to defer fees; no retirement or pension plan for Independent Directors .
Performance Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Bonus (annual/target/actual) | Not disclosed / none indicated for Independent Directors | Not disclosed / none indicated for Independent Directors |
| Stock Awards (RSUs/PSUs) | Not disclosed / none indicated for Independent Directors | Not disclosed / none indicated for Independent Directors |
| Option Awards | Not disclosed / none indicated for Independent Directors | Not disclosed / none indicated for Independent Directors |
| Performance Metrics (TSR/EBITDA/ESG) | Not disclosed for Independent Directors | Not disclosed for Independent Directors |
| Clawback/Change-in-Control/Severance | Not disclosed for Independent Directors | Not disclosed for Independent Directors |
Other Directorships & Interlocks
| Company | Role | Status |
|---|---|---|
| None reported (public companies) | — | No public company directorships in past five years |
- Note: Nonprofit/academic board roles disclosed separately; no disclosed interlocks with ISD competitors, suppliers, or customers .
Expertise & Qualifications
- Over 30 years in the nonprofit sector, including 20+ years as foundation president, overseeing multiple investment managers—directly relevant to overseeing the Fund’s Manager/Subadviser .
- Prior trustee experience with Aon Funds (2000–2003) adds investment company governance depth .
Equity Ownership
| As of Date | Dollar Range of ISD Equity | Aggregate Dollar Range in All PGIM Funds Overseen |
|---|---|---|
| December 31, 2023 | None | Over $100,000 |
| December 31, 2024 | None | Over $100,000 |
- Independence safeguards: As of December 31, 2024, none of the Independent Directors or immediate family owned securities of the Fund’s investment adviser, principal underwriter, or control affiliates—reducing related-party conflict risk .
Insider Trades
| Year | Section 16(a) Filing Compliance | Notes |
|---|---|---|
| FY ended July 31, 2023 | All filing requirements met | No delinquent reports disclosed |
| FY ended July 31, 2024 | All filing requirements met | No delinquent reports disclosed |
Governance Assessment
- Strengths:
- Clear independence and no related-party ownership in the manager or affiliates—mitigates conflicts .
- Consistent committee engagement (Nominating & Governance; Dryden Investment) with documented meeting activity; strong Board structure with Independent Chair .
- Full attendance at Board and committee meetings in FY 2024 and FY 2023—signals engagement and reliability .
- Alignment considerations:
- No ISD share ownership disclosed—reduces “skin-in-the-game” alignment with ISD shareholders; however, substantial aggregate holdings across the PGIM fund complex suggest broad exposure to fund complex outcomes rather than ISD-specific .
- Compensation is cash-based with optional deferral; no equity-based awards or performance-linked pay for Independent Directors—typical for registered investment companies but limits direct performance linkage to ISD-specific metrics .
- RED FLAGS:
- Lack of ISD equity ownership (Dollar Range: None) may be viewed as a modest alignment gap for some investors focused on director ownership in the specific fund .
- No disclosed performance conditions, clawbacks, or change-in-control terms for Independent Directors—common in fund governance, but provides limited incentive linkage to ISD outcomes .
- No issues noted:
- No related-party transactions disclosed involving Alberding; Section 16 compliance reported as timely with no delinquencies .