Mary Schmid Daugherty
About Mary Schmid Daugherty
Mary Schmid Daugherty (born 1958) is an Independent Board Member of DWS Municipal Income Trust (KTF), serving as a Class I trustee with a term running until the 2027 annual shareholder meeting; she joined the DWS funds board in 2023. She holds NACD.DC, PhD, and CFA credentials and is a Senior Fellow in Applied Finance at the University of St. Thomas, with prior experience as a professor of finance and business consultant, including mutual fund directorship experience. All current KTF trustees are designated Independent Board Members under the Investment Company Act of 1940. Appointment/effective date noted by the Fund: August 15, 2023 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mairs & Power Funds Trust (mutual funds) | Director | 2010–2022 | Mutual fund director experience noted by KTF Nominating Committee in qualifications |
| Crescent Electric Supply Company | Director | 2010–2019 | Not disclosed |
| Driessen Water, Inc. | Director | 2016–2023 | Not disclosed |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Meritex Company (real estate investment and management) | Director | 2017–present | Not disclosed |
| The Hardenbergh Foundation | Director | 2021–present | Not disclosed |
| Warners’ Stellian (appliance company) | Director | 2024–present | Not disclosed |
Board Governance
- Independence, tenure, and portfolio oversight:
- Independent Board Member; Class I term to 2027; length of service since 2023; oversees 66 portfolios in the DWS fund complex .
- Committee assignments and leadership:
- Operations Committee: Mary S. Daugherty serves as Vice Chair; other members are Chad D. Perry (Chair) and Rebecca W. Rimel; the committee held 5 regular meetings in calendar year 2024 .
- Audit Committee: Catherine Schrand (Chair), Jennifer S. Conrad (Vice Chair), Keith R. Fox; held 6 meetings in 2024 .
- Nominating & Governance Committee: Rebecca W. Rimel (Chair), Chad D. Perry (Vice Chair), Keith R. Fox; held 5 meetings in 2024 .
- Board Chair and meetings/attendance:
- Board Chairperson: Keith R. Fox (Independent) .
- Board meetings: 5 regular and 1 special in 2024; each Board Member attended at least 75% of Board and relevant committee meetings in 2024 .
Fixed Compensation
| Item | Fiscal/Calendar Period | Amount | Notes |
|---|---|---|---|
| Fund-level compensation (KTF) | Most recently completed fiscal year | $2,396 | Compensation paid directly by KTF |
| Total compensation from DWS fund complex | Calendar year ended Dec 31, 2024 | $315,000 | Across 67 funds in the DWS complex |
| Pension/retirement/health benefits from Funds | N/A | None | Independent Board Members do not receive employee benefits from the Funds |
- Compensation structure: Independent Board Members receive retainer fees and specified amounts for various committee services and for Board Chairperson and Vice Chairperson, if any (no itemized schedule disclosed in KTF proxy) .
Performance Compensation
| Performance-Linked Element | Disclosure | Detail |
|---|---|---|
| Annual/target bonus | None disclosed | No bonus program disclosed for Independent Board Members |
| Stock awards (RSUs/PSUs) | None disclosed | No equity award program disclosed for directors at KTF; compensation shown as cash totals |
| Options (strike, expiration, vesting) | None disclosed | No option awards disclosed for directors |
| Performance metrics tied to pay (TSR, EBITDA, ESG, etc.) | None disclosed | No performance metrics disclosed for director compensation |
| Clawbacks / tax gross-ups | None disclosed | Not mentioned for Independent Board Members |
Other Directorships & Interlocks
| Company/Organization | Public/Private | Potential Interlock/Conflict with KTF |
|---|---|---|
| Meritex Company | Private (real estate) | No KTF-related transactions disclosed; low direct overlap with municipal bond fund operations |
| Hardenbergh Foundation | Non-profit | No KTF-related transactions disclosed |
| Warners’ Stellian | Private (appliances) | No KTF-related transactions disclosed |
| Former: Mairs & Power Funds Trust | Mutual fund trust | Prior mutual fund governance experience; no current interlock disclosed with KTF’s advisor (DIMA/DWS) |
- KTF proxy does not disclose any related-party transactions or director-specific conflicts involving Mary Schmid Daugherty .
Expertise & Qualifications
- Qualifications emphasized by KTF’s Nominating & Governance Committee include her experience as a professor of finance, business consultant, and mutual fund director; the Board values diverse backgrounds and financial expertise (no specific policy thresholds) .
- Credentials: NACD.DC, PhD, CFA; academic role as Senior Fellow in Applied Finance; oversees 66 DWS portfolios .
Equity Ownership
| Category | As of Date | Amount | Notes |
|---|---|---|---|
| KTF shares beneficially owned | August 1, 2025 | 0 shares | Exhibit A shows 0 shares for Mary Schmid Daugherty |
| Aggregate dollar range owned in all DWS funds overseen | August 1, 2025 | $50,001–$100,000 | Reported range across DWS funds |
| Board/executive officers collective ownership of KTF | August 1, 2025 | <1% | Collective ownership—less than 1% of outstanding shares |
| Shares pledged/hedged | August 1, 2025 | Not disclosed | No pledging/hedging disclosure for directors; bylaws address shareholder derivatives disclosure in nomination context |
- Section 16(a)/1940 Act ownership reporting: The Fund believes all required filings were timely for fiscal year ended Nov 30, 2024 .
Governance Assessment
- Strengths:
- Independent status; vice chair role on Operations Committee indicates active involvement in fund operations oversight; consistent committee meeting cadence (Ops: 5; Audit: 6; Nom/Gov: 5 in 2024) .
- Board-level attendance at or above the 75% threshold across Board and relevant committees in 2024 supports engagement .
- Relevant financial and mutual fund governance expertise (NACD.DC, PhD, CFA; prior mutual fund directorship), aligned with oversight of valuation/compliance/risk via committee structure .
- Alignment considerations:
- Mary holds 0 KTF shares as of Aug 1, 2025; however, she reports $50,001–$100,000 aggregate dollar range across DWS funds overseen, indicating some complex-level economic alignment, but not fund-specific .
- Potential red flags:
- Zero KTF share ownership may be viewed as limited fund-specific alignment for some investors, even as the complex-level holdings provide broader DWS exposure .
- Heavy oversight workload (66 portfolios) may diffuse focus; investors often monitor capacity constraints on multi-fund boards .
- No director-specific conflicts/related-party transactions or hedging/pledging issues disclosed for Mary in the proxy; Section 16 filings were timely per fund representations .
- Context: KTF’s Board has approved termination with liquidating distribution no later than November 30, 2026, which can shift governance priorities toward wind-down and NAV preservation; directors elected at the 2025 meeting serve until termination .