Alan Howard
About Alan H. Howard
Alan H. Howard (age 65) is a Class II Director of BNY Mellon Strategic Municipals, Inc. (LEO), serving on the Board since 2018. He is Managing Partner of Heathcote Advisors LLC (founded in 2008), with over three decades of banking and investment banking experience, including service as a Managing Director at Credit Suisse First Boston advising major clients on M&A, corporate finance and capital raising. He currently chairs LEO’s Audit Committee. The Board notes he has “over 30 years of experience in banking, including experience advising asset managers.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Heathcote Advisors LLC | Managing Partner | 2008 – Present | Financial advisory and principal investments |
| Dynatech/MPX Holdings LLC (D/M Holdings) | President; Board Member; CEO of Dynatech International LLC | 2012 – May 2019; 2012 – 2019; 2013 – May 2019 | Led private global supplier/service provider for military aircraft parts |
| Rossoff & Company LLC | Senior Advisor | 2013 – June 2021 | Advised on M&A, corporate finance, restructurings, and capital raising |
| S3 Strategic Advisors LLC | Managing Partner | 2008 – 2010 | Strategic advice to hedge funds/asset managers |
| Credit Suisse First Boston LLC | Managing Director (Global Industrial & Services Investment Banking) | 1985 – 2006 (prior to 2006) | Advised major clients on M&A, corporate finance, capital raising |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Movado Group, Inc. | Director; Lead Independent Director; Chair, Compensation & Human Capital; Member, Audit Committee | 1997 – Present | Governance lead; compensation oversight; audit experience |
| Diamond Offshore Drilling, Inc. | Director; Lead Independent Director; Chair, Audit; Member, Finance & Executive | 2020 – April 2021 | Financial oversight during industry stress |
| Siddhi Acquisition Corp. | Director | August 2024 – Present | SPAC governance experience |
| New England Expert Technologies Corp. (private) | Director | Since April 2022 | Private manufacturing board |
Board Governance
- Class II Director since 2018; term expiring in 2026 as a Continuing Director. The Fund’s Board comprises Independent Directors, and all standing committees (Audit, Nominating, Compensation, Litigation) are comprised of Independent Directors (Chairman Mr. DiMartino does not serve on Compensation).
- Audit Committee Chair; the Audit Committee report is signed by Mr. Howard as Chair.
- Meetings and attendance: In the last fiscal year, the Fund held 5 Board meetings, 6 Audit Committee meetings, 1 Compensation Committee meeting, and 1 Nominating Committee meeting; all Continuing Directors and Nominees attended at least 75% of Board and committee meetings of which they were members. Directors did not attend last year’s annual meeting of stockholders.
- Governance processes: Audit Committee Charter available online; Nominating Committee considers character, integrity, experience, and diversity of attributes; Compensation Committee sets Board compensation.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Compensation from the Fund ($) | $9,510 | $9,570 |
| Aggregate Compensation from Fund Complex ($) | $168,000 | $170,700 |
| Portfolios Served (#) | 17 | 17 |
| Structure Notes | Annual retainer and meeting attendance fees allocated among funds based on net assets (Chairman receives +25% of such compensation). The Fund reimburses travel/out-of-pocket expenses. | Annual retainer and meeting attendance fees allocated among funds based on net assets (Chairman receives +25% of such compensation). The Fund reimburses travel/out-of-pocket expenses. |
Performance Compensation
- The Fund does not have a bonus, pension, profit-sharing or retirement plan for Directors; there is no equity-based director compensation disclosed (no RSUs/PSUs/options) and no performance metrics tied to director pay.
Other Directorships & Interlocks
| Company | Relationship to LEO | Potential Interlock/Conflict Notes |
|---|---|---|
| Movado Group, Inc. | Unrelated to municipal bond fund strategy | Serving as Lead Independent Director and chair of Movado’s comp committee adds governance expertise; no related-party dealings with LEO disclosed. |
| Diamond Offshore Drilling, Inc. (former) | Unrelated | Prior audit leadership experience; no LEO conflicts disclosed. |
| Siddhi Acquisition Corp. | Unrelated | SPAC role could create deal flow exposure; no LEO transactions disclosed. |
Related-party safeguards: As of Dec 31, 2024, none of the Nominees or Continuing Directors or their immediate family members owned securities of the Investment Adviser or persons controlling/controlled by/under common control with the Investment Adviser.
Expertise & Qualifications
- Over 30 years in banking/investment banking, with significant advisory experience for asset managers, and deep experience in M&A, corporate finance, and capital markets (CSFB Managing Director).
- Extensive board governance: Lead independent roles, audit chair experience (Movado, Diamond Offshore), compensation oversight, and cross-industry exposure.
- Private company operating leadership and board experience in aerospace/defense supply chains (Dynatech/MPX and subsidiaries).
Equity Ownership
| Holding Category | Amount/Status |
|---|---|
| Aggregate holdings of funds in BNY Mellon Family of Funds | Over $100,000 |
| Securities of Investment Adviser or its controlled affiliates (Director or immediate family) | None |
Governance Assessment
- Strengths: Audit Committee Chair at LEO, indicating financial oversight leadership; high attendance threshold met across Board/committee meetings; robust governance resume with lead independent and audit chair roles at public companies; no related-party exposure to the Investment Adviser; compensation is modest and cash-based, limiting pay-for-performance distortions common to operating companies.
- Engagement signals: Board held 5 Board and 6 Audit Committee meetings in the last fiscal year; Directors met 75% attendance minimum. However, directors did not attend last year’s annual meeting of stockholders (neutral-to-negative engagement signal in some governance frameworks).
- Workload/overboarding watch item: Aggregate compensation reflects service across 17 separate portfolios in the complex; combined with external public company roles and a SPAC directorship, monitor bandwidth and committee workload to ensure sustained effectiveness.
- Conflicts: No related-party transactions disclosed; none of the Directors or immediate family owned securities of the Investment Adviser or its controlled affiliates. LEO’s Litigation Committee exists to address potential adviser-related conflicts around securities litigation.
- Compliance: Section 16(a) reporting compliance noted broadly; a late Form 4 filing was identified for Bank of America Corp. (not a Director), suggesting the compliance environment is monitored.
Overall: Mr. Howard’s audit leadership, deep financial expertise, and independence support board effectiveness for a closed-end municipal fund. Primary watch items are meeting attendance at annual stockholder meetings and aggregate workload across fund portfolios and external boards.