Joseph Connolly
About Joseph Connolly
Joseph W. Connolly is the Chief Compliance Officer (CCO) of BNY Mellon Strategic Municipals, Inc. (LEO) and has served as an officer of the Fund since 2012; he is 68 years old . He has been CCO of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004 and previously served as CCO of BNY Mellon Investment Adviser, Inc. from 2004 until June 2021 . As of the latest proxy, he serves as CCO for 45 investment companies (comprising 89 portfolios) managed by the Investment Adviser . As of April 10, 2025, none of the Fund’s officers (including Mr. Connolly) owned any shares of LEO common stock or VMTP shares .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BNY Mellon Strategic Municipals, Inc. (LEO) | Chief Compliance Officer (Fund Officer) | 2012–present | Oversees 1940 Act compliance program for the Fund . |
| BNY Mellon Family of Funds and BNY Mellon Funds Trust | Chief Compliance Officer | 2004–present | Leads compliance across the complex; CCO for 45–53 investment companies and 89–103 portfolios over 2024–2025 . |
| BNY Mellon Investment Adviser, Inc. | Chief Compliance Officer | 2004–June 2021 | Led adviser-level compliance; transitioned out in June 2021 . |
Fixed Compensation
The Fund does not disclose individualized officer salaries/bonuses in its proxy; officer compensation at the fund level is reflected as fees for “Chief Compliance Officer” services in the Statement of Operations, indicating service-fee reimbursement rather than equity-linked or cash bonus disclosure for fund officers .
| Metric | H1 FY 2023 | H1 FY 2024 | H1 FY 2025 |
|---|---|---|---|
| Chief Compliance Officer fees charged to LEO ($) | $4,680 | $5,190 | $8,981 |
Notes:
- The Compensation Committee sets compensation for Board service (directors), not fund officers; director retainers are disclosed separately, confirming officer pay is not itemized in proxy tables .
Performance Compensation
- No RSU/PSU or option awards for fund officers are disclosed in the proxy; compensation tables and committee remit cover Board compensation only (i.e., directors), while officer costs appear as service fees in financial statements, with no performance metric targets or equity vesting schedules reported for officers .
Equity Ownership & Alignment
As of the most recent measurement dates, officers (including Mr. Connolly) held no LEO shares, implying no direct stock-based alignment, pledging, or insider selling pressure.
| Category | Apr 10, 2024 | Apr 10, 2025 |
|---|---|---|
| Common Stock Ownership | None | None |
| VMTP Shares Ownership | None | None |
Employment Terms
| Term | Detail |
|---|---|
| Fund Officer Start Date | Officer of the Fund since 2012 . |
| Role Tenure Basis | Each officer holds office for an indefinite term until a successor is elected and qualified . |
| Employer Context | Officer biographies reflect employment within BNY Mellon/Investment Adviser; compensation appears at fund level as CCO service fees rather than individualized executive pay . |
| Severance / Change-in-Control | Not disclosed for officers in Fund filings . |
| Non‑compete / Non‑solicit / Garden Leave | Not disclosed for officers in Fund filings . |
| Ownership Guidelines / Pledging | Not disclosed for officers; officers held no Fund shares as of 2024–2025 dates shown . |
Additional Governance Context (Board-Level)
The Fund has standing Audit, Nominating, Compensation and Litigation Committees (comprised of independent directors); the Compensation Committee’s mandate is to establish compensation for serving on the Board (directors) . In the most recent cycle, directors’ compensation and aggregate fund complex fees were disclosed, further underscoring that officer pay is not itemized in proxies .
Investment Implications
- Alignment and trading signals: With zero officer share ownership and no equity awards or vesting schedules disclosed for officers, there is minimal direct alignment via stock and no structural insider selling pressure tied to vesting; CCO costs are service‑fee based, not share‑based .
- Retention/execution risk: Connolly’s long tenure as CCO (Fund officer since 2012; complex CCO since 2004) supports continuity in compliance oversight; at age 68, investors should monitor for succession planning rather than incentive‑driven turnover risk .
- Pay-for-performance: Officer compensation is not tied to disclosed performance metrics at the Fund; proxy compensation governance applies to directors, while officer costs appear as operating line items, limiting any pay-for-performance signaling at the individual officer level .
- Trend in compliance costs: CCO fees charged to the Fund increased over H1 FY 2023–H1 FY 2025 ($4,680 → $8,981), suggesting higher compliance resource intensity at the Fund level; while not a personal pay disclosure, it is relevant to compliance oversight capacity and fund expenses .