Robert Svagna
About Robert Svagna
Robert Svagna is Assistant Treasurer of BNY Mellon Strategic Municipals, Inc. (ticker LEO), serving since 2012. He is 58 years old and, per the proxy, his principal occupation over the past five years is Senior Accounting Manager – BNY Fund Administration; he serves as an officer across 48 investment companies (comprised of 106 portfolios) managed by the Investment Adviser or an affiliate, with the Fund’s officer address listed as 240 Greenwich Street, New York, NY 10286 . As of April 10, 2025 and April 10, 2024, the Fund disclosed that none of its officers—including Svagna—owned any Common Stock or VMTP Shares, implying no direct insider alignment through share ownership . The proxy does not attribute TSR, revenue, or EBITDA performance metrics to fund officers; performance metrics during his tenure are not disclosed in these filings .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BNY Mellon Strategic Municipals, Inc. | Assistant Treasurer | 2012–present | Officer of 48 investment companies (106 portfolios) managed by the Investment Adviser or affiliate |
| BNY Mellon Fund Administration | Senior Accounting Manager | Past five years (per proxy bio) | Fund Administration role supporting BNY-managed investment companies |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BNY Mellon (BNY) | Senior Accounting Manager – BNY Fund Administration | Past five years (per proxy bio) | Operational accounting oversight across BNY-managed investment companies |
Fixed Compensation
- Not disclosed in LEO’s proxy for fund officers. The proxy’s compensation discussion and tables cover Directors (board compensation), and explicitly note that the Fund does not have a bonus, pension, profit-sharing or retirement plan for Directors . Officer biographies indicate they are employees of BNY or the Investment Adviser/affiliates, but no base salary, target bonus, or bonus paid details are provided for officers .
Performance Compensation
- Not disclosed for fund officers. No details are provided on RSUs/PSUs, options, performance metrics, weighting, targets, actuals, payouts, or vesting schedules for officers in the proxy; compensation tables pertain solely to Directors .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Total beneficial ownership (Common) | 0 shares | As of April 10, 2025, Fund states none of the officers owned Common Stock |
| Total beneficial ownership (VMTP) | 0 shares | As of April 10, 2025, Fund states none of the officers owned VMTP Shares |
| Common shares outstanding | 62,290,854 | As disclosed in proxy |
| Ownership % of Common | 0.00% (0/62,290,854) | Based on disclosed shares outstanding and officer holdings |
| Pledged shares | None disclosed | No pledging disclosure for officers; ownership is zero |
| Hedging policy/compliance | Not disclosed | Proxy does not include officer hedging policies |
| Stock ownership guidelines (officers) | Not disclosed | No officer ownership guideline disclosure in proxy |
The proxy also notes 5%+ holders, including Saba Capital Management, L.P. at 7.34% of Common as of April 10, 2025, which may influence governance dynamics .
Employment Terms
| Term | Disclosure |
|---|---|
| Office tenure mechanics | Officers hold office for an indefinite term until a successor is elected and qualified |
| Address of officers | 240 Greenwich Street, New York, NY 10286 |
| Employment affiliation | Officer biographies identify roles with BNY/Investment Adviser/affiliates (e.g., Senior Accounting Manager – BNY Fund Administration) |
| Non-compete / non-solicit | Not disclosed in proxy |
| Severance / change-of-control | Not disclosed in proxy [1] [2] |
| Clawbacks / tax gross-ups | Not disclosed in proxy [1] [2] |
| Section 16(a) compliance | Proxy indicates required filings were complied with except for specified third-party filings (UBS disposal of AP stock; Bank of America VMTP acquisition) — no officer-specific delinquencies noted |
Performance & Track Record
- The proxy does not attribute fund-level market performance or operational KPIs (TSR, revenue, EBITDA growth) to officers. No officer-specific achievements, failures, or controversies are disclosed in the proxy sections reviewed [1] [2].
Investment Implications
- Alignment: With zero share ownership disclosed for officers, direct “skin-in-the-game” alignment is minimal for Svagna; investor-readthrough on insider alignment should focus on board governance and Adviser incentives rather than officer holdings .
- Selling pressure: No ownership and no officer Form 4 delinquencies cited imply negligible insider selling pressure from officers; trading signals from insider activity are likely dominated by large holders/activists (e.g., Saba at 7.34%) rather than officers .
- Compensation transparency: Officer compensation (cash and equity) is not disclosed in the proxy, limiting pay-for-performance analysis and visibility into retention levers (bonuses, vesting schedules, severance) .
- Retention risk: Biographical disclosures show Svagna is a long-tenured Assistant Treasurer and BNY Fund Administration manager across many funds, suggesting continuity depends on the Adviser’s staffing rather than fund-specific arrangements; no employment agreements or non-compete terms disclosed to evaluate retention constraints .
- Governance overlay: Board compensation, committee activity, and large shareholder dynamics are disclosed and may be more relevant drivers of fund governance and outcomes than officer-level incentives in this closed-end fund structure .