Kenneth Davidson
About Kenneth S. Davidson
Kenneth S. Davidson (born 1945) is an Independent Director of Lazard Global Total Return and Income Fund, Inc. (LGI) and has served on the Board since February 2004; he is nominated as a Class II Director for a three-year term expiring at the 2028 Annual Meeting . Davidson is President of Davidson Capital Management Corporation and previously held senior roles at Aquiline Holdings LLC (founding member), Landseer Advisors LLC (Senior Advisor), Davidson Weil Associates (founder and Managing Partner), and Oppenheimer Capital Corporation; he is a graduate of Colgate University . LGI’s Board is majority independent (75%) and has designated a Lead Independent Director (Richard Reiss, Jr.); Davidson is treated as independent under the 1940 Act and serves on the Audit Committee and the all-independent Nominating Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Davidson Capital Management Corporation | President | 1978 – present | Investment management leadership; long-tenured capital markets experience |
| Aquiline Holdings LLC | Founding Member | 2006 – 2012 | Private investment firm experience |
| Landseer Advisors LLC | Senior Advisor | 2012 – 2014 | Advisory role in investment strategies |
| Davidson Weil Associates | Founder & Managing Partner | 1977 – 1995 | Entrepreneurial fund management |
| Oppenheimer Capital Corporation | Vice President & Senior Portfolio Manager | Not disclosed (prior career) | Portfolio management and institutional investing |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Lazard Funds, Inc. | Director | Current (each Director serves across Lazard Fund Complex) | Part of Lazard Fund Complex (29 active portfolios as of 2025) |
| Lazard Retirement Series, Inc. | Director | Current (each Director serves across Lazard Fund Complex) | Part of Lazard Fund Complex (29 active portfolios as of 2025) |
| Various non-profit organizations | Board roles (unspecified) | Current/past | Service noted in biography |
Board Governance
- Independence: Classified as an Independent Director under the 1940 Act; Board is 75% independent .
- Lead Independent Director: Richard Reiss, Jr.; Independent Directors designate the lead to chair executive sessions and liaise with counsel/management .
- Committee memberships: Audit Committee (all Independent Directors; Davidson is a member; Chair: Nancy A. Eckl); Nominating Committee (all Independent Directors) .
- Meeting cadence and attendance: Board met seven times in FY2024; Audit Committee met four times; Nominating met once; each Director attended at least 75% of meetings of the Board and committees on which they served . Directors did not attend last year’s Annual Meeting; at least one Director will be available for the current Annual Meeting upon stockholder request .
| Item | FY2023 | FY2024 |
|---|---|---|
| Board meetings | 5 | 7 |
| Audit Committee meetings | 4 | 4 |
| Nominating Committee meetings | 1 | 1 |
| Attendance threshold | ≥75% for each Director | ≥75% for each Director |
Fixed Compensation
Director compensation is paid in cash by the Fund and the broader Lazard Fund Complex; no director equity grants are disclosed.
| Metric | 2023 | 2024 |
|---|---|---|
| Aggregate Compensation from LGI (Fund) | $3,153 | $3,624 |
| Aggregate Compensation from Lazard Fund Complex | $245,000 | $252,500 |
Notes:
- Audit Committee Chair (Nancy A. Eckl), Lead Independent Director (Richard Reiss, Jr.), and Interested Directors are labeled in the compensation table; Davidson is neither Chair nor Lead Independent Director .
Other Directorships & Interlocks
| Entity | Type | Role | Interlock/Notes |
|---|---|---|---|
| Lazard Fund Complex (The Lazard Funds, Inc. and Lazard Retirement Series, Inc.) | Registered investment companies | Director | Shared governance across Lazard-advised funds; potential structural interlock with LAM as investment manager |
| Public company directorships (past five years) | N/A | N/A | None disclosed in the proxy table for “Other Public Company Directorships Held During the Past Five Years” |
Expertise & Qualifications
- Capital markets and asset management leadership as President of Davidson Capital Management Corporation; prior senior portfolio management roles at Oppenheimer Capital .
- Founding/partner experience at investment firms (Aquiline Holdings, Davidson Weil Associates) indicating entrepreneurial and governance acumen .
- Education: Colgate University (undergraduate) .
Equity Ownership
| Metric | As of 12/31/2023 | As of 12/31/2024 |
|---|---|---|
| Dollar Range of LGI Common Stock | None | None |
| Aggregate Dollar Range in Lazard Fund Complex | $50,001–$100,000 | Over $100,000 |
| Directors and officers (group) % ownership of LGI | <1% | <1% |
Insider Trades and Section 16 Compliance
| Item | FY2023 | FY2024 |
|---|---|---|
| Section 16(a) filing compliance (Fund’s disclosure) | All reporting persons complied | All reporting persons complied |
Note: Proxy statements do not disclose individual Form 4 trading details; LGI reports full Section 16(a) filing compliance for the periods shown .
Governance Assessment
- Strengths: Long-tenured independent director with deep investment management background; active participation on Audit Committee; Board majority independence and use of Lead Independent Director structure support oversight of LAM-related conflicts inherent in the fund complex .
- Engagement: Attendance met ≥75% threshold; regular committee meeting cadence (Audit 4x; Nominating 1x) indicates ongoing oversight .
- Alignment: Davidson reported no ownership of LGI shares as of both 12/31/2023 and 12/31/2024, which may raise alignment concerns for some investors in a closed-end fund context; however, he holds over $100,000 across the Lazard Fund Complex as of 12/31/2024 .
- Compensation: Modest cash compensation at the Fund level with incremental increases at the Fund Complex from 2023 to 2024; no disclosed equity-based director compensation, performance-linked pay, or meeting fees for directors; Fund does not have a standing Compensation Committee for the Board (typical for registered funds) .
- RED FLAGS:
- Zero LGI share ownership (None) as of 12/31/2023 and 12/31/2024, which can be viewed as a potential misalignment signal for some governance frameworks focused on “skin-in-the-game” .
- Directors did not attend the prior Annual Meeting, though the fund notes at least one Director will be available to participate upon request; absence is common in fund complexes but may be noted by activists .
- Conflicts/Related-party exposure: None specifically disclosed for Davidson; Board and committees rely on independent counsel, and Audit Committee independence conforms to NYSE standards; oversight structure explicitly addresses LAM-related potential conflicts .