Nancy Eckl
About Nancy A. Eckl
Independent Director of LGI since February 2007 (Class II), born 1962. She is a Certified Public Accountant (Texas) with 30+ years in mutual funds/investment management across manager selection, accounting, compliance, operations, and board service; BA from the University of Notre Dame. Currently Audit Committee Chair; nominated for a new term expiring 2028.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Beacon Advisors, Inc. | Vice President | 1990–2006 | Oversight across accounting, compliance, operations (mutual funds) |
| American Beacon Funds and certain other funds advised by American Beacon | Vice President | 1990–2006 | Investment manager selection/oversight and fund operations |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| College Retirement Equities Fund (eight accounts) | Trustee | 2007–present | Trustee oversight of CREF accounts |
| TIAA Separate Account VA-1 | Member, Management Committee | 2007–present | Management committee member |
| TIAA-CREF Funds and TIAA-CREF Life Funds | Trustee | 2007–2023 | Trustee across 68 funds (TIAA-CREF) and 11 life funds |
Board Governance
- Independence: Listed among “Independent Directors”; Audit Committee comprises all Independent Directors and is independent under NYSE standards. Currently, 75% of the Fund’s Directors are Independent Directors.
- Committee roles: Audit Committee Chair; member of the Nominating Committee (all Independent Directors).
- Attendance and engagement: In 2024 the Board met 7 times; Audit Committee met 4; Nominating Committee met 1; each Director attended at least 75% of meetings of the Board and committees on which they served. The Fund has no formal policy on attending annual stockholder meetings; Directors did not attend last year’s annual meeting.
- Lead Independent Director: Board has a lead Independent Director who chairs executive sessions; currently Richard Reiss, Jr. serves as Lead Independent Director.
- Audit oversight: As Chair, Eckl led the Committee’s review of the FY2024 audited financials and Deloitte’s independence and recommended inclusion in the Annual Report; Deloitte reselected for FY2025.
Board Activity and Attendance
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings (count) | 5 | 7 |
| Audit Committee meetings (count) | 4 | 4 |
| Nominating Committee meetings (count) | 1 | 1 |
| Attendance threshold disclosed | ≥75% per director | ≥75% per director |
| Director attendance at prior annual meeting | Not attended | Not attended |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from the Fund | $3,475 | $3,930 |
| Aggregate Compensation from Lazard Fund Complex | $270,000 | $277,500 |
| Role Differential | Audit Committee Chair | Audit Committee Chair |
- Structure notes: Proxy presents aggregate cash compensation for Directors (Fund and Lazard Fund Complex); the Fund does not have a standing Compensation Committee. No equity grants or option awards for Directors are disclosed.
Performance Compensation
- No performance-linked director compensation (e.g., RSUs/PSUs, options, TSR-based metrics) is disclosed in the proxy; compensation is presented as aggregate cash amounts.
- Fund does not maintain a standing Compensation Committee for the Board, limiting the avenue for variable pay design at the director level.
Other Directorships & Interlocks
| Entity | Role | Overlap/Interlock Risk |
|---|---|---|
| College Retirement Equities Fund | Trustee | No disclosed LGI-related conflict; external fund governance role. |
| TIAA Separate Account VA-1 | Management Committee Member | No disclosed LGI-related conflict; external asset management role. |
| TIAA-CREF Funds and Life Funds | Trustee (through 2023) | No disclosed LGI-related conflict; tenure ended in 2023. |
- LGI has two “Interested Directors” (LAM executives: Nathan A. Paul and Evan L. Russo); Eckl is not affiliated with LAM and is classified as independent.
Expertise & Qualifications
- CPA (Texas) with deep fund operations/compliance/accounting background; 30+ years in investment management.
- Prior VP at American Beacon (multi-fund oversight); trustee roles across CREF/TIAA complexes indicating broad governance experience in registered funds.
Equity Ownership
| Date | Dollar Range of Common Stock of LGI | Aggregate Dollar Range in Lazard Fund Complex |
|---|---|---|
| Dec 31, 2022 | None | $50,001–$100,000 |
| Dec 31, 2024 | None | Over $100,000 |
- As of Dec 31, 2024, Directors and officers of the Fund, as a group, owned less than 1% of LGI’s outstanding Common Stock.
- No Form 4 insider transactions for “Nancy Eckl” at LGI found from 2019-01-01 to 2025-11-20 using the insider-trades skill query.
Governance Assessment
- Strengths:
- Audit Committee leadership: Eckl chairs the Audit Committee and oversaw FY2024 audit, independence reviews, and financial reporting quality—indicator of strong financial governance.
- Independence and balanced board: Majority independent (75%); NYSE independence affirmed for Audit Committee; presence of Lead Independent Director and executive sessions.
- Engagement: Regular Board and committee cadence with documented attendance thresholds met.
- Watch items / RED FLAGS:
- No personal LGI share ownership disclosed (“None” as of Dec 31, 2024), which can signal weaker direct economic alignment with LGI shareholders despite broader complex exposure.
- Directors did not attend last year’s annual stockholder meeting—may be viewed negatively by some investors regarding direct engagement.
- Significant non-audit fees paid by Deloitte to LAM “Service Affiliates” ($1,309,430 in 2023; $838,917 in 2024) require ongoing vigilance by the Audit Committee to manage perceived auditor independence risks.
Auditor Oversight Data (context for Audit Chair role)
| Category | FY 2023 | FY 2024 |
|---|---|---|
| Audit Fees (Fund) | $44,918 | $46,223 |
| Tax Fees (Fund) | $8,290 | $4,529 |
| EU Tax Reclaim Services | $18,597 | $3,838 |
| Non-Audit Fees (Fund + Service Affiliates) | $1,309,430 | $838,917 |
- Auditor selection: Deloitte approved for FY2025 by the Audit Committee and Board (majority Independent Directors).
Compensation Trends
- Year-over-year increase: Lazard Fund Complex aggregate compensation for Eckl rose from $270,000 (FY2023) to $277,500 (FY2024); Fund-level cash increased from $3,475 to $3,930.
Independence & Structure
- LGI lacks a Board compensation committee; Audit and Nominating are the standing committees (both comprised of Independent Directors).
- Lead Independent Director provides counterweight to Interested Directors from LAM and chairs executive sessions—positive structural feature.