Richard Reiss Jr.
About Richard Reiss, Jr.
Richard Reiss, Jr. (born 1944) is an Independent Director of Lazard Global Total Return and Income Fund, Inc. (LGI) and the Board’s Lead Independent Director. He has served on LGI’s Board since February 2004 and is founder and Chairman of Georgica Advisors LLC; prior roles include Managing Partner of Cumberland Associates and Senior Vice President/Director of Research at Shearson Hayden Stone. He holds an AB, cum laude, from Dartmouth College and a JD from NYU School of Law.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cumberland Associates (and its funds) | Managing Partner | Not disclosed | Investment leadership background cited in LGI bio |
| Shearson Hayden Stone | Senior Vice President; Director of Research | Not disclosed | Equity research leadership experience |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Georgica Advisors LLC | Chairman | 1997–present | Principal occupation |
| Osprey Technology Acquisition Corp. (SPAC) | Director | 2019–2021 | Prior public company directorship |
| The Lazard Funds, Inc. and Lazard Retirement Series, Inc. (Lazard Fund Complex) | Director | Current | Each LGI Director also serves across the Lazard Fund Complex (29 active portfolios) |
Board Governance
- Independence and role: Independent Director; designated Lead Independent Director (chairs meetings/executive sessions of Independent Directors, reviews agendas, facilitates communication) .
- Tenure/class: Director since February 2004; Class III; current term runs through the 2026 annual meeting .
- Committees: Audit Committee member; Nominating Committee (comprised of all Independent Directors) .
- Attendance and engagement: In FY 2024, the Board met 7 times; Audit met 4 times; Nominating met once; each Director attended at least 75% of aggregate Board and committee meetings on which they served .
- Board independence: 75% of the Board are Independent Directors; Audit Committee members are also “independent” under NYSE listing standards .
- Structure: The Board has no Chair; Lead Independent Director role used given LAM’s service provider role and potential conflicts in the fund context .
Fixed Compensation
| Component (FY 2024) | Amount (USD) | Source/Notes |
|---|---|---|
| Aggregate compensation from LGI (the Fund) | $3,624 | Director-specific disclosure |
| Aggregate compensation from Lazard Fund Complex | $287,500 | Director-specific disclosure across the complex |
| Designation | Lead Independent Director | Footnote “Lead Independent Director” attached to his entry |
The Fund discloses aggregate director compensation rather than a cash/equity mix, retainer levels, or meeting/chair fees; the Board has no standing Compensation Committee for the Board.
Performance Compensation
| Performance element | Disclosure |
|---|---|
| Performance-based metrics (TSR, revenue, EBITDA, ESG) tied to director pay | None disclosed in the proxy; director pay presented only as aggregate amounts by fund and fund complex; no performance-vesting terms described |
| Compensation governance | The Fund does not have a standing Compensation Committee for the Board |
Other Directorships & Interlocks
| Company/Entity | Role | Period | Notes |
|---|---|---|---|
| Osprey Technology Acquisition Corp. | Director | 2019–2021 | Prior SPAC directorship |
| Lazard Fund Complex (open-end funds) | Director | Current | Cross-directorship within Lazard mutual fund complex (29 portfolios) |
Expertise & Qualifications
- Founder/Chairman of Georgica Advisors LLC; prior Managing Partner of Cumberland Associates—deep buy-side investment and governance experience .
- Former Senior Vice President and Director of Research at Shearson Hayden Stone—capital markets and research expertise .
- Education: AB, cum laude (Dartmouth); JD (NYU School of Law) .
Equity Ownership
| Item | Disclosure |
|---|---|
| Dollar range of LGI (Fund) Common Stock held | None (as of Dec 31, 2024) |
| Aggregate dollar range in Lazard Fund Complex shares | Over $100,000 (as of Dec 31, 2024) |
| Directors and officers as a group ownership of LGI | <1% of outstanding Common Stock (as of Dec 31, 2024) |
| Section 16(a) filings | All reporting persons complied with filing requirements for FY 2024 (per the Fund’s knowledge) |
Governance Assessment
-
Strengths
- Lead Independent Director with long service (since 2004) and extensive investment background, providing continuity and independent oversight in a fund structure where LAM is the service provider .
- Active committee engagement: Audit Committee member; Nominating Committee member by virtue of independence; Board met 7x in 2024 and he met the “≥75%” attendance threshold .
- Board composition: 75% independent; Audit Committee independence aligned with NYSE standards .
-
Potential investor-alignment considerations
- No direct ownership of LGI shares (dollar range “None”), though he holds over $100,000 across the Lazard Fund Complex; some investors view direct fund share ownership as a stronger alignment signal for closed-end fund directors .
- Pay transparency is limited to aggregate amounts (fund and complex) with no disclosed cash/equity mix or performance linkage; the Board has no standing Compensation Committee for the Board, which can reduce clarity on director pay design .
-
Conflicts and red flags observed in proxy
- No related-party transactions or loans involving Reiss are disclosed in the 2025 proxy; Section 16(a) compliance affirmed for FY 2024 .
- Board relies on Lead Independent Director structure and independent counsel to mitigate manager-related conflicts inherent in the fund model .