Marco Pirondini
About Marco Pirondini
Marco Pirondini (age 57) serves as an Interested Director of Pioneer Municipal High Income Fund, Inc. (MHI), classified as a Class II Director since 2024 with a term expiring in 2026; he was elected to the Board on January 22, 2024 . He is Executive Vice President and Chief Investment Officer of Amundi Asset Management US, Inc. (Amundi US) since January 2024, and previously served as Senior Managing Director and Head of Equities U.S. at Amundi US from 2010 to December 2023 . He is designated an “Interested Director” because he is an officer or director of the investment adviser or its affiliates .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Amundi Asset Management US, Inc. | Executive Vice President and Chief Investment Officer | Jan 2024–present | Senior leadership overseeing investment functions |
| Amundi Asset Management US, Inc. | Senior Managing Director and Head of Equities U.S. | 2010–Dec 2023 | Led U.S. equities; product strategy and portfolio oversight |
| Pioneer Municipal High Income Fund, Inc. | Class II Director | Elected Jan 22, 2024; term expires 2026 | Board oversight of fund operations |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Other public company directorships | None | — | No other public boards disclosed |
Board Governance
- Independence status: Interested Director under the Investment Company Act due to his role at Amundi US; not independent .
- Committee structure: The Board has four standing committees—Independent Directors Committee, Audit Committee, Governance and Nominating Committee, and Policy Administration Committee—each chaired solely by Independent Directors; Marco is not listed as a member of any committee .
- Committee meeting cadence in the most recent fiscal year: Audit (8), Governance & Nominating (6), Independent Directors (6), Policy Administration (4); Valuation Committee was combined with Audit on January 22, 2024 .
- Board meeting activity and attendance: The Board held eight meetings; all current Directors and committee members then serving attended at least 75% of Board and applicable committee meetings .
- Chair roles: The Chairman of the Board is an Independent Director (Thomas J. Perna) .
- Executive sessions: Independent Directors regularly meet without management and are advised by independent legal counsel .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Compensation paid by MHI to Marco Pirondini (most recent fiscal year) | $0.00 | Reported fund-level compensation paid to Interested Directors was $0.00 |
| Compensation policy (structure) | See notes | Interested Directors receive an annual fee of $500 per fund (or $200 if fund net assets ≤ $50mm), reimbursed by Amundi US to those funds; Independent Directors’ fees include a $1,000 annual fee for funds with assets < $250mm and additional allocations for larger funds, based on net assets |
Performance Compensation
- Equity awards (RSUs/PSUs), options, performance metrics, vesting schedules: Not disclosed for Directors; no stock or option awards are reported for Directors of MHI .
- Clawbacks, change-of-control, severance, tax gross-ups, pensions/perquisites: No Director pension or retirement benefits accrue as fund expenses; no such executive-style provisions disclosed for Directors .
Other Directorships & Interlocks
| Entity | Relationship | Nature of Interlock/Exposure | Notes |
|---|---|---|---|
| Amundi Asset Management US, Inc. | Executive VP & CIO | Adviser to Pioneer Funds; officer of adviser; creates “Interested Director” status | Governance consideration due to advisory affiliation |
| Pioneer Funds Board context | Adviser transition, activism | The Board faced an adviser transition (Amundi US to Victory Capital), an interim advisory agreement, and activist engagement; ultimately recommended liquidation in 2025 | Background relevant to governance environment |
Expertise & Qualifications
- Capital markets and asset management leadership: Senior equity investment leadership at Amundi US (Head of Equities U.S., later CIO), indicating deep investment oversight experience .
- Board service: Class II Director at MHI with term to 2026 .
Equity Ownership
| Metric | MHI | MAV | MIO | Aggregate in Pioneer Funds |
|---|---|---|---|---|
| Dollar range of equity securities (as of May 31, 2024) | $0 | $0 | $0 | Over $100,000 |
| Notes | Reported dollar ranges per SEC Rule 13d-3 determinations; values based on closing prices or NAV on May 31, 2024 |
Governance Assessment
- Independence and conflicts: As an Interested Director, Marco’s affiliation with Amundi US (the Funds’ former adviser) represents a structural conflict; the committee architecture mitigates this by limiting committee roles to Independent Directors and using independent counsel .
- Attendance/engagement: Board and committees met frequently (Board: 8), with Directors attending at least 75%—a baseline indicator of engagement; however, no individual attendance percentages are disclosed for Marco .
- Compensation alignment: No MHI fund-level cash payments to Marco in the most recent fiscal year and no equity awards, options, or pensions for Directors; Interested-Director fees are nominal and reimbursed by Amundi US, limiting direct fund-paid compensation and reducing economic ties to the fund’s expenses .
- Ownership alignment: No personal MHI/MAV/MIO holdings disclosed; aggregate holdings across the Pioneer Funds exceed $100,000, suggesting broader platform exposure but not fund-specific alignment with MHI .
- 2025 governance environment: The Board, facing activist opposition to a new advisory agreement amidst the Amundi-Victory transaction, unanimously recommended fund liquidation; this context underscores heightened governance scrutiny and the importance of independent committee oversight .
RED FLAGS
- Interested Director status tied to the investment adviser (Amundi US), raising potential related-party concerns and limiting independence .
- No disclosed personal ownership in MHI as of May 31, 2024, which may reduce fund-specific “skin-in-the-game” alignment .
- Advisory transition controversy and activist opposition culminating in Board-recommended liquidation—a signal of governance stress in 2025 .