Alan R. Latshaw
About Alan R. Latshaw
Independent Class II Trustee of NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) since 2011; Chair of the Audit Committee and designated Audit Committee Financial Expert for the New York Life Investments Group of Funds. Year of birth: 1951. Former partner at Ernst & Young LLP (2002–2003) and Arthur Andersen LLP (1989–2002); served as consultant to the NYLI Group Audit & Compliance Committee (2004–2006). Oversees 86 portfolios across the New York Life Investments fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP | Partner | 2002–2003 | — |
| Arthur Andersen LLP | Partner | 1989–2002 | — |
| NYLI Group of Funds Audit & Compliance Committee | Consultant | 2004–2006 | Predecessor experience to Trustee service |
| AICPA Investment Companies Committee | Chairman | 1997–2001 | Assisted development of mutual fund accounting standards (predecessors to GAAP codified by FASB in 2009) |
| Another mutual fund complex (unnamed) | Trustee | 2005–2021 | — |
External Roles
| Organization | Role | Tenure/Scope | Notes |
|---|---|---|---|
| New York Life Investments Funds Trust | Trustee | Since 2007 (39 funds) | Part of NYLI Group of Funds |
| New York Life Investments Funds | Trustee | Since 2006 (11 funds) | Part of NYLI Group of Funds |
| New York Life Investments VP Funds Trust | Trustee | Since 2007 (33 portfolios) | Part of NYLI Group of Funds |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | Trustee | Since 2021 | — |
| NYLI MacKay Muni Income Opportunities Fund | Trustee | Since 2024 | — |
- No other public company directorships are disclosed for Mr. Latshaw in MMD’s proxy table of “Other Directorships Held by Trustee.”
Board Governance
| Governance Element | Detail |
|---|---|
| Independence status | Listed as Independent Trustee (Class II). |
| Committee assignments | Audit (Chair), Contracts (Member), Investment (Member), Nominating & Governance (Member). |
| Committee meeting cadence (FY ended May 31, 2025) | Audit: 7; Contracts: 6; Investment: 8; Nominating & Governance: 6. |
| Board meetings & attendance | Board held 9 regular meetings; each Trustee in office attended ≥75% of Board and Committee meetings of which they were a member. |
| Audit Committee financial expert | Serves as Audit Committee Financial Expert for NYLI Group of Funds. |
| Audit Committee independence & remit | Audit Committee composed of independent trustees; oversees financial reporting, internal controls, auditor selection/independence; charter updated June 4, 2025. |
| Auditor oversight practices | Pre-approval policy for audit and permissible non-audit services; reviewed PwC independence and recommended inclusion of audited financials. |
| Board service policy | Independent Trustees generally must tender resignation upon reaching age 75 or after 15 years of service, subject to exceptions. |
Fixed Compensation
| Item (FY ended May 31, 2025) | MMD | Fund Complex |
|---|---|---|
| Aggregate compensation | $1,477 | — |
| Total compensation paid to Trustee | — | $390,000 |
| Pension/retirement benefits accrued | None | — |
| Annual benefits upon retirement | None | — |
- Compensation structure: Independent Trustees receive an annual retainer and a fee per regularly scheduled Board and associated Committee meeting; may receive fees for other meetings; Board Chair receives an additional annual fee; expenses reimbursed; fees are allocated pro rata across funds based on net assets.
Performance Compensation
| Component | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/DSUs) | Not disclosed for Trustees; proxy describes cash retainers/meeting fees for Independent Trustees. |
| Stock options | Not disclosed for Trustees. |
| Performance metrics (TSR, EBITDA, ESG) | Not disclosed for Trustees; no performance-linked pay described. |
| Severance/Change-in-control provisions | Not disclosed for Trustees. |
| Clawback provisions | Not disclosed for Trustees. |
| Tax gross-ups | Not disclosed for Trustees. |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed in proxy for Mr. Latshaw. |
| Roles at other companies (committees) | Not disclosed beyond fund complex roles. |
| Prior public company boards | Not disclosed. |
| Potential interlocks | Primary affiliations are within the NYLI Group of Funds; Audit Committee maintains auditor independence oversight. |
Expertise & Qualifications
- Over 20 years of accounting experience focused on mutual funds; former partner at Arthur Andersen and Ernst & Young.
- Audit Committee Financial Expert for the NYLI Group of Funds; chaired AICPA Investment Companies Committee (1997–2001), contributing to development of standards that preceded FASB’s 2009 codification.
- Longstanding fund governance experience across 86 portfolios within the complex.
Equity Ownership
| As of May 31, 2025 | Dollar Range in MMD | Aggregate Dollar Range across NYLI family funds |
|---|---|---|
| Alan R. Latshaw | None | Over $100,000 |
Governance Assessment
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Strengths
- Deep mutual fund accounting/audit pedigree; serves as Audit Committee Financial Expert and chairs a fully independent Audit Committee with robust charter and pre-approval controls, supporting financial reporting integrity and auditor independence.
- High engagement indicated by committee leadership/memberships and a full cycle of committee meetings; Board-level attendance threshold (≥75%) met across Trustees.
- Governance infrastructure includes updated committee charters (latest amendments June 4, 2025) and formal Board service policy, signaling active oversight and refresh mechanisms.
-
Watch items / potential risks
- Tenure and age-policy proximity: Service since 2011 and year of birth 1951 situate Mr. Latshaw near the policy thresholds (age 75 or 15 years’ service) that generally require a resignation tender, implying possible Board refresh in the near-to-medium term. This is a governance planning consideration rather than a current red flag.
- Alignment optics: No direct personal investment disclosed in MMD; however, aggregate ownership across the NYLI fund family exceeds $100,000. Investors focused on “skin in the game” at the specific fund level may view this as neutral-to-mixed.
- Compensation scale and independence: Total compensation from the fund complex ($390,000) reflects multi-fund workload; the Audit Committee’s independence and pre-approval safeguards mitigate, but do not fully eliminate, perceived sponsor-dependence risks that investors sometimes scrutinize in multi-complex structures.
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Conflicts/related-party exposure
- No specific related-party transactions for Mr. Latshaw are disclosed in the proxy; auditor independence and non-audit service pre-approvals are explicitly governed by policy and reviewed by the Audit Committee.