Gerald Hellerman
About Gerald Hellerman
Gerald Hellerman is an Independent Director of The Mexico Equity and Income Fund, Inc. (MXE), serving on the Board since 2001. He was born in 1937 (age 87 disclosed in the 2024 proxy) and previously served as MXE’s Chief Compliance Officer from 2004 through March 2020; since April 1, 2020 he has been classified as independent under the 1940 Act due to no longer serving as CCO . His career includes senior regulatory and antitrust roles (SEC Financial Analyst/Branch Chief; Special Adviser to the U.S. Senate Antitrust and Monopoly Subcommittee; Chief Financial Analyst at the DOJ Antitrust Division for 17 years) and he led a corporate/financial consulting firm, Hellerman Associates, from 1993 until its activities terminated on December 31, 2013 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of Justice, Antitrust Division | Chief Financial Analyst | 17 years (years not specified) | Senior economic/antitrust analytics for enforcement matters |
| U.S. Securities and Exchange Commission | Financial Analyst; Branch Chief | Not disclosed | Regulatory oversight and analysis |
| U.S. Senate Antitrust & Monopoly Subcommittee | Special Adviser | Not disclosed | Policy advisory on antitrust issues |
| Hellerman Associates (financial/corporate consulting) | Managing Director | 1993–activities terminated Dec 31, 2013 | Corporate/financial consulting leadership |
| The Mexico Equity and Income Fund, Inc. (MXE) | Chief Compliance Officer | 2004–March 2020 | Oversight of fund compliance program |
External Roles
| Company | Role | Status/Notes |
|---|---|---|
| Special Opportunities Fund, Inc. | Director | Current (listed in 2025 proxy) |
| High Income Securities Fund | Trustee | Current (listed in 2025 proxy) |
| Total Return Securities Fund | Director | Current (listed in 2025 proxy) |
| Fiera Capital Series Trust | Trustee | Until August 2023 |
| MVC Capital, Inc. | Director | Until 2020 |
| Crossroads Liquidating Trust | Trustee | Until 2020 |
| Swiss Helvetia Fund, Inc. | Director | Listed in 2024 proxy; not listed in 2025 (suggests departure post-2024) |
Interlock context: Bulldog Investors, LLP is the investment adviser to Special Opportunities Fund, High Income Securities Fund, and Total Return Securities Fund; MXE’s Chair Phillip Goldstein is a partner at Bulldog and also chairs two of those funds, indicating governance interlocks across related closed-end funds .
Board Governance
- Independence and tenure: Independent Director (not an “interested person” under the 1940 Act), Director since 2001; prior classification as “interested” ended April 1, 2020 when he ceased serving as CCO .
- Committee memberships: Audit Committee (member), Nominating Committee (member), and Valuation Committee (member) .
- Attendance and engagement: Each Director attended at least 75% of Board and applicable committee meetings in FY ended July 31, 2025; Board met four times; Audit Committee met twice; Nominating Committee met once; Valuation Committee held no separate meetings but ratified valuations at quarterly Board meetings .
- Board leadership: The Chairman, Phillip Goldstein, is an Independent Director (Board comprised of five, with one Interested Director in 2025) .
Fixed Compensation
- Policy: Annual retainer $30,000 for independent directors, plus $500 per special telephonic meeting; additional annual fees: Chairman $3,750; Audit and Valuation Committee Chair $2,250; Nominating Committee Chair $1,500; travel/out-of-pocket reimbursed .
- Plan features: No bonus, profit sharing, pension or retirement plan for Directors .
| Director | FY 2024 Cash Compensation | FY 2025 Cash Compensation |
|---|---|---|
| Gerald Hellerman | $30,000 | $30,000 |
Performance Compensation
| Performance-based pay component | Disclosed? | Notes |
|---|---|---|
| Annual/long-term bonus tied to metrics | No | Fund states no bonus plan for Directors |
| Equity awards (RSUs/DSUs/Options) | Not disclosed (none indicated) | Compensation tables show only cash retainers |
| Pension/SERP/Deferred comp | No | No pension or retirement plan for Directors |
Other Directorships & Interlocks
| Entity | Role | Interlock/Conflict Consideration |
|---|---|---|
| Special Opportunities Fund, Inc. | Director | Bulldog Investors serves as adviser; MXE Chair Goldstein also chairs Special Opportunities Fund, creating cross-fund governance interlocks |
| High Income Securities Fund | Trustee | Bulldog Investors serves as adviser; Chair Goldstein is also Chair of HISE, indicating overlapping oversight networks |
| Total Return Securities Fund | Director | Bulldog Investors serves as adviser; MXE Board includes Bulldog-affiliated directors, highlighting network ties |
Expertise & Qualifications
- Regulatory and antitrust expertise from senior roles at the SEC, DOJ Antitrust Division (17 years), and U.S. Senate Antitrust Subcommittee; extensive experience with public company boards, including multiple registered investment companies .
- Fund compliance leadership as MXE’s Chief Compliance Officer (2004–March 2020), supporting oversight on Audit and Valuation Committees .
Equity Ownership
- Director/Officer ownership: As of October 20, 2025, Directors and officers as a group owned <1% of MXE’s outstanding shares .
- Individual ownership: Hellerman reported “None” for dollar range of equity securities in the Fund in both 2024 and 2025 .
- Related-party holdings/transactions: Independent Directors (including Hellerman) and immediate family held no securities in the Adviser or affiliates and had no related-party transactions over $120,000 in the past five years .
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Hellerman – Dollar Range of MXE Equity | None | None |
Governance Assessment
-
Positives
- Independent director, long experience with regulatory enforcement and fund compliance, and active service across core committees (Audit, Nominating, Valuation), with at least 75% attendance in FY 2025, supporting oversight effectiveness .
- No related-party transactions with the Adviser/affiliates and no Section 16(a) filing delinquencies reported for the period reviewed, reducing conflict and compliance risk .
-
Watch items / potential red flags
- No personal share ownership in MXE (none disclosed in 2024 and 2025), which may weaken alignment with stockholders in a closed-end fund context .
- Multiple directorships at closed-end funds advised by Bulldog Investors, while MXE is chaired by a Bulldog partner (Phillip Goldstein), create interlocks that warrant monitoring for independence in valuation, audit/auditor oversight, and nomination decisions .
- Very long tenure (since 2001) can raise entrenchment and independence optics under some governance frameworks, though he remains classified as independent under the 1940 Act .
-
Additional context
- Compensation is entirely cash and modest relative to chair roles; Hellerman received the base retainer ($30,000) in FY 2024 and FY 2025, with no equity or bonus structures that could impair objectivity .
- Committee chair roles (and associated chair fees) are not attributed to Hellerman in disclosures; the Audit Committee Chair is disclosed as Rajeev Das (indicating Hellerman is a member but not a chair), which limits potential fee-related conflicts from chair roles .