Phillip Goldstein
About Phillip Goldstein
Phillip Goldstein (born 1945) is an Independent Director and Chairman of The Mexico Equity and Income Fund, Inc. (MXE), serving since 2000. He is a partner at Bulldog Investors, LLP (since 2009) and Ryan Heritage, LLP (since 2019), and previously a principal of entities that served as the general partner of private investment partnerships in the Bulldog Investors group; he has over 30 years of investment management experience and currently serves on multiple closed-end fund boards . As of October 20, 2025, he reported an aggregate dollar range of “Over $100,000” invested in MXE, indicating alignment through meaningful ownership .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bulldog Investors, LLP | Partner | Since 2009 | Investment adviser to several closed-end funds; Goldstein brings activist and closed-end fund experience . |
| Ryan Heritage, LLP | Partner | Since 2019 | SEC-registered investment adviser; enhances investment oversight expertise . |
| Bulldog Holdings, LLC | Principal | Current (as of proxy) | Owner of entities formerly serving as GP to private investment partnerships; background in fund governance and operations . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| High Income Securities Fund | Chairman | Current | Board leadership role . |
| Special Opportunities Fund, Inc. | Chairman | Current | Board leadership role . |
| Total Return Securities Fund | Director | Current | Board member . |
| Brookfield DTLA Fund Office Trust Investor, Inc. | Director | Current | Board member . |
| BNY Mellon Municipal Income Inc. | Director | Until 2025 | Ended in 2025 . |
| Swiss Helvetia Fund, Inc. | Director | Prior to 2025 | Listed in 2024 proxy; not listed in 2025 vs. . |
| Crossroads Liquidating Trust | Trustee | Until 2020 | Ended in 2020 . |
| MVC Capital, Inc. | Director | Until 2020 | Ended in 2020 . |
Board Governance
- Independence: Goldstein is not an “interested person” under the Investment Company Act of 1940 and serves as an Independent Director and Chairman; the Board includes an Adviser-affiliated Interested Director, but the Chairman is independent .
- Committee assignments: Member of the Audit, Nominating, and Valuation Committees alongside other Independent Directors; Audit Chair is Rajeev Das (not Goldstein) .
- Attendance: Each Director, including Goldstein, attended at least 75% of Board and applicable Committee meetings in FY2023–FY2025 .
- Leadership structure and risk oversight: Board meets quarterly; committees handle audit quality, nominations/independence, and valuation oversight; Valuation Committee ratified fair values at quarterly Board meetings despite no separate meetings .
| Governance Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Board meetings held | 5 | 4 | 4 |
| Director attendance threshold met | ≥75% | ≥75% | ≥75% |
| Audit Committee meetings | 2 | 2 | 2 |
| Nominating Committee meetings | 0 | 1 | 1 |
| Valuation Committee separate meetings | 0; ratified at quarterly Board meetings | 0; ratified at quarterly Board meetings | 0; ratified at quarterly Board meetings |
Fixed Compensation
- Structure: Annual cash fee of $30,000; $500 per special telephonic meeting; additional annual chair compensation: $3,750 (Board Chair), $2,250 (Audit Chair, Valuation Chair), $1,500 (Nominating Chair). Directors are reimbursed for travel/out-of-pocket expenses; no bonus, profit-sharing, pension, or retirement plan .
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Annual retainer (cash) | $30,000 | $30,000 | $30,000 |
| Board Chair fee (annual) | $3,750 | $3,750 | $3,750 |
| Special telephonic meeting fee | $500 per meeting | $500 per meeting | $500 per meeting |
| Aggregate compensation (Goldstein) | $33,750 | $33,750 | $33,750 |
Performance Compensation
- No performance-based compensation components are disclosed for Directors; the Fund explicitly states no bonus, profit sharing, pension or retirement plan for Directors, and the compensation framework is cash-based .
| Performance Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Bonus paid | None disclosed | None disclosed | None disclosed |
| Equity awards (RSUs/PSUs) | None disclosed | None disclosed | None disclosed |
| Option awards | None disclosed | None disclosed | None disclosed |
| Pay-for-performance metrics tied to director pay | None disclosed | None disclosed | None disclosed |
Other Directorships & Interlocks
| Company | Relationship to Bulldog Investors | Potential Interlock Consideration |
|---|---|---|
| Special Opportunities Fund, Inc. | Bulldog Investors serves as investment adviser; Goldstein is Chairman . | Governance interlock via adviser and board leadership; independence maintained at MXE . |
| High Income Securities Fund | Bulldog Investors serves as investment adviser; Goldstein is Chairman . | Similar interlock dynamics; MXE committee membership remains independent under NYSE closed-end standards . |
| Total Return Securities Fund | Bulldog Investors advisory role; Goldstein is Director . | Information flow potential; MXE proxy affirms independence standards compliance . |
Director transactions with Fund affiliates: The proxy reports no direct or indirect interests >$120,000 with the Adviser or its affiliates for Independent Directors and immediate family over the past five years; none of the Independent Directors beneficially owned securities of the Adviser or its affiliates .
Expertise & Qualifications
- Over 30 years in investment management with activist and closed-end fund specialization; leadership roles at Bulldog Investors and Ryan Heritage demonstrate deep governance and portfolio oversight experience .
- Serves as director/chairman across multiple closed-end funds, indicating broad boardroom experience and familiarity with audit, valuation, and shareholder engagement dynamics .
- Board chair experience at MXE with independent status reinforces governance balance versus Adviser-affiliated interests .
Equity Ownership
| Ownership Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Dollar range of MXE holdings (Goldstein) | $50,001–$100,000 | $50,001–$100,000 | Over $100,000 |
| Aggregate management ownership (group) as % of outstanding | <1% | <1% | <1% |
| Shares pledged/hedged | Not disclosed | Not disclosed | Not disclosed |
| Ownership guideline requirement/compliance | Not disclosed | Not disclosed | Not disclosed |
Insider Trades
| Scope | Result | Source |
|---|---|---|
| Form 4 filings for Phillip Goldstein at MXE (2023-01-01 to 2025-11-20; filing date filter) | None found | Insider-trades skill query run for MXE/“Phillip Goldstein” on filingDate range 2023-01-01 to 2025-11-20 (no records returned). Section 16(a) compliance statements indicate timely filings across the fund but do not list trades . |
Governance Assessment
- Positives: Independent Board Chair; consistent ≥75% attendance; robust committee coverage (Audit/Nominating/Valuation) with independence under NYSE standards; no reported related-party transactions with Adviser; rising personal ownership to “Over $100,000” in 2025 supports alignment .
- Watch items: Multiple external roles at Bulldog-advised closed-end funds create potential interlocks; however, MXE disclosures emphasize independence and lack of material transactions with Adviser affiliates; Valuation Committee’s lack of separate meetings (ratification at quarterly board meetings) merits continued monitoring for valuation governance rigor .
- Compensation structure: Cash-only director pay without performance-based elements reduces pay-for-performance alignment concerns but also limits explicit incentives tied to outcomes; aggregate compensation stable at $33,750 annually for Goldstein (FY2023–FY2025) reflecting chair stipend plus base retainer .
- Independence and engagement: Goldstein’s role as Independent Chair and committee member across all three committees, coupled with attendance, supports board effectiveness; Audit Committee leadership rests with another Independent Director (Das), providing separation of duties .