Claudia A. Brandon
About Claudia A. Brandon
Claudia A. Brandon (Year of Birth: 1956) serves as Executive Vice President (since 2008) and Secretary (since 2002) of Neuberger Berman Municipal Fund Inc. (NBH); she is also Secretary of the Neuberger Berman Next Generation Connectivity Fund (NBXG) since 2021. She is Senior Vice President at Neuberger Berman (since 2007) and Senior Vice President at Neuberger Berman Investment Advisers LLC (NBIA) since 2008, with prior roles including Vice President – Mutual Fund Board Relations at NBIA (2000–2008), Vice President at Neuberger Berman (2002–2006), and long-tenured service at NBIA dating back to 1984. Her responsibilities span serving as Executive Vice President and Secretary for numerous registered investment companies managed/administrated by NBIA, evidencing deep fund governance and administrative expertise . As Secretary, she is the designated contact for stockholder communications and nominee recommendations to the Boards, reflecting a central role in governance process and information flow .
Past Roles
| Organization | Role | Years | Strategic Impact/Notes |
|---|---|---|---|
| Neuberger Berman Municipal Fund Inc. (NBH) | Executive Vice President; Secretary | EVP since 2008; Secretary since 2002 | Officer leadership and corporate secretary function for NBH . |
| Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG) | Secretary | Since 2021 | Corporate secretary responsibilities for NBXG . |
| Neuberger Berman (parent) | Senior Vice President | Since 2007 | Senior leadership within the adviser complex . |
| NBIA (Neuberger Berman Investment Advisers LLC) | Senior Vice President; Assistant Secretary | SVP since 2008; Assistant Secretary since 2004 | Governance, administration across fund complex . |
| NBIA | Vice President – Mutual Fund Board Relations | 2000–2008 | Board relations lead role across mutual funds . |
| Neuberger Berman | Vice President | 2002–2006 | Operational/legal leadership roles . |
| NBIA | Vice President; Employee | VP 1986–1999; Employee 1984–1999 | Early career roles; long-tenured service . |
| Registered Investment Companies (NBIA-managed) | Executive Vice President and Secretary | Various | Officer roles for 28 registered investment companies (2025 proxy) . |
Fixed Compensation
| Component | Disclosure | Amount/Terms |
|---|---|---|
| Compensation from NBH and NBXG Funds to NBIA-affiliated officers | Officers who are employees of NBIA (and affiliates) serve without any compensation from the Funds | $0; Fund proxies state no officer compensation from Funds . |
| Compensation paid by NBIA (base salary, bonus, equity) | Not disclosed in NBH/ NBXG proxy statements | Not disclosed in Fund documents . |
| Pension/SERP, deferred comp, perquisites | Not disclosed in Fund proxy statements | Not disclosed . |
Each officer and Director who is a director, officer or employee of NBIA or any entity under common control serves without compensation from the Funds; their remuneration is determined and paid by NBIA, not the Funds .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-based incentives (RSUs/PSUs/options) for NBH/NBXG officers | Not applicable | — | — | — | — |
The Fund proxies do not disclose any Fund-based incentive grants or performance plans for NBIA officers serving as NBH/NBXG officers; officers receive no compensation from the Funds .
Equity Ownership & Alignment
| Item | Disclosure | Detail |
|---|---|---|
| Individual officer share ownership (Claudia A. Brandon) | Not itemized in proxy | Not disclosed for individual officers . |
| Aggregate ownership by Directors and officers | Disclosed | Directors and officers, in aggregate, owned less than 1% of each class of NBH’s outstanding shares as of May 31, 2025 . |
| Pledging/hedging policies | Not disclosed | Not disclosed in proxy . |
| Stock ownership guidelines (officers) | Not disclosed | Not disclosed in proxy . |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Appointment | Officers are appointed by the Directors and serve at the pleasure of the Board | Officers “serve at the pleasure of the Directors” . |
| Tenure & Removal | Hold office until successor elected/qualified or earlier death, inability to serve, or resignation; may be removed at any time with or without cause | Fund bylaws specify removal at any time with or without cause . |
| Role scope | Secretary and Executive VP across NBH; Secretary NBXG | Officer roles spanning governance and administration . |
| Stockholder communications | Secretary designated as contact for stockholder communications, nominee recommendations, and proposals | Communications directed to Secretary, Claudia A. Brandon . |
Investment Implications
- Pay-for-performance assessment is not possible from Fund documents: officers affiliated with NBIA receive no compensation from NBH/NBXG and their NBIA-paid salary/bonus/equity terms are not disclosed in the Fund proxies, limiting visibility into incentives, vesting schedules, and performance metrics for Ms. Brandon .
- Alignment via direct ownership appears limited at the Fund level: aggregate officer/director holdings are less than 1% of each class of NBH shares, and individual officer holdings (including any pledging or hedging) are not itemized—reducing observable insider alignment or selling pressure signals from Fund disclosures .
- Governance continuity and retention risk appear low given multi-decade tenure across NBIA/Neuberger Berman and long-standing service as Secretary and Executive Vice President for many NBIA-managed funds; officers can be removed at any time, but her historical continuity suggests stability in fund governance operations .
- Trading signal relevance: as a non-portfolio management officer whose compensation is outside the Fund and undisclosed, Ms. Brandon’s individual incentives are unlikely to directly signal portfolio positioning or Fund performance drivers; her role is central in governance and stockholder process management (Secretary contact), rather than in investment decision-making .