Deborah C. McLean
About Deborah C. McLean
Deborah C. McLean (born 1954) is an Independent Director of NBH (Neuberger Berman Municipal Fund Inc.), serving since 2015 (and since 2021 for NBXG), with deep finance and governance expertise. Her background includes leadership in private wealth (Circle Financial Group), angel investing (Golden Seeds), and longstanding academic roles teaching Corporate Finance at Columbia SIPA; she is designated an Audit Committee financial expert and serves in multiple committee leadership positions across the Neuberger Berman fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia University School of International and Public Affairs (SIPA) | Adjunct Professor, Corporate Finance | Since 2008 | Academic governance and finance expertise applied to board oversight |
| Golden Seeds LLC | Managing Director | Since 2009 | Angel investing, screening and deal leadership; portfolio oversight |
| Circle Financial Group | Member (private wealth management membership practice) | Since 2011 | Wealth management perspective strengthens investor-alignment lens |
| Fairfield University, Dolan School of Business | Visiting Assistant Professor | Fall 2007 | Corporate finance instruction |
| Richmond, The American International University in London | Adjunct Associate Professor of Finance | 1999–2007 | Finance education roles |
| Major financial services corporation | Early professional training | (not dated) | Foundational financial services experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Maritime Aquarium at Norwalk | Board Member | Since 2020 | Non-profit board service |
| Norwalk Community College Foundation | Board Member | Since 2014 | Non-profit board service |
| Radcliffe Institute for Advanced Study (Dean’s Advisory Council) | Member | 2014–2023 | Advisory board role, former |
| At Home in Darien | Director and Treasurer | 2012–2014 | Non-profit board, former |
| National Executive Service Corps | Director | 2012–2013 | Non-profit board, former |
| Richmond, The American International University in London | Trustee | 1999–2013 | Academic governance, former |
Board Governance
- Independence: McLean is an Independent Director under applicable listing standards and is designated an Audit Committee financial expert; she is not related to any other director .
- Tenure and Service Scope: Director since 2015 (NBH) and 2021 (NBXG), overseeing 51 funds in the Neuberger Berman complex in 2025 (49 in 2023) .
- Attendance: In FY2024 each Fund’s Board met 4 times; each Director attended at least 75% of Board and committee meetings for which they served .
- Annual Meeting Engagement: The Funds have no policy requiring director attendance; none of the Board members attended the 2024 Annual Meeting of Stockholders (engagement signal to monitor) .
- Committee Structure and McLean’s Roles (FY2024 meeting counts shown):
- Audit Committee: Member; Audit Committee met 7 times; McLean is a financial expert .
- Contract Review Committee: Chair; met 7 times .
- Investment Performance Committee: Vice Chair; all directors are members; met 4 times .
- Executive Committee: Member; did not meet .
- Not a member of Closed-End Funds Committee, Ethics & Compliance Committee, or Governance & Nominating Committee (those committees met 7, 4, and 4 times respectively) .
Fixed Compensation
| Component | Amount | Effective Date/Period | Notes |
|---|---|---|---|
| Annual retainer (Independent Directors) | $200,000 | Jan 1, 2024 | Paid quarterly across Neuberger Berman fund complex |
| Per regular meeting fee | $17,500 per meeting | Jan 1, 2024 | For each regularly scheduled meeting attended (in-person or by phone) |
| Committee Chair – Contract Review | $35,000 per year | Jan 1, 2025 | Additional time commitment; McLean is Chair |
| Other Committee Chairs | $25,000 per year | Jan 1, 2025 | Executive Committee Chair receives no additional compensation |
| Board Chair (Independent) | +$90,000 per year | Jan 1, 2024 | Not applicable to McLean |
| Aggregate compensation from NBH (FY ended 10/31/2024) | $12,107 | FY2024 | Per-Fund allocation of independent director compensation |
| Total compensation across NB fund complex (Calendar 2024) | $295,000 | CY2024 | Consolidated across all registered investment companies served |
| Pension/retirement plan | None | — | Funds do not have any pension/retirement plan for Directors |
Performance Compensation
- No equity, options, performance-based awards, or incentive metrics are disclosed for Directors; compensation is fixed retainer, meeting fees, and chair stipends with no TSR/EBITDA/ESG targets or equity grants .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| The Maritime Aquarium at Norwalk | Non-profit | Board Member | None apparent with NBH |
| Norwalk Community College Foundation | Non-profit | Board Member | None apparent with NBH |
| Academic and non-profit boards listed above | Non-profit/Academic | Member/Trustee | None apparent with NBH |
Expertise & Qualifications
- Financial services and investment experience via Circle Financial Group and Golden Seeds; active in investment screening, deal leadership, and execution .
- Academic credentials teaching Corporate Finance at Columbia SIPA and prior universities, strengthening technical oversight of fund performance and contracts .
- Recognized Audit Committee financial expert, enhancing audit, valuation, and reporting oversight .
Equity Ownership
| Metric | NBH | NBXG | Aggregate across NB fund complex |
|---|---|---|---|
| Dollar range of equity securities owned (as of May 31, 2025) | None | None | Over $100,000 |
| % of class owned | <1% aggregate by all directors; McLean individually none | — | Directors and officers collectively <1% per Fund |
| Securities of NBIA or principal underwriters owned by Independent Directors | None (self/family) | — | No Independent Director or immediate family owned NBIA or underwriter securities |
| Shares pledged as collateral | Not disclosed | — | No pledging disclosed |
Governance Assessment
-
Strengths:
- Independent director with financial expertise; serves as Audit Committee financial expert .
- Committee leadership (Chair, Contract Review; Vice Chair, Investment Performance) suggests high engagement in key oversight areas (contracts, performance) .
- Consistent attendance (≥75%) across Board and committees; robust committee activity (Audit & Contract Review each met 7 times) .
- No related-party ownership of NBIA or underwriters; independence standards affirmed .
-
Watch items and potential red flags:
- No NBH share ownership; while common for fund boards, it modestly weakens ownership alignment optics for investors focused on “skin-in-the-game” .
- Board-level annual meeting engagement: none of the Board attended the 2024 Annual Meeting (monitor future engagement trends) .
- No dedicated compensation committee; governance/nominating handles director pay—ensure independence of pay-setting and responsiveness to shareholder feedback .
-
Compensation structure signals:
- Shift to standardized complex-wide cash retainer and meeting fees; chair premia added/updated effective 2025 (Contract Review Chair $35k). No at-risk pay or equity; compensation not directly tied to fund performance metrics, emphasizing independence and time commitment over incentives .
-
Independence and conflicts:
- No director/family ownership in NBIA or principal underwriters; no related-party transactions disclosed in the proxy; no overlapping public company boards that suggest interlocks with NBH’s counterparties .
-
Committee effectiveness:
- Contract Review oversight central to fund contract approvals/renewals; Audit Committee responsibilities include fair value oversight under Rule 2a-5 and pricing policy governance; McLean’s roles are strategically positioned for investor confidence in controls and service-provider oversight .