Marc Gary
About Marc Gary
Independent Director of Neuberger Berman Municipal Fund Inc. (NBH) since 2015; also a director of Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG) since 2021. Born in 1952, Gary is Executive Vice Chancellor Emeritus of The Jewish Theological Seminary (since 2020) and previously served as its Executive Vice Chancellor and COO (2012–2020). Earlier, he was EVP & General Counsel at Fidelity Investments (2007–2012) and BellSouth Corporation (2004–2007), following senior legal roles at BellSouth (2000–2004), Mayer Brown (1981–2000), and service as Associate Independent Counsel (1990–1992) . He is an Independent Director by designation and serves in multiple board committees at NBH/NBXG .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Jewish Theological Seminary | Executive Vice Chancellor Emeritus | 2020–present | Oversaw institutional budget as prior COO |
| The Jewish Theological Seminary | Executive Vice Chancellor & COO | 2012–2020 | Institutional leadership and financial oversight |
| Fidelity Investments | EVP & General Counsel | 2007–2012 | Legal and investment management leadership |
| BellSouth Corporation | EVP & General Counsel | 2004–2007 | Senior legal leadership |
| BellSouth Corporation | VP & Associate General Counsel | 2000–2004 | Senior legal role |
| Mayer Brown LLP | Associate, Partner, National Litigation Practice Co‑Chair | 1981–2000 | Litigation leadership |
| Office of Independent Counsel | Associate Independent Counsel | 1990–1992 | Federal investigative/prosecutorial experience |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Jewish Federation of Atlanta | Director | Since 2023 |
| Israel Policy Forum | Director | Since 2023 |
| JCC of Westchester | Director | Since 2022 |
| Jewish Democratic Council of America | Director | Since 2022 |
| USCJ Supporting Foundation | Chair and Director | Since 2021 |
| UJA Federation of Greater New York | Director | Since 2019 |
| The Jewish Theological Seminary | Trustee | Since 2014 |
| Lawyers’ Committee for Civil Rights Under Law | Director (not-for-profit) | Since 2005 |
| Jewish Federation of New York | Director | 2017–2023 (former) |
| Legility, Inc. (private, for‑profit) | Director | 2012–2021 (former) |
| Equal Justice Works (not‑for‑profit) | Director | 2005–2014 (former) |
| Corporate Counsel Institute, Georgetown Law | Director | 2007–2012 (former) |
| Greater Boston Legal Services (not‑for‑profit) | Director | 2007–2012 (former) |
Board Governance
- Committee assignments (FY2024 activity levels):
- Closed-End Funds Committee: Chair; 7 meetings in FY2024; all members Independent .
- Contract Review Committee: Member; 7 meetings in FY2024; all members Independent .
- Ethics & Compliance Committee: Member (Chair is Ami Kaplan in 2025); 4 meetings in FY2024; all members Independent .
- Executive Committee: Member; did not meet in FY2024; all members Independent except the Vice Chair (interested) .
- Independence: Listed among “Independent Directors” with narrative describing independent oversight and experience .
- Attendance: Each Fund’s Board met 4 times in FY2024; each Director attended at least 75% of Board and all committee meetings on which they served during FY2024 .
- Annual meeting attendance: The Funds have no policy on director attendance; none of the Board members attended the 2024 Annual Meeting of Stockholders .
- Board leadership/structure: Independent Chair; Independent Directors regularly meet outside management and are advised by independent legal counsel .
- Retirement policy: Directors generally retire by the end of the year in which they reach age 77 .
- Election cycle: Classified board; Gary is a Class I Director, nominated in 2025 to serve until 2027, with stockholder voting mechanics described in the proxy .
Fixed Compensation
| Component | Jan 1, 2022 Policy | Jan 1, 2024 Policy | Jan 1, 2025 Update (Chair fees) |
|---|---|---|---|
| Annual retainer (Independent Director) | $180,000 | $200,000 | $200,000 (unchanged) |
| Regular meeting fee (per meeting) | $15,000 | $17,500 | $17,500 |
| Committee Chair – Contract Review | $25,000/yr | $25,000/yr | $35,000/yr |
| Committee Chair – Audit/Closed‑End/Other | $20,000 (Audit/Closed‑End); $15,000 (other) | Same as 2022 | $25,000/yr (each, except Executive Committee) |
| Board Chair (Independent) | $70,000/yr | $90,000/yr | $90,000/yr |
| Pension/retirement plan | None | None | None |
| Director | Aggregate Compensation from NBH for FY Ended Oct 31, 2024 | Total Compensation from NB Fund Complex (CY 2024) |
|---|---|---|
| Marc Gary | $11,845 | $290,000 |
Notes:
- Independent Director compensation is allocated across the Neuberger Berman fund complex; travel/out-of-pocket expenses reimbursed .
Performance Compensation
- The proxy describes cash retainers, meeting fees, and specific chair premiums; it does not disclose performance-based bonuses, RSUs/PSUs, stock options, or performance metrics for non‑employee directors. The Funds have no pension or retirement plan for Directors .
Other Directorships & Interlocks
- Current public company boards: None disclosed for Gary in the proxy; outside roles are predominantly non‑profit and private (see External Roles) .
- Interlocks/conflicts: No related interlocks with Fund service providers are disclosed; committees oversee conflicts with compliance programs and independent counsel support .
Expertise & Qualifications
- Legal and investment management expertise as EVP & General Counsel at Fidelity; senior corporate legal roles at BellSouth; litigation leadership at Mayer Brown; budgetary and operational oversight as Executive Vice Chancellor/COO at JTS .
- Fund governance experience, including chairing and serving on specialized committees (Closed‑End Funds Committee Chair; Contract Review; Ethics & Compliance; Executive) .
Equity Ownership
| Metric | Jul 31, 2023 | May 31, 2025 |
|---|---|---|
| NBH – Dollar range of equity securities owned | None | None |
| NBXG – Dollar range of equity securities owned | None | None |
| Aggregate dollar range owned across all NB registered investment companies overseen | Over $100,000 | Over $100,000 |
Additional independence check:
- As of May 31, 2025, to the Funds’ knowledge, no Independent Director (or immediate family) owned securities of NBIA, any principal underwriter, or any entity controlling/controlled by NBIA or any principal underwriter .
Governance Assessment
- Strengths
- Independent status with multi‑decade legal/regulatory background; prior GC roles at a major asset manager and telecom, and operating oversight at JTS support informed oversight of adviser contracts, compliance, and fund‑specific issues .
- Committee leadership breadth (Chair, Closed‑End Funds Committee; member, Contract Review; Ethics & Compliance; Executive) with active FY2024 cadence (Closed‑End & Contract Review: 7 meetings; Ethics & Compliance: 4) indicates engagement in discount mitigation, contract renewals, and compliance oversight .
- Attendance threshold met (≥75% of Board and committee meetings in FY2024) ; Independent Directors meet outside management and retain independent counsel .
- No securities of NBIA/underwriter held by Independent Directors supports independence from service providers .
- Watch items
- No NBH or NBXG share ownership; while Gary holds >$100k aggregated across the NB fund family, lack of NBH‑specific ownership could be viewed as weaker direct alignment with NBH investors .
- Board members did not attend the 2024 Annual Meeting of Stockholders; while there is no attendance policy, some investors view meeting attendance as a signal of accountability .
- Compensation trend: guaranteed cash retainer increased from $180k (2022) to $200k (2024), meeting fees rose to $17.5k, and Chair premiums increased in 2025; investors may monitor whether higher fixed pay corresponds to enhanced oversight outcomes .