Michael M. Knetter
About Michael M. Knetter
Michael M. Knetter (born 1960) is an Independent Director of Neuberger Berman Municipal Fund Inc. (NBH) since 2007 and of Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG) since 2021; he is President & CEO of the University of Wisconsin Foundation (since 2010), and previously served as Dean of the University of Wisconsin–Madison School of Business and as Professor of International Economics and Associate Dean at Dartmouth’s Tuck School (1998–2002) . In FY2024, each Director—including Dr. Knetter—attended at least 75% of Board and applicable committee meetings; the Board met four times in FY2024 and Independent Directors regularly meet outside management, advised by independent counsel . NBH’s retirement policy generally calls for Director retirement by the end of the year they reach age 77 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Wisconsin Foundation | President & CEO | Since 2010 | Oversees management of the university’s endowment |
| University of Wisconsin–Madison School of Business | Dean | Formerly (dates not disclosed in NBH 2025 proxy) | Organizational management leadership |
| Tuck School of Business, Dartmouth | Professor of International Economics; Associate Dean | 1998–2002 | Academic/strategic leadership |
External Roles
| Organization | Role | Status/Tenure | Notes |
|---|---|---|---|
| 1WS Credit Income Fund | Director | Since 2018 | Outside the NB fund complex |
| American Family Insurance (mutual, not publicly traded) | Board Member | Since March 2009 | Not publicly traded (reduces market interlock risk) |
| Northwestern Mutual Series Fund, Inc. | Trustee | 2007–2011 | Former role |
| Wausau Paper | Director | 2005–2011 | Former public company role |
| Great Wolf Resorts | Director | 2004–2009 | Former public company role |
Board Governance
- Independence status: Independent Director (not an “interested person”) .
- Board/meeting engagement: Board met 4 times in FY2024; Dr. Knetter met the 75%+ attendance threshold (applies to all Directors) .
- Committee assignments and leadership (NBH/NBXG):
- Investment Performance Committee: Chair; all Directors are members; met 4 times in FY2024 .
- Ethics & Compliance Committee: Vice Chair; met 4 times in FY2024 .
- Governance & Nominating Committee: Member; met 4 times in FY2024 .
- Executive Committee: Member; did not meet in FY2024 .
- Audit Committee (not a member): Comprised solely of Independent Directors; met 7 times in FY2024 .
- Closed-End Funds and Contract Review Committees (not a member): Each met 7 times in FY2024 .
- Independent Director leadership: Independent Chair structure; Independent Directors meet outside management; advised by independent counsel .
Fixed Compensation
| Component | Amount/Structure | Notes |
|---|---|---|
| Annual retainer (Independent Directors) | $200,000 per year | Effective for calendar 2024, paid quarterly |
| Per regular Board meeting | $17,500 per meeting (in-person or telephonic) | Governance & Nominating Committee may determine fees for special meetings |
| Committee Chair fees (effective Jan 1, 2025) | $35,000/yr for Contract Review Chair; $25,000/yr for each other Committee Chair | Executive Committee Chair receives no extra compensation |
| Chair of the Boards (Independent) | Additional $90,000 per year | Applies to Independent Board Chair, not to Dr. Knetter |
| Reimbursements | Travel and out-of-pocket expenses | Reasonable allocation across funds in the complex |
Director-level (most recent disclosed):
- Aggregate compensation from each Fund (NBH and NBXG each disclose per-fund): Dr. Knetter received $11,845 from each Fund for FY ended Oct 31, 2024 .
- Total compensation across the Neuberger Berman registered investment companies (calendar 2024): $290,000 .
Performance Compensation
| Element | Terms | Notes |
|---|---|---|
| Performance-based cash/equity | None disclosed | The proxy details fixed retainers/meeting fees and committee chair stipends; no performance-based elements are described for directors |
Other Directorships & Interlocks
| Company | Type | Potential Interlock/Conflict Consideration |
|---|---|---|
| 1WS Credit Income Fund (since 2018) | Investment fund | Outside fund complex; no specific NBH counterparty link disclosed |
| American Family Insurance (since 2009) | Mutual (not public) | Not publicly traded; no direct NBH counterparty link disclosed |
| Former public boards (Wausau Paper; Great Wolf Resorts) | Public (former) | Historical roles; no current interlock disclosed |
Expertise & Qualifications
- Endowment and investment oversight expertise as President & CEO of the University of Wisconsin Foundation; academic and organizational leadership as former business school dean and international economics professor; prior public company and mutual fund board experience; long-tenured NBH/NBXG Director .
Equity Ownership
| Holding | Amount/Range | As-of Date | Notes |
|---|---|---|---|
| NBH shares | None | May 31, 2025 | Dollar range: None |
| NBXG shares | None | May 31, 2025 | Dollar range: None |
| Aggregate across all NB registered investment companies overseen | Over $100,000 (dollar range) | May 31, 2025 | Aggregate dollar range across complex |
| Directors & officers aggregate ownership | <1% of each class | Apr 23, 2025 (record date context) | Aggregate across Directors/officers per fund |
| Independence from manager/underwriter | No ownership of NBIA, its principal underwriter, or their affiliates by Independent Directors or immediate family (to the Funds’ knowledge) | May 31, 2025 | Reduces conflict risk |
| Code of Ethics | Restricts personal securities transactions, including in Fund shares | Policy oversight through Ethics & Compliance Committee | Structural safeguard |
Governance Assessment
- Strengths: Independent status; multi-committee leadership (Chair, Investment Performance; Vice Chair, Ethics & Compliance; member, Governance & Nominating; member, Executive) indicating deep engagement; all-committee and Board attendance at or above the 75% threshold in FY2024; robust committee cadence (Audit/CEF/Contract Review each 7 meetings) reflecting active oversight; Independent Director leadership structure and independent counsel support .
- Alignment and incentives: Director compensation is cash-based (retainer + meeting fees) with additional committee chair stipends from 2025; Dr. Knetter reported no direct NBH or NBXG share ownership as of May 31, 2025, though aggregate holdings across the family of funds exceed $100,000—investors may view fund-specific ownership as a potential alignment consideration, albeit not required for registered investment company directors .
- Policies and safeguards: Governance & Nominating handles director compensation recommendations; Code of Ethics restricts personal securities transactions; retirement policy (age 77) promotes refreshment .
RED FLAGS and watch items:
- No NBH share ownership disclosed for Dr. Knetter (dollar range “None”), which some investors may weigh as a modest alignment gap for a closed-end fund board member, despite common practice and aggregate complex exposure .
- No pledging/hedging disclosures specific to Dr. Knetter were provided; however, the Code of Ethics oversight and compliance framework is in place .
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