Tom D. Seip
About Tom D. Seip
Tom D. Seip (born 1950) is an Independent Director of Neuberger Berman Municipal Fund Inc. (NBH) since 2002 and serves as Independent Chair of the Boards (Chair since 2008; Lead Independent Director 2006–2008). He previously held senior leadership roles at The Charles Schwab Corporation and served as President & CEO of Westaff, Inc.; education is not disclosed in NBH’s proxy. He also serves on NBXG’s Board (since 2021), signaling broad fund-complex experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ridgefield Farm LLC (private investment vehicle) | Managing Member | 2004–2016 | Private investment oversight |
| Westaff, Inc. | President & CEO | May 2001–Jan 2002 | Temporary staffing leadership |
| The Charles Schwab Corporation | Senior Executive | 1983–1998 | CEO, Charles Schwab Investment Management, Inc. (CSIM) |
| Schwab Family of Funds; Schwab Investments | Trustee | 1997–1998 | Fund oversight |
| Charles Schwab & Co., Inc. | EVP – Retail Brokerage | 1994–1997 | Retail brokerage leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Maryland, Shore Regional Health System | Trustee | Since 2020 | Current role |
| H&R Block, Inc. | Director | 2001–2018 | Chair, Governance & Nominating (2011–2015); Chair, Compensation (2006–2010) |
| Talbot Hospice Inc. | Director | 2013–2016 | Former role |
| Forward Management, Inc. | Director | 1999–2006 | Asset management company |
Board Governance
| Committee | Seip’s Role | Membership detail | FY2024 meeting count |
|---|---|---|---|
| Executive Committee | Chair | Members: Tom D. Seip (Chair), Joseph V. Amato (Vice Chair), M.J. Cosgrove, M. Gary, M.C. Goss, A.G. Kaplan, M.M. Knetter, D.C. McLean | 0 |
| Ethics & Compliance Committee | Member | Chair: Ami G. Kaplan; Vice Chair: Michael M. Knetter; Members: Marc Gary, Tom D. Seip | 4 |
| Governance & Nominating Committee | Member | Chair: Martha C. Goss; Vice Chair: Paul M. Nakasone; Members: Michael M. Knetter, Tom D. Seip | 4 |
| Investment Performance Committee | Member | All Directors; Chair: Michael M. Knetter; Vice Chair: Deborah C. McLean | 4 |
- Board meetings: 4 in FY2024; every Director attended at least 75% of Board and applicable committee meetings .
- Independent Chair model; Independent Directors regularly meet outside management and are advised by independent counsel .
- Retirement policy: Directors generally retire by end of the year they reach 77 (implies potential transition planning for a 1950 birth year) .
- No standing compensation committee; Governance & Nominating handles Independent Director compensation recommendations .
Fixed Compensation
| Compensation Component | Amount (USD) | Period |
|---|---|---|
| Aggregate compensation from NBH | $14,641 | FY ended Oct 31, 2024 |
| Total compensation from NB fund complex | $360,000 | Calendar year 2024 |
- Structure: Annual retainer $200,000 (Independent Directors and non-employee “interested” Directors), paid quarterly; $17,500 per regularly scheduled meeting attended (in-person or telephonic), effective Jan 1, 2024 .
- Committee chair fees: $25,000 per year for most committees effective Jan 1, 2025; Contract Review Committee chair $35,000 per year; Executive Committee chair receives no additional compensation .
- Chair of the Boards (Independent) receives an additional $90,000 per year .
- Travel and out-of-pocket expenses reimbursed; compensation allocated across funds on a reasonable basis .
Performance Compensation
- No equity grants (RSUs/PSUs), options, or performance-based metrics disclosed for Directors; compensation is cash-based (retainer and meeting fees) with chair stipends .
- Boards do not have a standing compensation committee; oversight routed through Governance & Nominating .
Other Directorships & Interlocks
| Company/Entity | Public? | Role | Tenure |
|---|---|---|---|
| H&R Block, Inc. | Public | Director; Chair of Governance & Nominating; Chair of Compensation | 2001–2018 (committee chair tenures as noted) |
| University of Maryland, Shore Regional Health System | Non-public | Trustee | Since 2020 |
| Forward Management, Inc. | Private | Director | 1999–2006 |
| Talbot Hospice Inc. | Non-profit | Director | 2013–2016 |
- Independence safeguards: As of May 31, 2025, no Independent Director or immediate family owned securities of NBIA, its principal underwriter, or their control affiliates .
Expertise & Qualifications
- Senior management and CEO experience in financial services; oversight of mutual funds and brokerage (Schwab), plus asset management directorship experience .
- Long-standing Board leadership within Neuberger Berman closed-end and open-end families (Independent Chair; prior Lead Independent Director) .
- Prior public company governance experience including chairing key committees at H&R Block .
Equity Ownership
| Fund | Dollar Range of Equity Owned | As-of Date |
|---|---|---|
| NBH | None | May 31, 2025 |
| NBXG | None | May 31, 2025 |
| Aggregate across NB registered investment companies | Over $100,000 | May 31, 2025 |
- Directors and officers collectively owned <1% of each class of NBH shares as of May 31, 2025 .
Governance Assessment
- Strengths: Independent Chair since 2008; multi-committee engagement (Executive Committee chair; member of Ethics & Compliance and Governance & Nominating); consistent meeting attendance; independent legal support and executive sessions; extensive investment industry leadership background .
- Alignment considerations: No direct NBH/NBXG share ownership disclosed, though aggregate holdings across the fund complex exceed $100,000; cash-heavy director pay without performance linkage is typical for funds but limits pay-for-performance alignment .
- Potential red flags: No Directors attended the 2024 Annual Meeting of Stockholders (engagement optics); Executive Committee includes an interested person (Amato), though the committee did not meet in FY2024; approaching retirement window under the age-77 policy may create near-term succession risk .