Deborah C. McLean
About Deborah C. McLean
Deborah C. McLean (born 1954) is an Independent Director of Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG), serving since 2021; she has served on Neuberger Berman fund boards since 2015 and is designated an Audit Committee Financial Expert. She brings experience in private wealth management (Circle Financial Group), angel investing (Managing Director at Golden Seeds), and academic corporate finance (Adjunct Professor, Columbia SIPA since 2008). The Funds maintain a retirement policy requiring directors to retire by the end of the year in which they reach age 77.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia University School of International and Public Affairs | Adjunct Professor (Corporate Finance) | Since 2008 | Academic finance expertise applied to fund oversight |
| Golden Seeds LLC | Managing Director (angel investing group) | Since 2009 | Investment screening, deal leadership and execution |
| Circle Financial Group | Member (private wealth management membership practice) | Since 2011 | High-net-worth advisory perspective |
| Fairfield University (Dolan School of Business) | Visiting Assistant Professor | Fall 2007 | Finance instruction |
| Richmond, The American International University in London | Adjunct Associate Professor of Finance | 1999–2007 | Finance instruction |
| Major financial services corporation (early career) | Professional training/employment | Not specified | Foundation in financial services |
External Roles
| Organization | Type | Role | Since/Until |
|---|---|---|---|
| The Maritime Aquarium at Norwalk | Non-profit | Board Member | Since 2020 |
| Norwalk Community College Foundation | Non-profit | Board Member | Since 2014 |
| Radcliffe Institute for Advanced Study (Dean’s Advisory Council) | Academic | Advisory Council Member | 2014–2023 |
| At Home in Darien | Non-profit | Director and Treasurer | 2012–2014 |
| National Executive Service Corps | Non-profit | Director | 2012–2013 |
| Richmond, The American International University in London | Academic | Trustee | 1999–2013 |
| Public company boards (current) | — | None disclosed | — |
Board Governance
| Dimension | Detail |
|---|---|
| Independence | Independent Director; not an “interested person” under the 1940 Act |
| Committees (FY2024) | Audit Committee – Member; designated Audit Committee Financial Expert; committee met 7 times . Contract Review Committee – Chair; met 7 times . Executive Committee – Member; did not meet . Investment Performance Committee – Vice Chair; met 4 times . |
| Board Leadership | Independent Chair structure (Chair: Tom D. Seip); Independent Chair presides, sets agendas with management, liaison role |
| Meetings & Attendance | Each Fund’s Board met 4 times in FY2024; each Director attended at least 75% of Board and assigned committee meetings |
| Annual Meeting Attendance | The Funds do not have a policy on director attendance; none of the Board members attended the 2024 Annual Meeting |
| Director Compensation Oversight | No standing compensation committee; Governance & Nominating Committee considers and recommends Independent Director compensation |
| Retirement Policy | Generally retire by end of the year a Director reaches age 77 |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| NBXG Aggregate Compensation (FY2024) | $12,107 | Paid by NBXG for FY ended 10/31/2024 |
| Total Fund Complex Compensation (CY2024) | $295,000 | Total as trustee/director across Neuberger Berman registered investment companies |
| Annual Retainer (Independent Directors) | $200,000 (paid quarterly) | Effective Jan 1, 2024 |
| Regular Meeting Fee | $17,500 per regularly scheduled meeting attended | Effective Jan 1, 2024 |
| Committee Chair Fee – Contract Review | $35,000 per year | Effective Jan 1, 2025; applicable as Committee Chair |
| Committee Chair Fee – Other Committees | $25,000 per year | Effective Jan 1, 2025; not applicable to Executive Committee Chair |
| Board Chair Premium | $90,000 per year (Independent Chair) | Not applicable to McLean |
The Neuberger Berman funds reimburse Independent Directors for travel and related out-of-pocket expenses; compensation allocated across funds by a method the Boards find reasonable.
Performance Compensation
| Performance-linked Element | Metrics/Terms | Status |
|---|---|---|
| Bonus/Target Bonus | Not applicable for directors | No director bonus program disclosed |
| Equity Awards (RSUs/PSUs/Options) | Not applicable for directors | No equity compensation disclosed for directors |
| Performance Metrics (TSR, EBITDA, ESG, etc.) | Not applicable for directors | No performance-based pay framework disclosed |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current Public Company Directorships | None disclosed |
| Interlocks with Competitors/Suppliers/Customers | None disclosed |
| Fund Complex Oversight | Oversees 51 funds in the Neuberger Berman fund complex (as with other independent directors) |
Expertise & Qualifications
- Financial expert designation on Audit Committee; background spans asset management, wealth management, angel investing, and corporate finance academia.
- Experience screening investments and leading transactions at Golden Seeds; applies investment diligence and governance acumen to fund oversight.
- Teaching corporate finance at Columbia SIPA since 2008, providing technical grounding in valuation, capital markets, and governance topics.
Equity Ownership
| Holder | NBH Dollar Range | NBXG Dollar Range | Aggregate Dollar Range Across Neuberger Berman Registered Investment Companies |
|---|---|---|---|
| Deborah C. McLean | None | None | Over $100,000 |
- Independent Directors (and immediate family) owned no securities of NBIA, its principal underwriter(s), or affiliates as of May 31, 2025.
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) Compliance (FY2024) | Based on the Funds’ review, all filing requirements were met during FY2024; one late filer noted pertained to Municipal Fund preferred-related entities, not McLean. No specific Form 4 transactions for McLean are disclosed in the proxy. |
Governance Assessment
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Strengths
- Independent Director with Audit Committee Financial Expert designation; chairs the Contract Review Committee (key contract renewals and advisory oversight) and serves as Vice Chair of the Investment Performance Committee, signaling deep engagement on performance and oversight of adviser relationships.
- Committee workloads are substantial (Audit met 7x; Contract Review 7x; Investment Performance 4x in FY2024), indicating active governance; McLean’s leadership roles position her centrally in risk, performance, and contract oversight.
- No ownership or affiliations with NBIA or its principal underwriters by Independent Directors, lowering related-party conflict risk.
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Potential Concerns / RED FLAGS
- Ownership alignment: McLean reported “None” in NBXG shares as of May 31, 2025, which can be perceived as weaker alignment versus best practices that encourage meaningful fund-specific ownership by directors. She holds an aggregate “Over $100,000” across the fund complex, but not in NBXG specifically.
- Shareholder engagement signal: The Funds reported no directors attended the 2024 Annual Meeting; while not required, absence may be viewed negatively by some governance-focused investors.
- Activism context: NBXG has significant holders including Saba Capital (9.69%) and Morgan Stanley (5.4%), which can elevate governance scrutiny and expectations of director responsiveness and alignment.
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Compensation Structure Signals
- Director pay is cash-based: $200,000 retainer plus per-meeting fees; effective Jan 1, 2025, chair stipends were introduced/raised (Contract Review Chair $35,000), increasing compensation tied to leadership responsibilities rather than performance outcomes—neutral for alignment but highlights role-based incentives.
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Overall View
- McLean’s finance expertise, audit financial expert status, and leadership of the Contract Review Committee support board effectiveness. However, the absence of NBXG share ownership is a notable alignment gap that investors may monitor, especially amid concentrated activist ownership.