Marc Gary
About Marc Gary
Independent Director (Class I) of NBXG; born 1952; director since 2021 at NBXG (2015 at NBH). Former Executive Vice Chancellor and COO of The Jewish Theological Seminary (2012–2020; Emeritus since 2020), and former EVP & General Counsel at Fidelity Investments and BellSouth; extensive legal and investment management background with prior senior roles at Mayer Brown and the Office of Independent Counsel .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Jewish Theological Seminary | Executive Vice Chancellor & COO; later Executive Vice Chancellor Emeritus | 2012–2020; Emeritus since 2020 | Oversaw institutional budget and operations |
| Fidelity Investments | Executive Vice President & General Counsel | 2007–2012 | Legal and investment management leadership |
| BellSouth Corporation | Executive Vice President & General Counsel; VP & Associate General Counsel | 2004–2007; 2000–2004 | Led major corporate legal functions |
| Mayer Brown LLP | Associate, Partner, National Litigation Practice Co‑Chair | 1981–2000 | National 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 & 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 | Since 2005 |
| Legility, Inc. (privately held) | Director (former) | 2012–2021 |
| Equal Justice Works | Director (former) | 2005–2014 |
| Corporate Counsel Institute, Georgetown Law | Director (former) | 2007–2012 |
| Greater Boston Legal Services | Director (former) | 2007–2012 |
Board Governance
- Independence: Listed as Independent Director; not related to any other director .
- Attendance: Boards met 4 times in FY2024; each director attended at least 75% of board and committee meetings served .
- Retirement policy: Directors generally retire by end of the year in which they reach age 77 .
- Board leadership: Independent Chair; independent directors meet outside management with independent counsel .
- Committee assignments and engagement:
- Closed-End Funds Committee: Chair (met 7 times, FY2024) .
- Contract Review Committee: Member (met 7 times, FY2024) .
- Ethics & Compliance Committee: Member (met 4 times, FY2024) .
- Executive Committee: Member (did not meet in FY2024) .
- Investment Performance Committee: Member; all directors are members; Chair/Vice Chair are Knetter/McLean; met 4 times (FY2024) .
- Audit Committee: Not a member; Audit met 7 times; chaired by Cosgrove .
| Committee | Role | FY2024 Meetings |
|---|---|---|
| Closed-End Funds Committee | Chair | 7 |
| Contract Review Committee | Member | 7 |
| Ethics & Compliance Committee | Member | 4 |
| Executive Committee | Member | 0 |
| Investment Performance Committee | Member | 4 |
| Board (overall) | Director | 4 |
Fixed Compensation
| Item | FY2024/2025 Detail |
|---|---|
| Aggregate compensation from NBXG (FY ended 10/31/2024) | $11,845 |
| Total compensation from NB fund complex (Calendar 2024) | $290,000 |
| Policy (effective Jan 1, 2024): Annual retainer | $200,000; paid quarterly |
| Policy (effective Jan 1, 2024): Regular meeting fee | $17,500 per meeting (in-person or phone) |
| Policy (effective Jan 1, 2025): Committee chair stipends | Contract Review Chair $35,000; other Committee Chairs $25,000; Executive Committee Chair $0 |
| Policy: Board Chair additional retainer | $90,000 (Independent Chair) |
| Pension/retirement plan | None for directors |
| Expense reimbursement | Travel and out-of-pocket reimbursed; allocated across funds |
Compensation trend:
| Metric | 2022 | 2024 |
|---|---|---|
| Total compensation from NB fund complex (Marc Gary) | $255,000 | $290,000 |
Performance Compensation
- No performance metrics tied to director compensation disclosed; compensation consists of fixed retainers, meeting fees, and chair stipends; no director pension plan .
Other Directorships & Interlocks
- No current public company directorships disclosed for Marc Gary; roles predominantly in not-for-profit organizations and a past private company board, reducing potential commercial interlocks with NBXG’s portfolio .
- Activism/ownership context at NBXG: Saba Capital held 9.69% of NBXG common stock (as of cited filing), Morgan Stanley 5.4%, Karpus 4.77%—indicative of active shareholder base scrutinizing governance and discount mitigation .
Expertise & Qualifications
- Deep legal and governance expertise from GC roles at Fidelity and BellSouth, plus national litigation leadership at Mayer Brown; experience managing institutional budgets and oversight in nonprofit executive roles; broad board experience across profit and non-profit entities .
Equity Ownership
| Holding | Amount/Range | As-of Date |
|---|---|---|
| NBXG (Marc Gary) | None | May 31, 2025 |
| NBH (Marc Gary) | None | May 31, 2025 |
| Aggregate dollar range across all NB registered investment companies | Over $100,000 | May 31, 2025 |
| Independent Directors’ ownership of NBIA/underwriter securities | None owned by independents or immediate family | May 31, 2025 |
Governance Assessment
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Strengths:
- Committee leadership as Chair of the Closed-End Funds Committee positions Gary at the center of discount mitigation, leverage structure oversight, and strategic actions tailored to closed-end fund value (e.g., distribution rate management, tender options, strategy changes), supporting investor confidence in addressing market price-to-NAV discounts .
- Documented board and committee engagement with risk management, independent counsel, and regular executive sessions underscores a robust governance framework .
- Independence confirmed; no ownership of NBIA or affiliates by independent directors reduces related-party risk .
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Watch items / RED FLAGS:
- Alignment: No direct NBXG share ownership disclosed for Gary; while common in fund complexes, absence of fund-level ownership may be viewed as a modest alignment shortfall by some investors focused on “skin-in-the-game” .
- Pay inflation risk: Complex-wide director compensation increased from $255,000 (2022) to $290,000 (2024); though justified by workload and chair responsibilities, investors may monitor compensation growth relative to fund performance and discount outcomes .
- Activist presence: Significant stakes by Saba Capital (9.69%) and other holders reflect heightened governance scrutiny; committee leadership should continue proactive discount mitigation to maintain confidence .
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Overall read-through: Gary’s legal and governance background, coupled with chair responsibilities on the Closed-End Funds Committee and consistent attendance, support board effectiveness. Primary investor focus will be on tangible discount‑narrowing actions and continued independence and risk oversight; absence of NBXG ownership and rising director pay are areas to monitor against performance outcomes .