Michael M. Knetter
About Michael M. Knetter
Independent Class I Director of NBXG; born 1960; Director of NBXG since 2021 and of other Neuberger Berman closed-end funds since 2007 (NBH) . President & CEO of the University of Wisconsin Foundation since 2010; formerly Dean of the UW–Madison School of Business and Professor/Associate Dean at the Tuck School (1998–2002), overseeing endowment management and bringing academic expertise in international economics . In 2025, nominated to continue as a Class I Director at NBXG with term expiring in 2027 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Wisconsin Foundation | President & CEO | Since 2010 | Oversees endowment management |
| UW–Madison School of Business | Dean | Not disclosed | Academic leadership |
| Tuck School of Business – Dartmouth | Professor of International Economics; Associate Dean | 1998–2002 | Academic leadership |
| Northwestern Mutual Series Fund, Inc. | Trustee | 2007–2011 | Fund governance |
| Wausau Paper | Director | 2005–2011 | Corporate oversight |
| Great Wolf Resorts | Director | 2004–2009 | Corporate oversight |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| 1WS Credit Income Fund | Director | Since 2018 | Fund governance |
| American Family Insurance (mutual company) | Board Member | Since March 2009 | Insurance oversight |
Board Governance
- Independence: Listed as Independent Director; only Joseph V. Amato is an “interested person” director .
- Committee assignments and chair roles (FY2024 meeting counts):
- Investment Performance Committee – Chair; committee met 4 times .
- Ethics & Compliance Committee – Vice Chair; committee met 4 times .
- Governance & Nominating Committee – Member; committee met 4 times .
- Executive Committee – Member; committee did not meet .
- Attendance: Boards met 4 times in FY2024; each Director attended at least 75% of Board and applicable committee meetings .
- Annual meeting attendance: The funds have no policy; no Board members attended the 2024 Annual Meeting .
- Years of service: NBXG Director since 2021; broader NB fund complex service since 2007 (NBH) .
Fixed Compensation
- Structure (effective Jan 1, 2024): $200,000 annual retainer; $17,500 per regularly scheduled meeting; Committee Chair fees: $25,000 (Executive Chair receives none); Contract Review Chair $35,000; Board Chair additional $90,000; no extra for committee membership; Independent Directors reimbursed for expenses .
- NBXG per-fund aggregate compensation and fund complex totals:
| Metric | FY 2021 | FY 2022 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from NBXG (per fund) | $23,641 | $30,782 | $11,845 |
| Total Compensation from NB Fund Complex (calendar year) | $235,000 | $255,000 | $290,000 |
Performance Compensation
| Performance-Based Component | Disclosure | Notes |
|---|---|---|
| Bonus tied to financial/TSR metrics | Not disclosed | Proxy enumerates fixed retainers/meeting and chair fees; no performance-linked elements cited . |
| Stock awards (RSUs/PSUs), options, vesting | Not disclosed | No equity awards for Independent Directors described in the compensation section . |
| Clawbacks, change-of-control, gross-ups | Not disclosed | Not addressed for directors in proxy . |
Other Directorships & Interlocks
| Company | Sector/Type | Role | Potential Interlock/Conflict with NBXG |
|---|---|---|---|
| 1WS Credit Income Fund | Investment fund | Director | Separate fund; no related-party dealings disclosed in NBXG proxy . |
| American Family Insurance | Insurance (mutual) | Board Member | Not publicly traded; no conflicts disclosed in NBXG proxy . |
Expertise & Qualifications
- Organizational leadership as university foundation CEO; endowment oversight experience .
- Academic credentials in international economics and prior business school leadership .
- Public company and investment fund board experience across multiple issuers .
Equity Ownership
| Metric | 2022 | 2023 | 2025 |
|---|---|---|---|
| NBXG Dollar Range Owned | None | None | None |
| Aggregate Dollar Range (all NB-registered investment companies overseen) | Over $100,000 | Over $100,000 | Over $100,000 |
| Independent Director/family ownership of NBIA/underwriter securities | None (as of date specified) | None (as of date specified) | None (as of May 31, 2025) |
Governance Assessment
- Strengths: Independent status; multi-committee leadership (Chair of Investment Performance; Vice Chair of Ethics & Compliance; member of Governance & Nominating and Executive), signaling active oversight of performance, compliance, and nominations . Consistent attendance threshold met across Board and committee meetings in FY2024 .
- Alignment considerations: No personal NBXG share ownership disclosed (dollar range “None”) across 2022–2025; while aggregate holdings across the NB family exceed $100,000, the absence of NBXG-specific ownership can be viewed as a potential alignment gap for this fund .
- Process and controls: Independent Directors meet in executive session and are supported by independent counsel; committee structures emphasize audit, compliance, contract review, and performance oversight .
- RED FLAGS:
- No NBXG share ownership disclosed for Knetter across multiple years .
- No performance-based or equity-linked director compensation elements described; pay is fixed retainer/meeting/chair fees .
- No directors attended the 2024 Annual Meeting (policy permits non-attendance), which some investors may view as limited shareholder engagement .