Marc Gary
About Marc Gary
Independent Director of Neuberger Berman High Yield Strategies Fund Inc. (NHS) since 2015; born 1952, with a legal and asset management background including EVP & General Counsel roles at Fidelity Investments and BellSouth, and senior litigation leadership at Mayer Brown. Former Executive Vice Chancellor and COO of The Jewish Theological Seminary (2012–2020); currently Executive Vice Chancellor Emeritus (since 2020). Oversees 50 funds within the Neuberger Berman fund complex, indicating substantial closed‑end and registered fund governance exposure .
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 | Led legal function for a major asset manager |
| BellSouth Corporation | Executive Vice President & General Counsel; Vice President & Associate General Counsel | 2004–2007; 2000–2004 | Corporate legal leadership at Fortune 500 telecom |
| Mayer Brown LLP | Associate, Partner, National Litigation Practice Co‑Chair | 1981–2000 | Led national litigation practice |
| Office of Independent Counsel | Associate Independent Counsel | 1990–1992 | Federal investigative/legal role |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Jewish Federation of Atlanta | Director | Since 2023 | Non‑profit governance |
| Israel Policy Forum | Director | Since 2023 | Non‑profit governance |
| JCC of Westchester | Director | Since 2022 | Non‑profit governance |
| Jewish Democratic Council of America | Director | Since 2022 | Non‑profit governance |
| USCJ Supporting Foundation | Chair and Director | Since 2021 | Non‑profit governance |
| UJA Federation of Greater New York | Director | Since 2019 | Non‑profit governance |
| The Jewish Theological Seminary | Trustee | Since 2014 | Non‑profit governance |
| Lawyers Committee for Civil Rights Under Law | Director | Since 2005 | Non‑profit governance |
| Jewish Federation of New York | Director | 2017–2023 | Non‑profit governance |
| Legility, Inc. | Director | 2012–2021 | Privately held for‑profit company |
| Equal Justice Works | Director | 2005–2014 | Non‑profit governance |
| Georgetown University Law Center – Corporate Counsel Institute | Director | 2007–2012 | Academic program governance |
| Greater Boston Legal Services | Director | 2007–2012 | Non‑profit governance |
Board Governance
- Independence: Classified as Independent Director; not an “interested person” under the 1940 Act .
- Committee assignments (NHS specific):
- Closed‑End Funds Committee: Chair; met 8 times in NHS FY2024 .
- Contract Review Committee: Member; met 7 times in FY2024 .
- Ethics & Compliance Committee: Member; met 4 times in FY2024 .
- Executive Committee: Member; did not meet in FY2024 .
- Investment Performance Committee: Member (all Directors serve); met 4 times in FY2024 .
- Audit Committee: Not a member; comprised of Cosgrove (Chair), Goss (Vice Chair), McLean, Nakasone; met 7 times in FY2024 .
- Governance & Nominating Committee: Not a member; chaired by Goss; met 5 times (NHS) in FY2024 .
- Board leadership: Independent Chair is Tom D. Seip (additional $90k chair fee at complex level) .
- Attendance: Each Director attended at least 75% of Board and applicable committee meetings in FY2024 .
- Annual meeting attendance: No Board members attended the 2024 Annual Meeting; no formal policy mandates attendance .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (complex‑wide, 2024) | $200,000 | Paid quarterly; applies to each Independent Director |
| Regular meeting fee (per meeting, 2024) | $17,500 | For scheduled meetings attended in person or by phone |
| Committee chair fee (effective Jan 1, 2025) | $25,000 | For each Committee Chair except Executive Committee; Contract Review Chair = $35,000 |
| Board Chair premium (complex‑wide) | $90,000 | Applies to Independent Chair (Seip), not to Gary |
| Aggregate compensation from NHS (FYE Oct 31, 2024) | $11,845 | Per‑fund allocation methodology applied by complex |
| Aggregate compensation from NML (FYE Nov 30, 2024) | $5,923 | Per‑fund allocation |
| Total compensation from NB fund complex (CY 2024) | $290,000 | Director/trustee services across complex |
| Pension/retirement plan | None | Funds do not provide director pension or retirement plans |
Performance Compensation
- Directors do not receive equity awards (RSUs/PSUs), options, or performance‑based pay; no TSR/EBITDA/ESG metrics tied to director compensation disclosed .
Other Directorships & Interlocks
- Current public company directorships: None disclosed for Gary; outside roles are non‑profits and one prior private company board (Legility) .
- Interlocks with NHS competitors/suppliers/customers: None disclosed .
Expertise & Qualifications
- Legal and investment management expertise as EVP & GC at a major asset manager (Fidelity) and corporate GC at BellSouth; senior litigation leadership at Mayer Brown; budgetary/operational oversight in higher education non‑profit leadership (JTS) .
- Oversees 50 funds, offering depth in closed‑end and registered fund governance, valuation oversight, and compliance frameworks .
Equity Ownership
| Fund | Dollar Range (as of Jul 31, 2025) |
|---|---|
| NHS | None |
| NRO | None |
| NML | None |
| Aggregate across NB registered investment companies overseen | Over $100,000 |
- Independent Directors and immediate family members held no securities of NBIA, any principal underwriter, or entities controlling/controlled by NBIA (excludes registered investment companies), reducing related‑party conflict risk .
Governance Assessment
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Strengths:
- Independent status with no NBIA/underwriter security holdings; chairs Closed‑End Funds Committee and serves on key oversight committees (Contract Review; Ethics & Compliance), supporting discount mitigation, contract scrutiny, and compliance oversight .
- Committee activity and overall attendance at least 75% in FY2024 indicate baseline engagement .
- Complex‑wide experience (50 funds) aligns with closed‑end fund governance needs (valuation oversight, leverage structure, discount actions) .
-
Watch items / RED FLAGS:
- No personal share ownership in NHS (and in NRO/NML), which may limit fund‑specific alignment despite aggregate complex holdings over $100k; consider whether ownership guidelines exist (none disclosed) .
- No Board member attendance at the 2024 Annual Meeting; while policy does not require attendance, this is a potential investor‑engagement concern .
- Heavy workload across 50 funds could dilute individual director bandwidth; monitoring meeting attendance and committee outputs is advisable .
- The Boards have no standing compensation committee; Governance & Nominating addresses director pay—ensure robust independence in those determinations .
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Other notes:
- Retirement policy generally calls for director retirement by end of the year in which age 77 is reached, supporting refreshment over time .
- Audit Committee financial experts are designated (Cosgrove, Goss, McLean); Gary is not on Audit—balanced by his chair role on Closed‑End Funds Committee .