Michael Cosgrove
About Michael J. Cosgrove
Independent Director (born 1949); Director since 2015 across Neuberger Berman closed-end funds including NHS. President, Carragh Consulting USA since 2014; formerly senior executive at GE Asset Management and GE Company (roles spanning CFO, President/CEO of Mutual Funds & Intermediary Business, Institutional Sales & Marketing, and Deputy Treasurer). Chairs the Audit Committee and is designated an Audit Committee financial expert; oversees 50 funds in the fund complex. Retirement policy generally requires directors to retire by year-end when they reach age 77 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Carragh Consulting USA | President | Since 2014 | Asset management consulting leadership |
| GE Asset Management | President, Mutual Funds & Global Investment Programs | 2011–2014 | Distribution/marketing oversight for mutual funds |
| GE Asset Management | President & CEO, Mutual Funds & Intermediary Business | 2007–2011 | Product distribution and mutual fund development |
| GE Asset Management | President, Institutional Sales & Marketing | 1998–2007 | Institutional distribution and marketing leadership |
| GE Asset Management | Chief Financial Officer | 1988–1993 | Finance leadership |
| GE Company | Deputy Treasurer | 1988–1993 | Corporate treasury leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Burke Neurological Institute | Advisory Board Member | Since 2021 | Not-for-profit healthcare research |
| St. Pius X Parish | Parish Councilor; Treasurer | Councilor since 2021; Treasurer since 2020 | Community leadership |
| America Press, Inc. | Director | 2015–2021 | Not-for-profit Jesuit publisher |
| Fordham University | Director | 2001–2018 | Higher education governance |
| The Gabelli Go Anywhere Trust | Director | Jun 2015–Jun 2016 | Prior closed-end fund board |
| Skin Cancer Foundation | Director | 2006–2015 | Not-for-profit governance |
| GE Investments Funds, Inc. | Director | 1997–2014 | Investment company oversight |
| GE Institutional Funds | Trustee | 1997–2014 | Investment company oversight |
| GE Asset Management | Director | 1988–2014 | Asset management governance |
| Elfun Trusts | Director | 1988–2014 | Employee fund governance |
| GE Pension & Benefit Plans | Trustee | 1988–2014 | Benefit plan oversight |
| Investment Company Institute | Board of Governors Member | Not specified | Industry body involvement |
Board Governance
- Independence: Classified as Independent Director; none of the Directors are related to any other Director .
- Committee assignments:
- Audit Committee: Chair; committee met 7 times in fiscal 2024; designated financial expert .
- Contract Review Committee: Member; met 7 times in fiscal 2024 .
- Executive Committee: Member; did not meet in fiscal 2024 .
- Investment Performance Committee: Member (all Directors are members); met 4 times in fiscal 2024 .
- Board meeting cadence and attendance: Board met 4 times in fiscal 2024; each Director attended at least 75% of Board and relevant committee meetings .
- Annual Meeting attendance: No Directors attended the 2024 Annual Meeting of Stockholders (no attendance policy) .
- Independent leadership: Boards have an Independent Chair; Independent Directors meet outside management and are advised by independent counsel; no standing compensation committee (Governance & Nominating considers director compensation) .
Fixed Compensation
| Metric | Amount | Period/Notes |
|---|---|---|
| Annual retainer (Independent Director) | $200,000 | Effective Jan 1, 2024; paid quarterly |
| Regularly scheduled meeting fee | $17,500 per meeting | In-person or telephonic; Governance & Nominating decides special meeting fees |
| Committee Chair fee (non-Contract Review) | $25,000 per year | Effective Jan 1, 2025; Audit Chair eligible |
| Contract Review Committee Chair fee | $35,000 per year | Effective Jan 1, 2025 |
| Board Chair premium | $90,000 per year | Applies to Independent Chair (not Cosgrove) |
| NHS/NRO aggregate compensation (FY ended Oct 31, 2024) | $12,107 | Paid from each fund other than NML |
| NML aggregate compensation (FY ended Nov 30, 2024) | $6,053 | Energy Infrastructure Fund portion |
| Total compensation from NB fund complex (CY 2024) | $295,000 | Complex-wide trustee/director pay |
| Pension/retirement plan | None | Funds do not have pension or retirement plan for Directors |
| Expense reimbursement | Yes | Travel and out-of-pocket reimbursed |
No additional compensation for committee membership (only chair stipends); allocation across funds deemed reasonable by Boards .
Performance Compensation
- No equity, options, PSUs/RSUs, or performance-based metrics are disclosed for Directors; compensation appears cash-based via retainer and meeting/chair fees .
- Clawbacks, severance, change-of-control, tax gross-ups, deferred compensation, or perquisites are not disclosed for Directors in the proxy .
Other Directorships & Interlocks
- Current public company boards: Not disclosed for Cosgrove beyond RB fund complex; prior The Gabelli Go Anywhere Trust (closed-end fund) .
- Shared directorships with competitors/suppliers/customers: Not disclosed .
Expertise & Qualifications
- Asset management leadership: Former CFO and President/CEO in GE’s asset management division; deep distribution/marketing expertise and mutual fund product development .
- Financial expertise: Designated Audit Committee financial expert; experience overseeing valuation and financial reporting processes .
- Governance experience: Multi-decade service on investment company boards and not-for-profit organizations; familiarity with closed-end fund issues (discount mitigation, leverage, strategy changes) .
Equity Ownership
| Security | Dollar Range Owned | Valuation Date |
|---|---|---|
| NHS | None | July 31, 2025 |
| NRO | None | July 31, 2025 |
| NML | None | July 31, 2025 |
| Aggregate across NB registered investment companies overseen | Over $100,000 | July 31, 2025 |
- Independence from manager/underwriter: As of July 31, 2025, no Independent Director or immediate family members owned securities of NBIA, any principal underwriter, or their control affiliates (excluding registered investment companies) .
Governance Assessment
- Strengths: Independent status; Audit Committee Chair and financial expert designation; active committee workload (Audit 7 meetings; Contract Review 7; Investment Performance 4) signaling substantive oversight of financial reporting, valuation, contracts, and performance . Regular independent sessions and independent counsel support Board effectiveness . Attendance ≥75% across Board/committees in fiscal 2024 meets governance expectations .
- Alignment: No direct holding in NHS may be viewed as limited fund-specific “skin-in-the-game,” although aggregate ownership across NB registered investment companies exceeds $100,000 .
- Engagement signals: No Director attended the 2024 Annual Meeting (Board has no attendance policy), which may be neutral but can be perceived as lower direct stockholder-facing engagement .
- Conflicts/related party: None disclosed; independence from NBIA/underwriter securities mitigates conflicts . No related-party transactions or consulting arrangements disclosed .
- Succession/tenure: Director since 2015; with the retirement policy generally requiring retirement by the end of the year reaching age 77, Cosgrove (born 1949) would be expected to retire by end of 2026 absent exceptions—useful for succession planning and Board refresh considerations .
Overall, Cosgrove’s audit chair role and financial expertise support investor confidence in controls, valuation, and reporting. Primary watchpoints are limited NHS-specific ownership and upcoming retirement horizon; committee workload and independent structure offset engagement concerns .