Daphne L. Richards
About Daphne L. Richards
Independent Director (year of birth: 1966) on the PSF Board, overseeing 23 Cohen & Steers funds. She has served since 2017 and is nominated for a term ending at the 2028 annual meeting; the Board maintains a mandatory retirement at year-end when a Director turns 75. Background includes over three decades in investment management and banking and current leadership of an investment firm.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ledge Harbor Management | President & CIO | 2016–present | Investment leadership |
| Bessemer Trust Company | Various roles | 1999–2014 | Private wealth/investment management experience |
| Frank Russell Company | Various roles | 1996–1999 | Institutional investment expertise |
| Union Bank of Switzerland (UBS) | Various roles | 1993–1996 | Global banking/investment experience |
| Credit Suisse | Various roles | 1990–1993 | Investment banking/markets experience |
| Hambros International Venture Capital Fund | Various roles | 1988–1989 | Venture capital exposure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Berkshire Taconic Community Foundation | Investment Committee Member | 2015–present | Oversight of portfolio allocations |
| Northeast Dutchess Fund | Advisory Board Member | 2016–present | Community capital advisory |
| Cartica Management, LLC | Independent Director (former) | 2015–2022 | Governance oversight at investment manager |
Board Governance
- Independence: Classified as an Independent Director (not an “interested person” of the Fund).
- Committees (PSF and all Cohen & Steers closed-end funds):
- Nominating Committee (member)
- Contract Review Committee (member)
- Governance Committee (member)
- Dividend Committee (Chair)
- Audit Committee members are Maginnis (Chair), Clark, and Rogers-Windsor; Richards is not an Audit Committee member.
- Attendance: Each Director then in office attended at least 75% of Board and relevant Committee meetings during the year; the funds have no policy on attending the annual stockholder meeting and none of the Directors attended any fund’s 2024 annual meeting.
- Nomination: Richards is a nominee to serve until the 2028 annual meeting.
- Lead Independent Director: Michael G. Clark.
- Audit Committee activity: met six times during the fiscal year; charter available publicly.
Fixed Compensation
Policy and chair fees (paid in cash; allocated across funds by average net assets):
| Component | 2024 Policy | 2025 Policy | Chair Fee (aggregate per year) |
|---|---|---|---|
| Base retainer (Independent Directors) | $185,000 | $205,000 | — |
| Per-meeting fee (quarterly; $/quarter) | $10,000 ($40,000 annually) | $12,500 ($50,000 annually) | — |
| Dividend Committee Chair | — | — | $10,000 |
| Contract Review Chair | — | — | $20,000 |
| Governance Committee Chair | — | — | $20,000 |
| Audit Committee Chair | — | — | $40,000 |
| Lead Independent Director | — | — | $65,000 |
Director compensation allocation and total (calendar 2024):
| Fund | PSF Allocation ($) | Total Compensation by Cohen & Steers Fund Complex ($) |
|---|---|---|
| Daphne L. Richards | $1,771.58 | $235,000 |
Notes:
- Out-of-pocket reimbursements (PSF): $152.07 for 2024.
- Directors do not receive pension or retirement benefits from the Funds/Fund Complex.
Performance Compensation
- No equity awards (RSUs/PSUs), options, or performance-based pay are disclosed for Independent Directors; compensation is cash-based retainer/meeting fees and applicable chair fees.
- No clawbacks, severance, or change-in-control provisions apply to Independent Directors in the proxy.
- No director equity compensation programs are described in the proxy.
Other Directorships & Interlocks
- Current public company boards: None disclosed for Richards.
- Interlocks/conflicts: As of December 31, 2024, none of the Independent Directors nor their immediate family members owned any securities in the Advisor (Cohen & Steers Capital Management, Inc.) or any person directly/indirectly controlling, controlled by, or under common control with the Advisor.
Expertise & Qualifications
- Deep investment leadership (President & CIO, Ledge Harbor), multi-asset/institutional background (Bessemer Trust, Russell), and global banking experience (UBS, Credit Suisse). The Boards cite these experiences and skills as preparing her to be an effective Director.
Equity Ownership
Dollar-range categories per fund and in aggregate (as of Dec 31, 2024): A: None; B: $1–$10,000; C: $10,001–$50,000; D: $50,001–$100,000; E: Over $100,000.
| Fund | Dollar Range Category |
|---|---|
| PSF | A (None) |
| PTA | D ($50,001–$100,000) |
| Aggregate holdings across Cohen & Steers Fund Complex | E (Over $100,000) |
Additional ownership/compliance:
- Section 16(a) compliance: To each Fund’s knowledge, all required filings were made during FY2024 for PSF and related funds; one Form 3 was late for another person (Elaine Zaharis-Nikas), not a Director, due to administrative error.
Governance Assessment
-
Strengths
- Independent Director with broad committee engagement and Chair role on the Dividend Committee—a positive signal for oversight of income distribution policy.
- At least 75% attendance across Board/Committee meetings, meeting governance thresholds.
- No ownership ties to the Advisor or affiliates, reducing related-party conflict risk.
-
Potential concerns and watch items
- RED FLAG: No PSF share ownership disclosed (category A), which may weaken perceived alignment with PSF shareholders specifically (though she oversees 23 funds and has aggregate complex exposure).
- RED FLAG: No Director attendance at 2024 annual stockholder meetings (all Directors), which some investors view as a negative governance signal despite common practice in fund complexes.
- Compensation increases effective January 1, 2025 (retainer and meeting fees) raise guaranteed cash levels; monitor for continued strong oversight and outcomes to justify the higher fixed fees.
-
Overall
- Richards’ investment credentials, committee breadth, and independence support Board effectiveness; lack of PSF-specific holdings and non-attendance at the annual meeting are the primary governance optics to monitor.