Jane F. Magpiong
About Jane F. Magpiong
Independent Director of Cohen & Steers Select Preferred and Income Fund, Inc. (PSF) since 2015; year of birth 1960; serves across the Cohen & Steers fund complex and oversees 23 funds. Current occupation: President, Untap Potential (since 2013). Prior roles include Senior Managing Director and National Head of Wealth Management at TIAA-CREF, President of Bank of America Private Bank, and EVP at Fleet Private Clients Group. Education: BA, University of California at Santa Barbara; Masters in Management, University of Redlands. Classified as an Independent Director under the Investment Company Act. Term expires in 2027.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Untap Potential | President | 2013–present | Leadership development practice |
| TIAA-CREF | Senior Managing Director, Leadership Development | 2011–2013 | Senior leadership development responsibilities |
| TIAA-CREF | National Head of Wealth Management | 2008–2011 | Led wealth management nationally |
| Bank of America Private Bank | President | 2005–2008 | Senior private banking leadership |
| Fleet Private Clients Group | Executive Vice President | 2003–2004 | Executive leadership in private clients |
External Roles
| Company/Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various charitable foundations | Board service (prior) | Not specified | Prior non-profit board service; no other public company directorships disclosed in PSF’s proxy |
Board Governance
- Committee leadership: Chair of the Board’s Nominating Committee and the Boards’ Governance Committee since January 1, 2023 .
- Committee memberships (current complex-wide structure):
- Nominating Committee: member (and Chair)
- Governance Committee: member (and Chair)
- Contract Review Committee: member
- Not on Audit Committee (members: Rogers-Windsor, Clark, Maginnis)
- Not on Dividend Committee (members: Richards, Rogers-Windsor, Junkans, Maginnis)
- Independence: listed under “Independent Directors”
- Tenure/term: Director since 2015; current term through 2027
- Attendance: Each Director attended at least 75% of aggregate Board and committee meetings; the Funds have no policy on annual meeting attendance and none of the Directors attended any Fund’s 2024 annual meeting of stockholders
- Board structure: Staggered (classified) board since 2011 for PSF; may be regarded as an anti-takeover provision that can limit ability to change Board composition quickly
Fixed Compensation
Compensation for Independent Directors is paid at the fund-complex level and allocated to each fund based on average net assets.
| Component | 2025 Structure | 2024 Structure | Notes |
|---|---|---|---|
| Annual base retainer | $205,000 | $185,000 | Paid quarterly |
| Per-meeting fee (quarterly) | $12,500 per quarter ($50,000 annually) | $10,000 per quarter ($40,000 annually) | Paid per regular quarterly Board meeting |
| Chair – Audit Committee | $40,000 (raised from $30,000 pre-2025) | $30,000 | Complex-wide aggregate |
| Chair – Contract Review Committee | $20,000 | $20,000 | Complex-wide aggregate |
| Chair – Governance Committee | $20,000 | $20,000 | Complex-wide aggregate |
| Chair – Nominating Committee | $20,000 (only if a Board seat is being filled that year) | No chair fee in 2024 | Complex-wide aggregate; conditional in 2025 |
| Lead Independent Director | $65,000 | $65,000 | Complex-wide aggregate |
| Reimbursements (PSF) | — | $152.07 out-of-pocket to Directors in 2024 | Fund-level reimbursements |
| Pension/retirement benefits | None | None | “The Directors do not receive any pension or retirement benefits” |
Director-level total compensation (complex-wide) historically:
| Year | Jane F. Magpiong – Total Paid by Cohen & Steers Fund Complex |
|---|---|
| 2023 | $245,000 (listed as Nominating & Governance Committee Chair) |
| 2022 | $213,500 |
| 2021 | $195,000 |
Performance Compensation
| Element | Status | Notes |
|---|---|---|
| Performance bonus / cash incentive | Not disclosed | No variable performance cash awards are described for Independent Directors in PSF’s proxy compensation section |
| Equity awards (RSUs/PSUs/options) | Not disclosed | The compensation tables describe fees and stipends only; no equity awards for Independent Directors are disclosed |
| Performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable | Independent Director compensation is not performance-based per proxy disclosures |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed in PSF’s proxy |
| Non-profit/other boards | Prior service on several charitable foundations (no specifics provided) |
| Interlocks/conflicts | None identified; committee members are all Independent Directors per proxy |
Expertise & Qualifications
- Over 26 years of investment management experience; senior leadership across private banking and wealth management (Bank of America Private Bank President; TIAA-CREF leadership) .
- Governance leadership: Chair of Nominating and Governance Committees since 1/1/2023 .
- Education: BA (UCSB); Masters in Management (University of Redlands) .
Equity Ownership
As of December 31, 2024:
| Holding | Amount/Range |
|---|---|
| PSF equity owned | B: $1–$10,000 |
| Aggregate dollar range across Cohen & Steers fund complex | E: Over $100,000 |
| Note on conflicts | None of the Independent Directors nor their immediate family members owned any securities in the Advisor or its affiliates as of 12/31/2024 |
Governance Assessment
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Strengths: Independent status; chairs both Nominating and Governance Committees, signaling influence over board composition and governance standards. Committee membership structure shows full independence for Audit, Nominating, Contract Review, Governance, Dividend committees, supporting oversight quality .
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Alignment: Holds PSF fund shares (range B) and aggregate complex holdings over $100k; no Advisor/affiliate securities—reduces conflict risk .
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Attendance and engagement: Meets the 75%+ attendance threshold; however, none of the Directors attended the 2024 annual meeting and there is no formal policy on such attendance—a potential engagement watchpoint .
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Structure caution: PSF has a staggered board structure (since 2011) that may be viewed as anti-takeover and can entrench board composition—an investor governance consideration .
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Compliance note: One late Section 16 Form 4 filing in 2022 for Ms. Magpiong (relating to an RQI transaction) was attributed to administrative error; subsequent year’s delinquency disclosures do not cite her—minor but noted .
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RED FLAGS:
- Staggered (classified) board can reduce shareholder influence in director turnover cycles .
- Annual meeting non-attendance by all Directors in 2024 (no attendance policy) may be viewed negatively by some governance-focused investors .