Joseph M. Harvey
About Joseph M. Harvey
Joseph M. Harvey (born 1963) is an Interested Director and Chair of the Board at Cohen & Steers Select Preferred and Income Fund, Inc. (PSF). He has served on the Cohen & Steers fund boards since 2014, with his current term nominated to run through the 2028 annual meeting; he is not independent due to his executive affiliation with the Advisor (Cohen & Steers Capital Management, Inc.) and its parent, Cohen & Steers, Inc. (CNS) . He is Chief Executive Officer of the Advisor and of Cohen & Steers, Inc. (since 2024) and holds a BSE from Princeton University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cohen & Steers Capital Management, Inc. (Advisor) | Chief Investment Officer | 2003–2019 | Led investment function across the complex |
| Cohen & Steers Capital Management, Inc. (Advisor) | President | 2003–2024 | Senior leadership of the Advisor |
| Cohen & Steers Capital Management, Inc. (Advisor) | Senior VP & Director of Investment Research | Prior to 2003 | Research leadership at Advisor |
| Cohen & Steers (fund complex) | Portfolio Manager | 1998–2016 | REIT/real assets portfolio management |
| Robert A. Stanger & Co. | Vice President, Analyst (real estate & oil & gas) | Prior to 1992 (joined CNS in 1992) | Sector research and consulting |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Cohen & Steers, Inc. (NYSE: CNS) | Chief Executive Officer; Director | CEO since 2024; President 2004–2024 | Parent of the Advisor; public company interlock |
Board Governance
- Role and tenure at PSF: Director since 2014; current nominee term through 2028; serves as Chair of the Board (Interested Director) .
- Independence: Not independent (“Interested person” under the 1940 Act) due to affiliation with the Advisor/CNS .
- Committees: All standing committees are composed solely of Independent Directors; as an Interested Director, Harvey is not a member of the Audit, Nominating, Contract Review, Governance, or Dividend Committees .
- Committee leadership (for context): Audit Chair – Gerald J. Maginnis; Nominating & Governance Chair – Jane F. Magpiong; Contract Review Chair – Dean A. Junkans; Dividend Chair – Daphne L. Richards; Lead Independent Director – Michael G. Clark .
- Attendance: Each Director then in office attended at least 75% of the aggregate number of Board and relevant Committee meetings; none of the Directors attended the Funds’ 2024 annual stockholder meetings (no attendance policy) .
- Board structure: Classified (staggered) board; system can limit ability to change majority composition (“anti-takeover” effect) .
Fixed Compensation
| Pay Element | Amount | Period/Notes |
|---|---|---|
| Director fees from PSF (Harvey) | $0 | Interested Directors do not receive compensation from the Funds or complex |
| Total compensation from Cohen & Steers Fund Complex (Harvey) | $0 | Interested Directors receive no director comp from the complex |
| Independent Directors base retainer (complex) | $185,000 and $10,000/quarter meeting fee ($40,000 annually) | 2024 structure; allocated across funds by average net assets |
| Independent Directors base retainer (complex) | $205,000 and $12,500/quarter meeting fee ($50,000 annually) | Effective Jan 1, 2025 (increase vs. 2024) |
| Additional Independent Director fees | Audit Chair $40,000 (was $30,000 pre-2025); Contract Review Chair $20,000; Governance Chair $20,000; Dividend Chair $10,000; Nominating Chair $20,000 (as needed); Lead Independent Director $65,000 | Complex-wide annual fees |
Directors do not receive pension or retirement benefits from the Cohen & Steers Fund Complex .
Performance Compensation
- No performance-based compensation, equity grants, options, or deferred stock units are disclosed for Directors; Interested Directors (including Harvey) receive no director compensation from the Funds or complex .
Other Directorships & Interlocks
| Company | Role | Interlock/Relationship |
|---|---|---|
| Cohen & Steers, Inc. (CNS) | CEO and Director | Parent of the Advisor to PSF; Harvey’s dual roles create an affiliation interlock |
| Investment Manager (Cohen & Steers Capital Management, Inc.) | Investment Manager to PSF | Management agreement dated Sept 15, 2010 (PSF); Advisor is wholly owned by CNS |
Expertise & Qualifications
- REITs and real assets investment leadership: REIT analyst (joined CNS 1992), portfolio manager 1998–2016, CIO 2003–2019, President of Advisor 2003–2024, CEO since 2024; deep research and portfolio oversight background .
- Education: BSE, Princeton University .
Equity Ownership
| Security | Ownership Detail (as of Dec 31, 2024) |
|---|---|
| PSF | Dollar range “A” (None) |
| Aggregate Cohen & Steers Fund Complex | Dollar range “E” (Over $100,000) |
| Advisor/affiliates holdings by Independent Directors | None of the Independent Directors or their immediate family members owned securities in the Advisor or its affiliates (context) |
Section 16(a) compliance: To each Fund’s knowledge, all required ownership filings were timely in 2024 for PSF; one late Form 3 involved a portfolio manager at a different fund (RFI) due to administrative error .
Governance Assessment
-
Positive indicators
- All standing committees are fully independent, including Audit (6 meetings in the fiscal year), with established charters, and independent leadership (e.g., Audit Chair Maginnis) .
- Interested Directors receive no fees from the Funds/complex, reducing direct compensation conflicts at the board level .
- Non-audit services billed to “Service Affiliates” were $0 (reduces auditor independence concerns); fund-level non-audit fees modest and pre-approval controls in place .
- Mandatory retirement policy at age 75 supports refreshment .
-
Risk indicators and potential conflicts
- RED FLAG: Harvey is both CEO of CNS (parent of the Advisor) and Chair/Interested Director of PSF—this affiliation presents inherent conflicts in oversight of the Advisor’s contracts, fees, and performance .
- RED FLAG: Classified (staggered) board reduces shareholder ability to effect change quickly, potentially entrenching affiliated leadership .
- Alignment concern: Harvey reported “A (None)” ownership in PSF as of 12/31/2024 (though aggregate complex ownership is “E”); Fund-specific “skin in the game” for PSF is limited .
- Annual meeting attendance: None of the Directors attended 2024 stockholder meetings (no policy) which some investors view as a negative engagement signal .
-
Mitigants and context
- Independent Directors dominate committees, including Contract Review and Governance, which can offset affiliation risks in advisory oversight and board practices .
- Lead Independent Director role (Clark) provides a structural counterbalance to an Interested Chair .
- Auditor oversight and pre-approval restrictions help maintain audit independence; no non-audit services to Service Affiliates .
Overall: Harvey brings deep sector expertise and long-tenured leadership across CNS/Advisor, but his dual roles and lack of PSF-specific ownership are key governance watch items. Independent committee structure, LID role, and audit safeguards partially mitigate these conflicts .