Daniel A. O’Byrne
About Daniel A. O’Byrne
Daniel A. O’Byrne is a Principal and Vice President at Royce Investment Partners and serves as a Vice President (officer) of Royce Small-Cap Trust, Inc. (RVT). He has been employed by Royce since October 1986 and has served as an officer of the Fund since 1994; his age was 63 in the latest proxy (2025), with the officer address listed as One Madison Avenue, New York, NY 10010 . RVT’s proxies provide biographical roles but do not disclose officer compensation metrics or link pay to TSR/revenue/EBITDA outcomes; the Board has no standing compensation committee, and Independent Directors review only their own compensation annually . Officers are elected annually and serve at the pleasure of the Board, with compensation for officers fixed by the Board under the bylaws; no performance-pay constructs for officers are disclosed in RVT filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royce Investment Partners | Principal; Vice President | Employed since Oct 1986 | Not specifically described in proxy biographical text |
| Royce Small-Cap Trust (RVT) | Vice President (Officer of Fund) | Officer since 1994 | Officers elected annually; serve at Board’s pleasure |
External Roles
- The officer biography for O’Byrne lists only his Royce roles; no external directorships or other outside positions are disclosed for O’Byrne in RVT proxy officer tables .
Fixed Compensation
- RVT proxies disclose compensation only for Independent Directors; there is no standing compensation committee, and Independent Directors review their compensation annually .
- Officer compensation amounts (base salary, bonus) are not disclosed in RVT proxies; bylaws state officer compensation is fixed by the Board (and may be delegated), but no figures or structures are provided .
Performance Compensation
- No disclosure of officer performance-based compensation (bonus metrics, RSUs/PSUs, options, vesting schedules, or payout mechanics) appears in RVT proxy statements; only director compensation with meeting fees and retainers is provided .
- No guidance is provided on officer clawbacks, tax gross-ups, deferred compensation, or pension/SERP benefits for RVT officers in the proxy .
Equity Ownership & Alignment
As disclosed in “Stock Ownership” tables:
| Metric | FY 2020 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Beneficial shares owned (Count) | 7,981 | 10,288 | 11,128 | 12,135 |
| Shares outstanding | — | 111,670,788 | 115,346,161 | 119,627,857 |
| Ownership % of shares outstanding | — | 0.0092% (10,288 / 111,670,788) | 0.0097% (11,128 / 115,346,161) | 0.0102% (12,135 / 119,627,857) |
- RVT notes all Directors and officers as a group own less than 1% of outstanding shares; individual officer percentages (as computed above) are de minimis .
- No disclosure of pledged shares, hedging, or ownership guideline requirements for officers is included in the proxy’s stock ownership sections; the tables provide only beneficial share counts by individual .
- No options or unvested equity holdings are reported for RVT officers in the proxy tables; the ownership disclosure lists common stock positions only .
Employment Terms
- Officers are elected each year by the Board and serve at the pleasure of the Board; O’Byrne’s officer role dates to 1994 .
- Bylaws provisions: officer compensation fixed by the Board (and may be delegated); officers may resign or be removed with or without cause; vacancies may be filled per bylaws .
- Indemnification and advancement: the Corporation provides indemnification to the fullest extent permissible under MGCL and the Investment Company Act, with advancement of expenses subject to conditions; insurance may be maintained on behalf of directors/officers .
- No employment contract terms, severance multiples, change-of-control triggers, non-compete/non-solicit, or garden-leave provisions for officers are disclosed in RVT proxy statements; governance/committee disclosures note no standing compensation committee .
Investment Implications
- Pay-for-performance visibility is low: RVT proxies do not disclose officer-level cash/equity compensation or performance metrics, limiting analysis of incentive alignment at the Fund-officer level; governance indicates officer pay is Board-controlled but with no disclosed structure or targets .
- Skin-in-the-game is modest: O’Byrne’s beneficial ownership is ~0.01% of shares outstanding as of the 2025 record date, indicative of limited direct alignment via equity stakes .
- Retention/COC risk assessment is constrained: absence of disclosed employment agreements, severance, or change-of-control economics suggests limited contractual protections; officers serve at the pleasure of the Board with indemnification typical for registered funds .
- Trading signals: proxies show increasing shareholdings over time (2020→2025), but lack of Form 4 detail in these documents prevents granular assessment of transaction timing/pressure; no pledge/hedge disclosures are present in stock ownership sections .