Brian Reid
About Brian Reid
Brian K. Reid (born 1961) is an Independent Board Member of PGIM Short Duration High Yield Opportunities Fund (SDHY), serving since October 2020. He is an economist by training with more than 30 years of experience, including 13 years as Chief Economist at the Investment Company Institute (ICI) and prior roles at the Federal Reserve Board; he currently chairs SDHY’s Compliance Committee and serves on the Audit and Dryden Investment Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Chief Economist | 2005–2017 | Led industry economic analysis; senior leadership role |
| ICI | Senior Economist; Director of Industry and Financial Analysis | 1998–2004 | Directed financial/industry analysis |
| ICI | Senior Economist, Industry and Financial Analysis | 1996–1998 | Economic research and analysis |
| Federal Reserve Board | Staff Economist | 1989–1996 | Macro/financial economics research |
| ICI Mutual Insurance Company | Director | 2012–2017 | Board oversight for captive insurer |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None reported | — | — | No other directorships/trusteeships in past five years |
Board Governance
- Independence: Classified as an Independent Board Member; SDHY’s Board has eight members, six of whom are independent .
- Tenure: Joined the Fund’s Board in October 2020 .
- Attendance: 100% attendance—each Board Member attended all Board and committee meetings for FY ended July 31, 2024; the Board met eight times in FY 2024 .
- Leadership: The Board is chaired by an Independent Board Member (Independent Chair: Keith F. Hartstein) .
- Committee assignments and activity:
- Audit Committee: Member; 4 meetings in FY 2024; all members not “interested persons” under the 1940 Act; charter available on fund website .
- Compliance Committee: Chair; 4 meetings in FY 2024; serves as liaison with the CCO; charter available on fund website .
- Dryden Investment Committee: Member; 4 meetings in FY 2024 .
- Nominating & Governance Committee: Not listed as a member; 3 meetings in FY 2024; all members not “interested persons”; charter available on fund website .
| Committee | Reid Role | Meetings (FY 2024) | Membership Evidence |
|---|---|---|---|
| Audit | Member | 4 | Listed as member |
| Compliance | Chair | 4 | Listed as chair |
| Dryden Investment | Member | 4 | Listed as member |
| Nominating & Governance | Not a member | 3 | Membership list excludes Reid |
Fixed Compensation
- Structure: Fund pays Independent Board Members cash fees and out-of-pocket expenses; Interested Board Members receive fees/expenses from the Manager. Independent Board Members may receive additional compensation for committee service. No retirement or pension plan for Independent Board Members .
- Deferred Fees: Independent Board Members may elect to defer fees; deferred amounts accrue interest at 90-day U.S. T-bill rate or daily return of a selected PGIM-managed mutual fund. Obligations are general obligations of the Fund; example disclosed for Mr. Evans in 2024 ($345,480 deferred) .
| Name | Aggregate FY Compensation from SDHY (FY ended 7/31/2024) | Pension/Retirement Benefits | Annual Benefits Upon Retirement | Total Compensation from PGIM Fund Complex (CY 2024) |
|---|---|---|---|---|
| Brian K. Reid | $2,007 | None | None | $385,000 (33/105) |
Performance Compensation
- No equity awards, options, or performance-based compensation are disclosed for Independent Board Members. Compensation disclosures address cash fees and deferred fee arrangements; no RSUs/PSUs, options, or performance metrics are presented for directors .
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| None reported | — | — | No public company boards disclosed; reduces interlock/conflict risk |
Expertise & Qualifications
- More than 30 years’ experience in economics and related fields; service as Chief Economist at ICI for 13 years; prior Federal Reserve staff economist experience—skill set aligned with fund oversight, risk, and performance assessments .
- Board concluded his experience and attributes contribute to effective oversight and independent judgment .
Equity Ownership
| Holder | Dollar Range in SDHY (as of 12/31/2024) | Aggregate Dollar Range in All Registered PGIM Funds Overseen | Adviser/Underwriter/Affiliate Securities (Director or Immediate Family) |
|---|---|---|---|
| Brian K. Reid | None | Over $100,000 | None owned as of 12/31/2024 |
- Note: Shareholders should note that ownership in Prudential Financial, Inc. (parent of the Manager) would deem a person “interested” under the 1940 Act; no such holdings are disclosed for Independent Board Members or immediate family as of 12/31/2024 .
Governance Assessment
- Strengths:
- Independent status with leadership responsibility as Compliance Committee Chair; active roles on Audit and Dryden Investment Committees .
- 100% attendance at Board and committee meetings in FY 2024, indicating strong engagement .
- No securities holdings in the adviser/underwriter or affiliates by Independent Board Members or their immediate family as of 12/31/2024—supports independence and mitigates related-party risk .
- Board governance infrastructure with independent chair, established committee charters, and independent legal counsel engaged by Independent Board Members .
- Potential alignment gap:
- No disclosed ownership in SDHY by Reid; while he holds “Over $100,000” in aggregate across PGIM-oversight registered funds, absence of SDHY-specific holdings may be viewed as a modest alignment gap for closed-end fund governance .
- No disclosed red flags:
- No related-party transactions, tax gross-ups, or option repricing disclosed for directors; director compensation presented as cash fees with optional deferral .
- Board processes:
- Regularly scheduled in-person meetings four times annually; eight Board meetings held in FY 2024; committee pre-approval processes for auditor services led by Audit Committee; charters available on fund website .
Overall, Reid’s economics expertise and committee leadership, combined with full attendance and independence safeguards, are supportive of board effectiveness; the main watchpoint is SDHY-specific ownership alignment rather than conflicts or attendance concerns .