Marc Lunder
About Marc Lunder
Independent Director of Special Opportunities Fund, Inc. (SPE); born 1963, serving on SPE’s Board since 2015, with over 25 years in the financial industry as a private investor and Managing Member of Lunder Capital LLC. He is classified as an Independent Director (not an “interested person” under the 1940 Act). Background emphasizes evaluation of public and private companies and investment funds; no education details are disclosed. Tenure: Director since 2015; independence affirmed; no legal proceedings disclosed in the past ten years.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lunder Capital LLC | Managing Member | Past five years; currently active | Private investment management; experience evaluating companies and funds |
| Private Investor | Investor | Over 25 years | Focus on public companies, private companies, investment funds |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships in last 5 years |
Board Governance
- Independence: Independent Director (not affiliated with the Adviser) .
- Committees: Member, Audit & Valuation Committee; Member and Chair, Nominating and Corporate Governance Committee .
- Attendance: Each director attended at least 75% of Board and applicable committee meetings; Board met 4 times in FY2024; Audit Committee met 2 times; Nominating Committee met 1 time; Valuation Committee met 4 times prior to its September 2025 consolidation .
- Board leadership/structure: Chairman is an Interested Director (Phillip Goldstein); no Lead Independent Director .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Directors, 2025) | $55,000 | Paid quarterly in arrears |
| Annual retainer (Independent Directors, effective 1/1/2026) | $60,000 | Paid quarterly in arrears |
| Special Board meeting fee (in-person) | $5,000 per meeting | $500 if attended by telephone |
| Special committee meeting fee (between regular Board meetings) | $500 per meeting | Applies to independent directors |
| Committee Chair annual fee (Audit & Valuation) | $5,000 | Chair: Jaclyn Rothchild |
| Committee Chair annual fee (Nominating & Corporate Governance) | $5,000 | Chair: Marc Lunder |
| Valuation Committee Chair annual fee (prior to disbandment) | $5,000 | Committee disbanded Sept 2025; Chair was Ben Harris |
| Aggregate compensation from SPE (FY2024) | $60,500 | For Marc Lunder; no pension or retirement plan |
Performance Compensation
| Metric/Instrument | Detail | Disclosure |
|---|---|---|
| Bonus/profit sharing | None | The Fund does not have a bonus, profit sharing, pension or retirement plan |
| Equity awards (RSUs/PSUs/Options) | Not disclosed | No director equity compensation disclosed in proxy |
| Performance metrics tied to pay | Not applicable | No performance-based compensation disclosed |
| Clawbacks/COC/severance | Not disclosed | No director-specific clawback or severance provisions disclosed |
Other Directorships & Interlocks
| Company | Role | Interlocks/Conflicts |
|---|---|---|
| None disclosed | — | No other public company directorships in last 5 years; reduces interlock risk |
Expertise & Qualifications
| Attribute | Evidence |
|---|---|
| Financial industry experience | Over 25 years; private investor; Managing Member of Lunder Capital LLC |
| Fund governance | Chairs Nominating & Corporate Governance Committee; member of Audit & Valuation Committee |
| Independence | Not an “interested person” under the 1940 Act |
| Board service | Director since 2015 |
Equity Ownership
| Holder | Position | SPE Equity Ownership (Dollar Range) | Aggregate Ownership in Family of Investment Companies |
|---|---|---|---|
| Marc Lunder | Independent Director | Over $100,000 | Over $100,000 (Fund family: SPE, HISE, TRSF) |
- Pledging/Hedging: Not disclosed .
- Director transactions with Fund affiliates: No direct/indirect interests >$120,000 in Adviser or affiliates; no transactions >$120,000 with Adviser or affiliates in last five years/last two fiscal years for independent directors and immediate family .
- Section 16(a) compliance: No known late filings by persons subject to Section 16 requirements for FY2024 .
Governance Assessment
- Strengths: Independent status; Chair of Nominating & Corporate Governance Committee; member of Audit & Valuation Committee; demonstrated engagement (≥75% attendance); personal investment in SPE (“Over $100,000”) supports alignment.
- Compensation structure: Primarily fixed cash retainer plus modest committee chair fee; no performance-based or equity awards—limits pay-for-performance signaling but standard for closed-end fund directors. Planned retainer increase to $60,000 in 2026 is incremental.
- Conflicts: No other public company boards disclosed, minimizing interlocks; no related-party transactions with Adviser or affiliates by independent directors or immediate family.
- Board-level risks: No Lead Independent Director; Board chaired by an Interested Director (Adviser principal), which can heighten perceived governance risk; however, independent committees and structure mitigate via oversight.
- Attendance/engagement: At least 75% attendance across Board/committees in FY2024; Board met 4 times; committees actively met.
RED FLAGS: Absence of a Lead Independent Director and Board chaired by an Interested Director; continued monitoring of independence safeguards and committee effectiveness recommended.