David M. Moffett
About David M. Moffett
Independent Director of Columbia Seligman Premium Technology Growth Fund (STK), born 1952; joined the STK Board effective January 1, 2024 with a current term through 2027 . Background includes service as CEO of Freddie Mac during conservatorship (2008) and consultant to its CEO/Board through 2009, and CFO of U.S. Bank with responsibilities including trust and wealth management; he has served on audit committees for public companies . He oversees 172 funds in the Columbia Funds Complex and serves on the Audit, Contracts, and Investment Review Committees at STK .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Home Loan Mortgage Corporation (Freddie Mac) | CEO; consultant to interim CEO/Board | CEO selected in 2008; consultant through 2009 | Crisis leadership; audit committee experience |
| U.S. Bank (large U.S. bank holding company) | Chief Financial Officer | Not disclosed in proxy | Accounting/financial management expertise |
| The Carlyle Group | Senior Adviser | Mar 2008–Sep 2008 | Financial services advisory |
| Bridgewater Associates | Governance Consultant | Jan 2013–Dec 2015 | Governance advisory |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PayPal Holdings, Inc. | Director | Current | Experience serving on audit committees for public companies (general) |
| CSX Corporation | Director | Current | Not disclosed |
| eBay Inc. | Director | 2007–2015 | Not disclosed |
| CIT Bank, CIT Group Inc. | Director | 2010–2016 | Not disclosed |
Board Governance
- Committee assignments: Audit, Contracts, Investment Review (independent director) .
- Audit Committee composition and independence: members are independent under NYSE standards; names include Sandra L. Yeager (Chair), Brian J. Gallagher, Patricia M. Flynn, Douglas A. Hacker, and David M. Moffett; 6 meetings in FY2024; committee report approved February 18, 2025 .
- Board and committee meeting cadence (FY2024): Board 5 meetings; Board Governance 6; Compliance 4; Contracts 5; Investment Review 4; Audit 6 .
- Attendance: each incumbent director attended at least 75% of Board and committee meetings in 2024 .
| Body | Meetings (FY2024) |
|---|---|
| Board of Directors | 5 |
| Board Governance Committee | 6 |
| Compliance Committee | 4 |
| Contracts Committee | 5 |
| Investment Review Committee | 4 |
| Audit Committee | 6 |
Fixed Compensation
| Year | Aggregate Compensation from STK | Total Compensation from STK + Columbia Funds Complex |
|---|---|---|
| 2023 | $0 (appointed 1/1/2024) | $456,000 |
| 2024 | $3,619 | $417,000 |
- 2025 retainer framework (Complex-wide, excluding Closed-End Funds): independent directors receive $275,000 annual retainer; committee chairs +$25,000; sub-committee chairs +$15,000; per-meeting fees: $6,000/day in-person Board; $3,000/day in-person committee (if not same day as Board); $3,000 for special virtual meetings. Board Chair cash comp $575,000 plus $10,000 from Closed-End Funds and $3,000 per special virtual meeting .
| Component (Effective 1/1/2025) | Amount |
|---|---|
| Independent Director Annual Retainer (Complex, excluding Closed-End Funds) | $275,000 |
| Committee Chair Annual Retainer | $25,000 |
| Sub-Committee Chair Annual Retainer | $15,000 |
| In-Person Board Meeting Fee | $6,000/day |
| In-Person Committee Meeting Fee (not same day as Board) | $3,000/day |
| Special Virtual Meeting Fee | $3,000/meeting |
- Deferred Compensation Plan: independent directors may defer up to 100% of compensation into fund-linked units; distributions in lump sum or installments; unfunded for tax purposes; deferred amounts reflected in the Complex ownership table .
Performance Compensation
| Performance Metric Tied to Director Pay | Disclosure |
|---|---|
| Performance-based incentives (bonus, RSUs/PSUs, options) | None disclosed for directors; compensation is retainers/meeting fees with optional deferral |
Other Directorships & Interlocks
| Company | Relationship to STK | Potential Interlock/Conflict Consideration |
|---|---|---|
| PayPal Holdings, Inc. | Public company board (current) | STK invests in technology; concurrent directorship at a technology issuer may warrant monitoring if STK holds the issuer; no related-party transactions disclosed in proxy |
| CSX Corporation | Public company board (current) | No direct linkage to fund operations disclosed |
| eBay Inc. | Prior public company board | Historical; no current conflict disclosed |
| CIT Bank, CIT Group Inc. | Prior public company board | Historical; no current conflict disclosed |
Expertise & Qualifications
- Financial oversight: former CFO of U.S. Bank; extensive audit committee experience at public companies .
- Crisis leadership and governance: selected as CEO of Freddie Mac during conservatorship; governance consulting at Bridgewater; senior advisory at Carlyle .
- Oversight breadth: 172 funds overseen as an STK independent director across the Columbia Funds Complex .
Equity Ownership
| As of Date | STK Fund Dollar Range Owned | Aggregate Dollar Range Owned Across Columbia Funds Complex | Notes |
|---|---|---|---|
| Dec 31, 2023 | $0 (as of appointment on 1/1/2024) | Over $100,000 | Aggregate includes deferred compensation plan balances (footnote a) |
| Dec 31, 2024 | $0 | Over $100,000 | Aggregate includes deferred compensation plan balances (footnote a) |
- Directors and officers as a group beneficially owned less than 1% of STK common stock as of December 31, 2024 .
- Pledging/hedging: no disclosure specific to Moffett in the proxy .
Governance Assessment
- Strengths: independent director; serves on Audit, Contracts, and Investment Review committees; Audit Committee independence confirmed; committee met 6 times in FY2024, indicating active oversight; attendance met ≥75% threshold in 2024; significant financial and audit committee experience enhances board effectiveness .
- Alignment: $0 direct STK fund holdings as of 12/31/2024 may signal limited “skin in the game,” though aggregate fund complex exposure exceeds $100,000 and directors can defer compensation into fund-linked units, providing some economic linkage .
- Compensation structure: cash retainers and meeting fees, with clear levels effective 2025; absence of equity or performance-based awards reduces pay-for-performance alignment risk but may also limit direct shareholder alignment; deferral mechanism partially bridges this .
- Conflicts/Interlocks: concurrent directorships at PayPal and CSX; no related-party transactions are identified in the proxy; continue monitoring for any fund holdings in issuers where Moffett serves as a director and for any future related-party disclosures .
- Overall: governance profile supports investor confidence given independence, audit experience, and engagement; primary watch item is continued evaluation of ownership alignment at the STK fund level and any evolving interlock risks tied to technology holdings .