Patricia M. Flynn
About Patricia M. Flynn
Professor Emeritus of Economics and Management at Bentley University (Professor 1976–2023; Dean, McCallum Graduate School of Business 1992–2002), Dr. Flynn has served as an Independent Director of the Fund since October 2009; current Board term runs 2023–2026 . Her research and teaching focus on technology-based economic development, corporate governance and women in business; prior board experience includes Boston Fed Bancorp Inc., U.S. Trust, and The Federal Savings Bank . Born in 1950, she oversees 172 funds in the Columbia Funds Complex as part of her director responsibilities .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bentley University | Professor of Economics & Management | 1976–2023 | Research/teaching in governance, tech-based development, women in business |
| Bentley University | Dean, McCallum Graduate School of Business | 1992–2002 | Led graduate business programs |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Massachusetts Taxpayers Foundation | Trustee (Former) | 1997–2022 | Non-profit governance |
| The Massachusetts Business Roundtable | Director (Former) | 2003–2019 | Business policy network |
| MA Technology Collaborative – Innovation Index Advisory Committee | Chairperson (Former) | 1997–2020 | Technology/innovation policy oversight |
| Boston Fed Bancorp Inc. | Director (Prior service) | Not specified | Corporate board experience (not within past five years) |
| U.S. Trust | Director (Prior service) | Not specified | Corporate board experience (not within past five years) |
| The Federal Savings Bank | Director (Prior service) | Not specified | Corporate board experience (not within past five years) |
Board Governance
- Status: Independent Director; all standing committees are comprised solely of Independent Directors; Flynn serves on three of them (Audit, Contracts, Investment Review) .
- Committee assignments and engagement: Member, Audit Committee (also listed in the Audit Committee Report membership) ; Member, Contracts Committee ; Member, Investment Review Committee .
- Term/tenure: Director since October 2009; current term 2023–2026 .
- Attendance: The Fund confirms each incumbent Director attended at least 75% of Board and applicable committee meetings held during 2024 .
- Meeting cadence (2024): Board met 5 times; Audit 6; Contracts 5 (plus subcommittee meetings not counted); Investment Review 4 (plus subcommittee meetings not counted); Board Governance 6; Compliance 4 .
- Audit Committee independence and responsibilities: Committee members are independent under NYSE standards; charter amended March 2024; functions include oversight of financial reporting, internal control over financial reporting, auditor independence and appointment; report approved Feb 18, 2025 .
Committee Activity (2024)
| Committee | Role | Meetings Held |
|---|---|---|
| Audit | Member | 6 |
| Contracts | Member | 5 (excludes subcommittee meetings) |
| Investment Review | Member | 4 (excludes subcommittee meetings) |
| Board (overall) | Director | 5 |
Fixed Compensation
| Component (2024 actual) | Amount | Notes |
|---|---|---|
| Aggregate Compensation from the Fund (STK) | $3,619 | Cash fees (attendance/retainer/committee); no pension accruals |
| Pension or Retirement Benefits Accrued as Part of Fund Expenses | $0 | None |
| Total Compensation from the Fund and Columbia Funds Complex | $423,000 | Total across 163 portfolios overseen (year-end 2024) |
| Compensation Structure (Effective Jan 1, 2025) | Amount | Applicability |
|---|---|---|
| Annual retainer (Independent Directors, excl. Chair) | $275,000 | Paid by funds in complex other than the two Closed-End Funds |
| Closed-End Funds annual fee (Fund + one other) | $10,000 total | Based in part on relative assets |
| Committee Chair retainer | $25,000 | Additional; if serving as Chair |
| Sub-committee Chair retainer | $15,000 | Additional; if serving as Sub-committee Chair |
| In-person Board meeting fee | $6,000 per day | For each in-person Board meeting day |
| In-person committee or sub-committee meeting fee | $3,000 per day | If not same day as a Board meeting |
| Special virtual meeting fee | $3,000 per meeting | Applies to special virtual meetings |
Additional: Independent Directors may defer up to 100% of compensation under a Deferred Compensation Plan, notionally invested in selected complex funds; distributions can be lump sum or over time; plan is unfunded for tax purposes .
Performance Compensation
| Performance-Based Element | Disclosed? | Details |
|---|---|---|
| Equity awards (RSUs/PSUs), options, performance metrics | No | Director comp is cash-based retainers/fees; proxy does not disclose equity or performance-conditioned awards for directors |
| Deferred Compensation Plan | Yes (elective deferral) | Up to 100% of cash fees may be deferred into notional fund investments; Flynn did not have a deferral footnote in 2024 (others did) |
Other Directorships & Interlocks
| Company/Organization | Type | Status/Years | Notes |
|---|---|---|---|
| Public company directorships (past 5 years) | Public | None disclosed | No current public company boards listed for Flynn in past five years |
| Boston Fed Bancorp Inc.; U.S. Trust; The Federal Savings Bank | Corporate | Prior service (years not specified) | Cited in biography; not within the last five years |
| Massachusetts Taxpayers Foundation | Non-profit | Former Trustee, 1997–2022 | Governance/oversight experience |
| The Massachusetts Business Roundtable | Non-profit | Former Director, 2003–2019 | Business/public policy |
| MA Technology Collaborative – Innovation Index Advisory Committee | Public/Quasi-public | Former Chairperson, 1997–2020 | Innovation metrics/policy leadership |
Interlocks/conflicts: No related-party transactions or interlocks involving Flynn are disclosed in the proxy; Board/committees oversee conflicts processes .
Expertise & Qualifications
- Academic leadership and governance expertise: Professor Emeritus; prior Dean of a graduate business school .
- Research focus: technology-based economic development, corporate governance, and women in business; extensive publications .
- Broad fund oversight: director overseeing 172 funds in the Columbia Funds Complex, indicating significant investment oversight exposure .
Equity Ownership
| As of Dec 31, 2024 | Flynn Ownership | Notes |
|---|---|---|
| Dollar Range of Equity Securities Owned in the Fund (STK) | $1–$10,000 | Ranges disclosed rather than share counts |
| Aggregate Dollar Range Owned Across Columbia Funds Complex | Over $100,000 | Includes value of any amounts deferred under the Deferred Compensation Plan, if applicable |
| Shares pledged as collateral | Not disclosed | No pledging disclosed for directors |
| Directors and officers as a group – % of Fund’s Common Stock | <1% | Group beneficial ownership |
Governance Assessment
- Independence and committee load: Flynn is an Independent Director serving on Audit, Contracts, and Investment Review—committees comprised solely of Independent Directors—supporting robust independent oversight .
- Financial reporting oversight: As an Audit Committee member (named in the 2025 Audit Committee Report), she participates in auditor selection/oversight and financial reporting risk oversight; the committee affirmed auditor independence and recommended inclusion of audited financials in the annual report .
- Attendance and engagement: The Fund confirms each incumbent Director met the ≥75% attendance threshold in 2024; Board and key committee meeting cadence indicates regular engagement (Board 5; Audit 6; Contracts 5; Investment Review 4) .
- Compensation alignment: Director compensation is transparent and cash-based (no equity/option grants), with the ability to defer into fund investments; Flynn’s 2024 total across the complex was $423,000 (Fund portion $3,619), consistent with multi-fund complexes and updated 2025 structure .
- Ownership alignment: Direct STK exposure is modest ($1–$10k), though aggregate complex exposure exceeds $100k; directors/officers as a group own <1% of STK—typical for closed-end funds but presents limited “skin-in-the-game” at the Fund level .
- Conflicts/RED FLAGS: No related-party transactions or conflicts involving Flynn are disclosed; no hedging/pledging, legal proceedings, or pay anomalies reported. No red flags identified in the proxy specific to Flynn .
Overall: Longstanding independent oversight with substantive committee participation (including Audit), satisfactory attendance, and clear, cash-only compensation structure. The main investor consideration is relatively low direct ownership in STK (range-disclosed), partially mitigated by the deferred compensation mechanism and aggregate complex exposure .
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