Greg Burglin
About Greg Burglin
Greg Burglin is an independent director of Firsthand Technology Value Fund, Inc. (SVVC), serving since 2010 and currently in Class I with a term through the 2027 annual meeting; he is an accounting and tax specialist and has been a tax consultant for more than five years (born 1960; age 65) . He holds a B.S. in Business Administration from the University of California, Berkeley and a Master’s in Taxation from Golden Gate University, and he also serves as a trustee of Firsthand Funds (two portfolios) since 2008, bringing fund governance experience to SVVC’s board . He is deemed independent under Nasdaq corporate governance rules and is not an “interested person” under the Investment Company Act of 1940 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SVVC (Firsthand Technology Value Fund, Inc.) | Independent Director (Class I) | Serving since 2010; current term through 2027 | Chairs Audit Committee (oversight of auditors, internal controls, financial reporting) and Valuation Committee (fair value of illiquid securities); member of Nominating and Compensation Committees |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Firsthand Funds (2 portfolios) | Trustee | Since Nov 2008 – present | Fund governance experience within same fund complex; adviser FCM also advises these funds |
| Tax consulting practice | Tax Consultant | “More than 5 years” (current) | Accounting/tax expertise applied to audit/valuation oversight at SVVC |
Board Governance
- Committee assignments and chairs: Burglin chairs the Audit Committee and the Valuation Committee (both fully independent), and serves on the Nominating and Compensation Committees (both fully independent) .
- Independence: The board has two independent directors (including Burglin); Burglin is independent under Nasdaq rules and not an “interested person” under the 1940 Act .
- Attendance and engagement: In 2024, the board met 4 times; Audit 4; Valuation 4; Nominating 1; Compensation 1. All directors attended at least 75% of board and committee meetings .
- Board leadership: SVVC combines Chairman/CEO roles (held by Kevin Landis, an “interested person”); there is no designated Lead Independent Director. The company relies on independent committee leadership (including Burglin’s chairs) to mitigate conflicts .
- Executive sessions: Independent directors meet separately from management at each regular board meeting and at least annually with the CCO .
- Audit committee financial expert: The board determined no member of the Audit Committee qualifies as an “audit committee financial expert” under Item 407 of Regulation S‑K (note: potential governance weakness despite Burglin’s chair role) .
- Anti-hedging: Directors and officers are prohibited from hedging/short sales and trading options on SVVC stock .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual cash retainer (Independent Directors) | $50,000 | Paid to each independent director; interested directors receive none . |
| Meeting fees | Reimbursement of reasonable out‑of‑pocket expenses for in‑person board meetings | No per‑meeting cash fee disclosed beyond expense reimbursement . |
| Committee chair/member fees | Not disclosed | No incremental chair/member fees disclosed; committees operate under charters . |
| Deferred Compensation Plan election | 50% of 2024 fees deferred ($25,000) | Liability tracks SVVC NAV; election made by Burglin and Lee . |
Performance Compensation
| Component | Metrics | Payout/Structure | Notes |
|---|---|---|---|
| Performance-based cash bonus | None disclosed | N/A | No performance cash program disclosed for directors . |
| Equity awards (RSUs/PSUs/Options) | None disclosed | N/A | No director equity awards disclosed; company notes separate 2023 Director Plan but no awards detailed for 2024 . |
| Clawbacks / COI change-in-control | Not disclosed for directors | N/A | No director-specific clawback or CIC provisions disclosed . |
Other Directorships & Interlocks
| Company/Organization | Public/Private | Role | Dates | Interlock/Notes |
|---|---|---|---|---|
| Firsthand Funds (2 portfolios) | Registered investment company | Trustee | Since 2008 | Same fund complex; FCM is adviser to SVVC and Firsthand Funds; board notes independence of Burglin . |
Expertise & Qualifications
- Accounting and tax specialist; long-tenured trustee in the mutual fund complex, providing oversight of valuation and financial reporting practices .
- Educational credentials: B.S. Business Administration (UC Berkeley); M.S. Taxation (Golden Gate University) .
- Board qualifications cited: tax/accounting expertise; chairs Valuation Committee; familiarity with FCM and registered fund operations .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 2,250 shares . |
| Ownership as % of shares outstanding | Less than 1% (based on 6,893,056 shares outstanding) . |
| Dollar range (director disclosure) | $1 – $10,000 (SVVC and aggregate across fund complex) . |
| Vested vs. unvested shares | Not disclosed; no equity awards disclosed . |
| Options (exercisable/unexercisable) | None disclosed . |
| Shares pledged as collateral | Not disclosed; company has anti‑hedging policy; no specific pledging prohibition disclosed in proxy . |
| Ownership guidelines | Not disclosed for directors . |
| Anti‑hedging compliance | Policy prohibits hedging and short transactions by directors . |
| Deferred compensation alignment | 50% of 2024 fees deferred; liability tracks SVVC NAV, creating economic exposure to stock performance . |
Governance Assessment
-
Strengths
- Independent oversight concentration: Burglin chairs both the Audit and Valuation Committees—key functions for a BDC with illiquid holdings; both committees met four times in 2024, indicating active oversight .
- Independence and conflict safeguards: Burglin and other independent directors meet separately from management; none of the independent directors or immediate family members own securities in the adviser or underwriters, reducing direct adviser conflicts .
- Alignment signal: 50% deferral of director cash fees with value tracking SVVC NAV partially aligns director economics with shareholder outcomes .
-
Risks / RED FLAGS
- Audit Committee financial expert gap: The board determined no Audit Committee member qualifies as an “audit committee financial expert,” despite Burglin chairing the committee—an investor confidence concern for financial reporting robustness .
- Concentration of power: Combined Chair/CEO role is held by an interested person; absence of a Lead Independent Director heightens reliance on committee chairs (including Burglin) to counterbalance management influence .
- Low direct ownership: Burglin’s reported holdings are modest (2,250 shares; <$10,000), which may limit “skin‑in‑the‑game” alignment vs. peers that emphasize meaningful director stock ownership .
- Limited disclosure on pay levers: No performance-based director pay or equity grants, and no ownership guideline disclosure—investors have fewer explicit alignment mechanisms to assess .
-
Related‑party/COI context
- The adviser (FCM) manages both SVVC and other funds; executives and directors (including the Chair/CEO) serve across related entities. While the proxy outlines fair and equitable allocation intent, this structure requires strong independent committee oversight—roles that Burglin currently leads .
Overall: Burglin’s tax/accounting background and leadership of the Audit and Valuation Committees are positives for board effectiveness in a BDC with fair value judgments; however, the lack of an “audit committee financial expert,” low personal ownership, and a combined Chair/CEO without a Lead Independent Director create governance headwinds that investors should monitor closely .