Dina Tantra
About Dina A. Tantra
Independent Trustee of Thornburg Income Builder Opportunities Trust (TBLD) since 2020; Chair of the Nominating & Corporate Governance Committee. Year of birth: 1969. Legal/compliance background spanning 30+ years across investment advisers, broker-dealers, fund governance; degrees include B.A. (Pomona College), J.D. (Ohio State Moritz College of Law), and a Finance for Executives certificate (Chicago Booth) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Advisers Investment Trust | Trustee and President | 2012–2017 | Oversight of multi-series trust governance |
| Ultimus Fund Solutions | Executive Vice President | 2017–2018 | Senior leadership across fund administration/compliance |
| Foreside Financial | Managing Director | 2016–2017 | Broker-dealer management; distribution/compliance |
| Beacon Hill Fund Services | Director & General Counsel | 2008–2016 | Legal, client development, fund services |
| JOOT | Chief Strategy Officer | 2019–2023 | Asset management consulting strategy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Global Rhino | Co-Founder / Co-CEO | 2018–present | Asset management consulting leadership |
| Boston Trust Walden Funds | Director | 2021–present | Public fund board service |
| Heartland Funds | Director | 2022–present | Public fund board service |
| Advisers Investment Trust | Trustee & President | 2012–2017 | Prior board/executive role |
Board Governance
- Board composition: four Trustees as of Nov 6, 2024; three are Independent Trustees. Effective Oct 1, 2024 one Trustee resigned; board size reduced from five to four to reflect current size .
- Leadership: Chair of the Board is an “interested” trustee (CFO of the Adviser); mitigants include Independent Trustees chairing Audit and Nominating & Corporate Governance committees, regular independent sessions with counsel/auditors without management, and a Lead Independent Trustee role .
- Committees and roles:
- Audit Committee: Members — Anne Kritzmire, Dina Tantra, Brian Wixted; Chair — Brian Wixted; 4 meetings in last fiscal year .
- Nominating & Corporate Governance Committee: Members — Anne Kritzmire, Dina Tantra, Brian Wixted; Chair — Dina Tantra; 3 meetings in last fiscal year .
- Independence: Tantra is designated an Independent Trustee; committee structures explicitly consider independence beyond 1940 Act requirements .
- Shareholder meeting attendance: Trustees are not required to attend annual shareholder meetings .
Fixed Compensation
- Policy: Independent Trustees receive an annual cash retainer of $50,000; Lead Independent Trustee receives $8,000; Chairs of Audit and Nominating & Corporate Governance each receive $6,000; other committee members receive $1,500 per committee; reasonable out-of-pocket expenses reimbursed .
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Retainer (Independent Trustees) | $50,000 | Cash retainer |
| Lead Independent Trustee Fee | $8,000 | Cash; applies to Lead Independent Trustee (not Tantra) |
| Audit Committee Chair Fee | $6,000 | Cash; not Tantra |
| Nominating & Corporate Governance Chair Fee | $6,000 | Cash; applies to Tantra |
| Committee Membership Fee (per committee) | $1,500 | Cash per committee |
| Pre-2023 structure (reference) | Retainer $20,000; meeting fees existed pre-2023 | Prior regime ended 1/1/2023 |
- Aggregate Compensation (reported):
| Fiscal Year (ended Sep 30) | Aggregate Compensation from Trust | Fund Complex Total | Citation |
|---|---|---|---|
| 2022 | $35,500 | $35,500 | |
| 2023 | $51,625 | $51,625 | |
| 2024 | $57,500 | $57,500 |
Compensation structure analysis (signals):
- Shift to higher fixed cash retainer effective Jan 1, 2023 (from $20,000 to $50,000), with meeting fees discontinued; increases in Tantra’s aggregate compensation in FY 2023 and FY 2024 consistent with committee chair responsibilities and revised structure .
Performance Compensation
| Metric Category | Details |
|---|---|
| Equity grants (RSUs/PSUs) | Not disclosed for Independent Trustees; compensation is cash-based |
| Options/derivatives | Not disclosed for Independent Trustees |
| Performance metrics (TSR, NAV, ESG, EBITDA, revenue) | Not disclosed for director compensation |
| Clawbacks / change-of-control | Not disclosed for directors |
Other Directorships & Interlocks
| Company/Trust | Sector/Type | Role | Committee Positions (if disclosed) |
|---|---|---|---|
| Boston Trust Walden Funds | Investment funds | Director | Not disclosed |
| Heartland Funds | Investment funds | Director | Not disclosed |
| Advisers Investment Trust | Investment funds | Trustee & President (prior) | Not disclosed |
- Potential interlocks/conflicts: Proxies state the committee’s independence standard considers business, financial or family relationships with the Adviser or service providers; no specific related-party transactions involving Tantra are disclosed .
Expertise & Qualifications
- Core expertise: Legal and compliance leadership across investment advisers, broker-dealers, mutual fund distribution/servicing/governance; oversight of legal, finance, and compliance teams .
- Education: B.A. in Psychology (Pomona), J.D. (Ohio State Moritz), Finance for Executives certificate (Chicago Booth) .
- Board qualifications: Chairs Governance; member of Audit; independence emphasis in candidate selection .
Equity Ownership
| As of Date | Dollar Range of Equity Securities in TBLD | Dollar Range across Registered Investment Companies overseen | Citation |
|---|---|---|---|
| Dec 31, 2022 | $50,001–$100,000 | $50,001–$100,000 | |
| Dec 31, 2023 | $50,001–$100,000 | $50,001–$100,000 | |
| Dec 31, 2024 | $50,001–$100,000 | $50,001–$100,000 |
- Adviser/Underwriter securities: As of Dec 31, 2024, none of the Trustees or their immediate family members beneficially owned any class of securities of the investment adviser or principal underwriter, or affiliates thereof .
Insider Trades
| Person | Query Window | Source | Result |
|---|---|---|---|
| Dina A. Tantra | 2023-01-01 to 2025-11-20 (filing date) | insider-trades skill fetch_insider_trades.py | No Form 4 transactions found (query executed 2025-11-20) |
Governance Assessment
-
Positives:
- Strong governance involvement as Chair of Nominating & Corporate Governance; active committee calendar (3 meetings) and membership on Audit (4 meetings) indicate engagement .
- Consistent, non-trivial personal investment in TBLD ($50k–$100k dollar range), aligning interests with shareholders .
- Independence formally recognized; governance processes scrutinize independence beyond statutory requirements .
-
Watch items / RED FLAGS:
- Board Chair is an “interested” trustee (Adviser CFO); while mitigated by independent committee chairs and a Lead Independent Director, this structure can reduce perceived board independence in oversight of the Adviser .
- Trustees are not required to attend annual shareholder meetings, which can weaken direct shareholder accountability for directors .
- Board size reduction (Nov 6, 2024) from five to four Trustees concentrates oversight; continued monitoring warranted for workload distribution and committee effectiveness .
-
Related-party exposure:
- No trustee/adviser/underwriter security holdings by trustees or immediate family members as of Dec 31, 2024 noted; reduces direct financial conflicts .
- No 8‑K disclosures of director-related events were identified in 2023–2025 in our search; continue monitoring for updates.
-
Compensation signals:
- Post-2023 compensation framework emphasizes fixed cash over meeting fees; year-over-year increases in Tantra’s aggregate pay reflect role-specific chair fees and standardized retainers, not discretionary awards; no equity/performance-based incentives disclosed for directors .
Overall, Tantra’s profile reflects deep compliance/legal expertise, independent status, and meaningful share ownership, supporting governance quality; oversight independence is partially offset by the board’s interested chair structure, with mitigations via committee leadership and independent sessions .