Matthew G.P. Sallee
About Matthew G.P. Sallee
Matthew G.P. Sallee (born 1978) is Chief Executive Officer of TEAF (Tortoise Sustainable & Social Impact Term Fund) and TYG, appointed CEO effective June 7, 2024; he is a Managing Director at Tortoise Capital Advisors and has held a CFA designation since 2009 . He signed TEAF’s SEC shareholder reports in 2025 as Chief Executive Officer/Principal Executive Officer, confirming executive responsibility for the fund’s disclosures . During his tenure, TEAF reported portfolio performance including a 4.76% NAV total return and 2.06% market total return for the first half of fiscal 2024 (Nov 30–May 31), and the listed sustainable infrastructure sleeve returned 14.7% in the subsequent period referenced in 2025 reporting, outperforming relevant indices; TEAF was merged into TYG effective November 7, 2025, with TYG as the continuing fund .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TEAF (Fund) | Chief Executive Officer | Since June 7, 2024 | CEO for TEAF, signed N-CSR certifications and led fund communications |
| Tortoise Energy Infrastructure Corp. (TYG) | Chief Executive Officer; President | CEO since June 7, 2024; President since June 30, 2015 | Executive leadership of flagship closed-end funds; Investment Committee member since 2015 |
| Tortoise Capital Advisors, L.L.C. | Managing Director; Senior Portfolio Manager; Portfolio Manager; Investment Committee member | MD since Jan 2014; Sr PM since Feb 2019; PM Jul 2013–Jan 2019; Investment Committee since Jun 30, 2015 | Leads portfolio management and investment decision-making at the Adviser; CFA since 2009 |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Public company directorships | None | — | No other public company directorships disclosed for Sallee |
Fixed Compensation
- TEAF does not compensate its officers (including the CEO); officers are employees of the Adviser (Tortoise Capital Advisors). No base salary/bonus is paid by TEAF, and TEAF has no standing compensation committee requirement as a registered closed-end fund .
Performance Compensation
- Not disclosed at the fund level (TEAF pays no officer compensation; any incentive compensation would be at the Adviser and is not reported in TEAF’s proxy). TEAF has no standing compensation committee; NYSE rules do not require one for registered closed-end funds .
Equity Ownership & Alignment
| Metric | As disclosed | Notes |
|---|---|---|
| TEAF shares owned by M.G.P. Sallee | 1,250 shares | As of May 31, 2025; less than 1% of outstanding |
| % of TEAF shares outstanding | <1% | As of May 31, 2025; TEAF had 13,491,127 common shares outstanding |
| TYG shares owned by M.G.P. Sallee | 3,287 shares | As of May 31, 2025; <1% |
| Pledging/hedging | Not disclosed | No pledging disclosures for officers in the proxy |
| Section 16 compliance | In compliance | Company states directors/officers complied with Section 16(a) filing requirements in last fiscal year |
Employment Terms
- Role and service: Officers serve until successors are elected/qualified or upon resignation/removal; Sallee is CEO of TEAF and TYG since June 7, 2024 and serves as an officer of funds within the “Fund Complex.” Officers are employees of the Adviser and deemed “interested persons” under the 1940 Act .
- Committees and governance context: TEAF Board committees include Executive (Florence, Ciccotello), Audit & Valuation, Nominating & Governance, and Compliance—each committee (other than Executive) comprised of independent directors; Chairman of the Board is Tom Florence; Lead Independent Director is Conrad S. Ciccotello .
- Compensation committee: None (not required for closed-end funds); independent director retainers and meeting fees are disclosed separately (not applicable to officers) .
- Employment contracts, severance, CoC, clawbacks, ownership guidelines: Not disclosed at the fund level for officers; such terms, if any, would reside with the Adviser and are not reported by TEAF .
Performance & Track Record
| Metric | Period 1 | Period 2 | Period 3 | Period 4 |
|---|---|---|---|---|
| TEAF NAV total return | 4.76% (Nov 30–May 31, FY2024) | 1-year 4.37% (as of May 31, 2024) | 3-year 3.69% (annualized, as of May 31, 2024) | 5-year 3.06% (annualized, as of May 31, 2024) |
| TEAF Market total return | 2.06% (Nov 30–May 31, FY2024) | 1-year 4.37% (as of May 31, 2024) | 3-year 0.13% (annualized, as of May 31, 2024) | 5-year -1.20% (annualized, as of May 31, 2024) |
| Listed sustainable infrastructure sleeve return | 14.7% (period referenced in 2025 report) | S&P Global Infrastructure Index 7.7% (same period) | MSCI World Utilities 6.2% (same period) | — |
- Structural change: TEAF was merged into TYG effective November 7, 2025 (TEAF shares converted into TYG shares at an exchange ratio of 0.2882637), positioning the combined fund with ~$1.3B AUM and maintaining TYG’s strategy focused on energy/power infrastructure .
Board Governance
- Leadership: Chairman Thomas Florence (interested); Lead Independent Director Conrad S. Ciccotello; independent directors include Ciccotello, Rand C. Berney, and Alexandra A. Herger .
- Committees: Executive (Florence, Ciccotello); Audit & Valuation (independent; Berney Chair; Ciccotello and Herger members); Nominating & Governance (independent); Compliance (independent) .
- Board activity: In FY2024, TEAF’s Board held 7 meetings; Audit & Valuation 5; Nominating & Governance 2; Compliance 2. All directors attended at least 75% of aggregate Board+committee meetings .
Additional Context and Risk Indicators
- Litigation context (fund complex): Shareholder derivative actions concerning TYG’s governance/leverage during 2020 market volatility were dismissed at trial court on certain grounds and remain under appeal; a related “demand refused” action is stayed pending appeal. Although centered on TYG, these matters frame governance and shareholder engagement dynamics within the complex in which Sallee operates .
- Auditor changes: The funds replaced Ernst & Young LLP with Tait, Weller & Baker LLP as independent auditors in 2025; prior EY reports had no adverse opinions and a prior material weakness at TYG (tax accounting during conversion to RIC) was remediated by Nov 30, 2023 .
Investment Implications
- Alignment and incentives: TEAF pays no officer compensation; direct “pay-for-performance” levers at the fund are limited. Sallee’s alignment derives from personal share ownership (1,250 TEAF shares; <1%) and his long-standing investment roles at the Adviser (CFA, Investment Committee member). This suggests alignment more through professional reputation and Adviser economics than fund-level pay .
- Retention and transition risk: The CEO role at TEAF/tyG is tied to employment with the Adviser; no fund-level employment or severance terms are disclosed. The 2025 TEAF→TYG merger consolidates leadership scope and could reduce role redundancy but also concentrates responsibilities at TYG—overall, modest retention risk given continuity at the Adviser .
- Trading signals: No pledging disclosures and Section 16 compliance reported; without Form 4 detail in the proxy, there is no evidence of insider selling pressure from Sallee in TEAF filings. Focus instead on portfolio actions and the merger’s exchange ratio and strategy continuity at TYG for trading cues .
- Execution track record: Reported period returns indicate constructive sleeve performance under Sallee’s CEO window (listed sustainable infrastructure +14.7% vs indices), while earlier FY2024 fund returns were positive but trailed broader infrastructure benchmarks. The TYG combination aims to scale and streamline, potentially improving efficiency and market positioning .