George S. Batejan
About George S. Batejan
Independent Director of Tri-Continental Corporation (TY); born 1954; director since January 2018 with current term 2024–2027. Former Executive Vice President and Global Head of Technology and Operations at Janus Capital Group (2010–2016), with prior senior technology/operations leadership roles at Evergreen Investments, OppenheimerFunds, American International Group, and an 18-year tenure at Chase Manhattan Bank; oversees 172 funds in the Columbia Funds Complex. Committee assignments: Compliance, Contracts, and Investment Review. The Board confirms all incumbent directors attended at least 75% of Board and relevant committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Janus Capital Group, Inc. | EVP, Global Head of Technology and Operations | 2010–2016 | Led global technology and mutual fund operations (fund accounting/treasury/tax, transfer agent, trade processing/settlement, proxy, corporate actions, operational risk, continuity, cybersecurity) |
| Evergreen Investments, Inc. | Senior Vice President & Chief Information Officer | Not disclosed | CIO leadership experience |
| OppenheimerFunds, Inc. | Executive Vice President & Chief Information Officer | Not disclosed | CIO leadership experience |
| American International Group | Head of International P&C Operations & Systems; Senior Vice President | Not disclosed | Global insurance operations oversight |
| Chase Manhattan Bank, N.A. | Private Banking VP; Division Executive, Americas Service Delivery Group | 18-year tenure | Service delivery leadership across Americas |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NICSA (National Investment Company Service Association) | Chairman of the Board; Executive Committee, Nominating, Governance | 2014–2016 | Industry leadership; governance and nominations |
| Intech Investment Management | Director | 2011–2016 | Board governance at institutional asset manager |
| Metro Denver Chamber of Commerce | Board Member | 2015–2016 | Regional business advocacy |
| University of Colorado Business School | Advisory Board Member | 2015–2018 | Academic/industry advisory contribution |
| Chase Bank International | Board Member | 1993–1994 | International banking oversight |
Board Governance
- Independence: Classified as an Independent Director; all standing committees (Board Governance, Compliance, Contracts, Investment Review, Audit) are comprised solely of Independent Directors. Audit Committee members meet NYSE independence standards.
- Committees: Compliance, Contracts, Investment Review. No chair roles disclosed.
- Attendance: Each incumbent director attended at least 75% of the Board and applicable committee meetings held during 2024; the Board met 5 times in 2024.
- Committee activity levels (2024): Board Governance (6), Compliance (4), Contracts (5), Investment Review (4), Audit (6).
- Board Chair: Pamela G. Carlton (Independent) serves as Chair; not held by Batejan.
Fixed Compensation
| Component | Amount | Period/Effective Date | Notes |
|---|---|---|---|
| Aggregate compensation from TY | $6,381 | FY 2024 | Includes attendance/retainer/committee fees; Batejan deferred $319 of this amount |
| Total compensation from TY + Columbia Funds Complex | $438,000 | FY 2024 | Cash compensation across 163 portfolios overseen |
| Closed-End Funds annual fee (TY + one other fund) | $10,000 | Ongoing; structure described | Paid to independent directors (ex-Chair) based partly on relative assets |
| Columbia Funds Complex annual retainer (ex Closed-End Funds) | $275,000 | Effective Jan 1, 2025 | Independent Directors (ex-Chair) |
| Committee Chair additional retainer | $25,000 | Effective Jan 1, 2025 | For chair roles (none disclosed for Batejan) |
| Sub-committee Chair additional retainer | $15,000 | Effective Jan 1, 2025 | For sub-committee chairs |
| Meeting fees – Board (in-person) | $6,000 per day | Effective Jan 1, 2025 | Applies when not same day as committee meetings |
| Meeting fees – Committee (in-person) | $3,000 per day | Effective Jan 1, 2025 | If not on same day as Board meeting |
| Special virtual meeting fee | $3,000 per meeting | Effective Jan 1, 2025 | All independent directors |
| Deferred Compensation Plan | Elected deferral: $319 (TY portion) | FY 2024 | Plan returns track designated Columbia funds; unfunded for tax purposes |
Performance Compensation
- No equity awards (RSUs/PSUs), stock options, or explicit performance-linked metrics for director pay are disclosed; compensation consists of cash retainers, meeting fees, and optional deferrals linked to fund returns rather than corporate performance metrics.
Other Directorships & Interlocks
| Company/Organization | Type | Relationship to TY/Manager | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| NICSA | Industry association | Unrelated to Columbia/Ameriprise | No related-party transaction disclosed |
| Intech Investment Management | Asset manager (affiliated with Janus) | Unrelated to Columbia/Ameriprise | Prior Janus affiliation; no TY-related transactions disclosed |
| Chase Bank International | Banking | Unrelated to Columbia/Ameriprise | Historical role; no current ties disclosed |
| Metro Denver Chamber; Univ. of Colorado Business School | Non-profit/academic | Unrelated | No related-party exposure disclosed |
Expertise & Qualifications
- 40+ years in financial services with deep experience in technology, operations, and mutual fund support functions (fund accounting/treasury/tax, transfer agent, trading operations, corporate actions, risk, business continuity, cybersecurity).
- Governance exposure: Chair of NICSA; service on Ethics, Global Risk, and Cyber Security Committees at a major investment manager; broad board service across corporate/non-profit sectors.
- CIO experience across multiple asset managers (Evergreen, OppenheimerFunds) and senior operations leadership at AIG and Chase Manhattan Bank.
Equity Ownership
| Holding Measure | TY Ownership | Columbia Funds Complex Ownership | Notes |
|---|---|---|---|
| Dollar range owned (as of Dec 31, 2024) | $1–$10,000 | Over $100,000 | Complex figure includes deferred compensation valued as if invested in designated funds |
| Directors & officers as a group | <1% of TY common stock | — | Group beneficially owned less than 1% of TY common shares; no preferred shares owned |
| Outstanding shares (for context) | Common: 51,961,090.187; Preferred: 752,740 (2 votes/share) | — | Record date April 29, 2025 |
Governance Assessment
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Independence and committee load: Independent status with assignments on Compliance, Contracts, and Investment Review aligns with his operational/compliance expertise; all such committees are solely independent, enhancing oversight credibility.
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Attendance and engagement: Incumbent directors, including Batejan, met the ≥75% attendance threshold; Board held 5 meetings in 2024, with active committee cadence (Compliance 4; Contracts 5; Investment Review 4).
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Pay structure and alignment: High absolute compensation at the complex level ($438,000 in 2024) is cash-based; optional deferrals link payouts to fund performance rather than corporate KPIs, providing some market-linked alignment but no equity ownership incentives at TY.
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Ownership signal: Direct TY ownership disclosed only as a dollar range ($1–$10,000), indicating limited direct economic exposure to TY; group ownership under 1% suggests overall low insider stake typical of closed-end funds.
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Conflicts and related-party exposure: No related-party transactions, loans, pledging, hedging, or tax gross-ups disclosed; prior roles at Janus-affiliated entities are historical and not tied to Columbia/Ameriprise, reducing current conflict risk.
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RED FLAGS:
- Limited disclosed direct ownership in TY ($1–$10,000) may constrain “skin-in-the-game” optics versus corporate boards with equity grants.
- No performance-linked director pay metrics (e.g., TSR, EBITDA, ESG) disclosed; compensation relies on cash retainers/fees and optional deferrals.
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Positive signals:
- Extensive operations/technology oversight experience relevant to fund governance and risk management.
- Independent committee structure and confirmed attendance support board effectiveness.