Marybeth Pilat
About Marybeth Pilat
Marybeth Pilat (born 1968) serves as Assistant Treasurer of Tri-Continental Corporation, first appointed in 2021. Her principal occupation over the past five years has been Vice President – Product Pricing and Administration at Columbia Management Investment Advisers, LLC (the Manager), since May 2017. Officers are elected annually by the Board and serve at its pleasure until successors are elected and qualify or earlier resignation. TY does not disclose executive-specific performance metrics (e.g., TSR, revenue/EBITDA growth) for officers who are employees of the Manager.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tri-Continental Corporation (TY) | Assistant Treasurer | 2021–present | Officer role elected annually by the Board |
| Columbia Management Investment Advisers, LLC | Vice President – Product Pricing & Administration | May 2017–present | Principal occupation listed in proxy (product pricing and administration) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed for Pilat in TY proxy filings |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary | — | — | Not disclosed; TY states no compensation is paid by the Corporation to officers who are employees of the Manager (except a portion for CCO) |
| Target Bonus % | — | — | Not disclosed; same reason as above |
| Actual Bonus | — | — | Not disclosed; same reason as above |
| Perquisites | — | — | Not disclosed |
TY proxy: “No compensation is paid by the Corporation or other funds in the Columbia Funds Complex to Directors or officers… who are employees or officers of the Manager or its affiliates other than the Corporation’s CCO, a portion of whose compensation is paid for by the funds…”
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs/PSUs | — | — | — | — | — |
| Stock Options | — | — | — | — | — |
| Cash STI | — | — | — | — | — |
Performance-linked pay details (metrics, weightings, targets/payouts, vesting schedules) are not disclosed for Pilat; TY does not disclose officer compensation paid by the Manager.
Equity Ownership & Alignment
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Directors & Officers as a group – Common Stock ownership (%) | <1% | <1% | <1% |
| Directors & Officers as a group – Preferred Stock ownership | 0 | 0 | 0 |
| Individual beneficial ownership for Pilat | Not disclosed | Not disclosed | Not disclosed |
| Pledged/Hedged shares policy disclosure (officers) | Not disclosed | Not disclosed | Not disclosed |
| Stock ownership guidelines for officers | Not disclosed | Not disclosed | Not disclosed |
TY discloses director ownership ranges and states the group of directors and officers own less than 1% of common stock and no preferred; individual officer holdings (including Pilat) are not itemized.
Employment Terms
- Officers are elected annually by the Board and serve until successors are elected and qualify or their earlier resignation (no employment contract terms disclosed for Pilat in TY filings).
- Severance, change-of-control, clawbacks, non-compete/non-solicit, and tax gross-up provisions for Pilat are not disclosed in TY filings (consistent with officers being employees of the Manager).
- The Manager provides day-to-day administration and oversees operations for TY; board committees oversee the Manager’s services.
Investment Implications
- Compensation alignment: Since Pilat’s compensation is paid by Columbia Management (Ameriprise) rather than TY, investor visibility into her pay-for-performance levers (salary/bonus/equity metrics, vesting) is limited in TY’s proxy, constraining direct assessment of incentive alignment at the fund level.
- Insider selling pressure and ownership alignment: TY does not disclose Pilat’s individual beneficial holdings; group ownership by directors and officers remains <1% and no preferred stock ownership, suggesting muted direct equity exposure at the fund level; pledging/hedging disclosures for officers are not provided.
- Retention and contractual risk: No officer-specific employment agreements or severance/CoC details are available in TY filings; as an officer employed by the Manager, retention and contractual economics would be governed by Manager policies outside TY’s disclosures.
- Trading signals: Absence of Pilat-specific ownership and Form 4 data in TY’s proxy limits the ability to derive insider trading signals from TY filings; focus should remain on TY portfolio performance and board governance oversight of the Manager, rather than officer-level incentives.
Note: To further evaluate incentive alignment, vesting risk, and trading signals for Pilat, investors would need disclosures from Ameriprise/Columbia Management or applicable Section 16 filings identifying Pilat as a reporting person for TY, which are not present in TY’s proxy materials.