Thomas P. McGuire
About Thomas P. McGuire
Thomas P. McGuire serves as Senior Vice President and Chief Compliance Officer (CCO) of Tri-Continental Corporation (TY) and has held the CCO role since 2012; he was born in 1972 . His background is anchored in asset management compliance at Ameriprise Financial, with concurrent CCO responsibilities across Columbia Acorn/Wanger Funds since 2015 and prior service as CCO of Ameriprise Certificate Company from 2010 to 2020 . The fund’s proxy statements do not disclose TSR or operating performance metrics tied to his compensation; officers of TY are not directly compensated by the Corporation (with the exception that a portion of the CCO’s compensation is paid by the funds within the Columbia Funds Complex) .
Past Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Tri-Continental Corporation (TY) | Senior Vice President and Chief Compliance Officer | 2012–present | CCO for the Corporation |
| Ameriprise Financial, Inc. | Vice President – Asset Management Compliance | Since May 2010 | Asset management compliance leadership |
| Columbia Acorn/Wanger Funds | Chief Compliance Officer | Since Dec 2015 | Fund complex CCO responsibilities |
| Ameriprise Certificate Company | Chief Compliance Officer | Sept 2010–Sept 2020 | Former CCO role |
External Roles
No external directorships or outside board roles are disclosed for Mr. McGuire in the TY proxy statements reviewed .
Fixed Compensation
- Officers of TY who are employees of the Manager (Columbia Management/Ameriprise) or its affiliates do not receive direct compensation from the Corporation; however, a portion of the Corporation’s CCO compensation is paid by the funds within the Columbia Funds Complex, including TY . Earlier proxies reiterate that no compensation is paid by the Corporation to officers affiliated with the Manager (without citing the CCO exception in those years) .
Context – independent directors’ aggregate fees paid by TY (illustrates governance cash outflows):
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Independent Directors – Aggregate Direct Remuneration | $59,340 | $58,077 | $58,528 | $58,019 | $63,807 |
Performance Compensation
- The Corporation does not grant equity awards (RSUs/PSUs/options) or pay non-equity incentives to officers who are employees of the Manager or its affiliates; there is no pay-for-performance plan disclosed for officers at the Corporation level .
- Consequently, no vesting schedules, performance metric weightings, targets, payouts, or award values are disclosed for Mr. McGuire at the issuer level .
Equity Ownership & Alignment
| Metric | As of Dec 31, 2020 | As of Dec 31, 2021 | As of Dec 31, 2022 | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|---|---|---|
| Directors and officers as a group – % of Common Stock outstanding | <1% | <1% | <1% | <1% | <1% |
| Directors and officers – Preferred Stock ownership | 0 | 0 | 0 | 0 | 0 |
- Individual officer-level ownership for Mr. McGuire is not itemized; the proxies provide group-level ownership and director dollar ranges, not officer-specific share counts .
- No pledging or hedging disclosures for officers are provided in the TY proxy excerpts reviewed .
Employment Terms
| Term | Disclosure |
|---|---|
| Officer election & term | Officers are elected annually by the Board and serve until successors are elected and qualify or earlier resignation . |
| Compensation source | Officers affiliated with the Manager are compensated by the Manager; the Corporation does not pay them directly, except that the CCO’s compensation is partially funded by funds in the Columbia Funds Complex (including TY) . |
| Contracts, severance, change-of-control | Not disclosed for officers of TY in the proxy statements reviewed . |
Investment Implications
- Pay-for-performance signals are structurally limited: as an externally managed closed-end fund, TY does not directly compensate its officers, so typical incentive levers (bonus metrics, equity grants, vesting, severance economics) for Mr. McGuire are absent at the issuer level; the only exception is that a portion of the CCO’s compensation is borne by the funds, reflecting cost allocation rather than performance incentives .
- Alignment via stock ownership is minimal at the issuer level (directors and officers as a group <1% ownership), reducing insider trading signal utility and “skin-in-the-game” proxies for officers; no pledging red flags are disclosed in the proxies reviewed .
- Retention and execution risk for the CCO role largely reside with Ameriprise/Columbia Management rather than the fund; governance oversight of compliance remains within the fund’s board structures with annual officer elections and shared CCO cost funding across the complex .