Maureen Usifer
About Maureen K. Usifer
Independent Trustee/Director of Liberty All-Star Equity Fund (USA) and Liberty All-Star Growth Fund since 2018; born 1960, and currently serves as Audit Committee Chair and the Board-designated audit committee financial expert for both Funds . Her background includes CFO roles and significant financial oversight experience, notably as CFO of Seventh Generation (2012–2016) and service on regulatory and academic boards, supporting strong board effectiveness in audit and risk oversight . Current terms: Equity Fund Trustee term expires 2027; Growth Fund Director term expires 2026 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Seventh Generation, Inc. | Chief Financial Officer | 2012–2016 | Executive finance leadership (supports audit expertise) |
| Green Mountain Care Board (State of Vermont) | Board Member | 2017–2021 | Financial regulatory oversight |
| Saint Michael’s College | Board of Trustees | 2015–2024 | Operations and audit committee service |
| Healthy Living Market | Board Advisor | 2017–2023 | Advisory capacity (governance/operations) |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Charlotte’s Web | Director | 2024–Present | Not disclosed |
| PC Construction | Director | 2021–Present | Not disclosed |
| BlackRock TCP Capital Corp | Director | 2024–Present | Audit chair/committee not disclosed |
| BlackRock Private Credit Fund | Trustee | 2022–Present | Not disclosed |
| BlackRock Direct Lending Corp | Director | 2024–Present | Not disclosed |
Board Governance
- Committees: Audit Committee Chair and member; designated “audit committee financial expert” for both Funds; Audit Committee comprised entirely of independent Trustees/Directors (NYSE standards and 1940 Act) .
- Nominating & Governance Committee: Member; Committee chaired by John Neuhauser; operated under Charter last reviewed December 5, 2024 .
- Independence: All Trustees/Directors are independent; Chairman (Thomas W. Brock) is independent .
- Attendance: In FY2024, each Board met four times and the Audit Committees met four times; all sitting Trustees/Directors attended all Board and Audit Committee meetings, except one August 2024 Audit Committee meeting where Mr. Brock did not attend (implies 100% attendance for Usifer). No formal policy on annual meeting attendance; none attended the 2024 shareholder meetings .
- Executive sessions: Independent Trustees/Directors hold at least one in-person meeting annually without management .
- Tenure: Trustee since 2018 (Equity Fund); Director since 2018 (Growth Fund) .
Fixed Compensation
| Fund | Cash Compensation (FY2024) | Notes |
|---|---|---|
| Liberty All-Star Equity Fund (USA) | $74,076 | Reviewed by Nominating & Governance Committee; no bonus/profit sharing/retirement plan |
| Liberty All-Star Growth Fund | $26,924 | Reviewed by Nominating & Governance Committee; no bonus/profit sharing/retirement plan |
| Total from Fund Complex | $101,000 | Fund Complex defined per proxy |
Performance Compensation
- None disclosed for Independent Trustees/Directors; the Funds do not maintain bonus, profit sharing, or retirement plans for Trustees/Directors .
Other Directorships & Interlocks
| Company | Type | Role | Tenure |
|---|---|---|---|
| Charlotte’s Web | Public | Director | 2024–Present |
| BlackRock TCP Capital Corp | Public BDC | Director | 2024–Present |
| BlackRock Direct Lending Corp | Public/Private Credit | Director | 2024–Present |
| BlackRock Private Credit Fund | Registered Fund | Trustee | 2022–Present |
| PC Construction | Private | Director | 2021–Present |
- Related party/manager independence: As of Dec 31, 2024, no Independent Trustee/Director (or immediate family) owned any class of securities of another investment adviser or Portfolio Manager of the Funds or their affiliates, supporting independence from service providers .
- Potential interlocks: She serves on boards of companies/funds that may from time to time be held in the Funds’ portfolios; no related-party transactions or conflicts are disclosed in the proxy .
Expertise & Qualifications
- Designated audit committee financial expert; extensive financial accounting experience and prior CFO roles .
- Regulatory oversight experience (Green Mountain Care Board) and institutional board service (Saint Michael’s College), including operations/audit committees—aligned with risk oversight responsibilities of closed-end fund boards .
- Multi-fund board experience across public credit vehicles enhances understanding of valuation, liquidity, and compliance frameworks .
Equity Ownership
| Fund | Shares Owned | Dollar Range | Ownership % of Shares Outstanding |
|---|---|---|---|
| Liberty All-Star Equity Fund (USA) | 6,600 | $10,001–$50,000 | <1% (each Trustee individually <1%) |
| Liberty All-Star Growth Fund | 7,600 | $10,001–$50,000 | <1% (each Trustee individually <1%) |
| Aggregate (All Funds Overseen) | — | $50,001–$100,000 | — |
- Directors and officers as a group own less than 1% of each Fund’s outstanding shares .
Governance Assessment
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Positive signals:
- Audit Committee Chair and SEC-defined financial expert—enhances financial reporting oversight and auditor independence .
- Strong engagement: 100% attendance at Board and Audit Committee meetings in FY2024; consistent participation supports effectiveness .
- Independence from adviser and portfolio managers; Board fully independent; independent Chair—reduces conflict risk .
- Meaningful, albeit modest, personal share ownership in both Funds indicates some alignment with shareholders .
-
Watch items:
- External board load across multiple credit vehicles (BlackRock TCP Capital Corp, BlackRock Direct Lending Corp, BlackRock Private Credit Fund) and Charlotte’s Web—time commitments should be monitored to ensure continued high engagement; no conflicts disclosed in proxy .
- No explicit director stock ownership guideline disclosure—alignment framework not specified in proxy .
-
RED FLAGS: None disclosed in the proxy related to attendance, related-party transactions, hedging/pledging, or legal proceedings. As of Dec 31, 2024, Section 16(a) compliance met for applicable insiders .