Milton Irvin
About Milton M. Irvin
Milton M. Irvin is an Independent Trustee of Liberty All-Star Equity Fund (USA) since 2018 and an Independent Director of Liberty All-Star Growth Fund since 2018; his year of birth is 1949 and he has been retired since 2012 . He is nominated for re-election at the 2025 annual meeting to serve as Equity Fund Trustee through 2028, reflecting continued board confidence in his governance contributions . The Boards are fully independent; Irvin serves on key board committees with financial literacy recognized by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CastleOak Securities | Chair, Advisory Board Member | 2012–present | Financial services oversight and advisory |
| Executive Leadership Council | Chair, Investment Committee Member | 2006–2020 | Oversight of investment policy for a not-for-profit |
| South Carolina State University | Chair, Board Member | 2015–2020 | Academic governance leadership |
| Wharton School (Graduate Executive Board) | Board Member | 2009–2016 | Graduate executive board service |
| Liberty All-Star Equity Fund | Independent Trustee | Since 2018; current term expires 2025 | Nominated to serve through 2028 |
| Liberty All-Star Growth Fund | Independent Director | Since 2018; current term expires 2026 | Committee service (see below) |
External Roles
| Type | Organization | Role | Tenure |
|---|---|---|---|
| Financial Services | CastleOak Securities | Chair, Advisory Board Member | 2012–present |
| Non-profit | Executive Leadership Council | Chair, Investment Committee Member | 2006–2020 |
| Academic | South Carolina State University | Chair, Board Member | 2015–2020 |
| Academic | Wharton School (Graduate Executive Board) | Board Member | 2009–2016 |
| Other Public Company Boards | None | — | — |
Board Governance
- Independence: All Trustees/Directors are independent; the independent Chairman is Thomas W. Brock .
- Committee memberships:
- Audit Committee: Irvin is a member; Maureen K. Usifer serves as Committee Chair; all members are financially literate (Board determination), and Usifer is the “audit committee financial expert” .
- Nominating & Governance Committee: Irvin is a member; John J. Neuhauser serves as Committee Chair; Charter reviewed December 5, 2024; the Committee met twice in FY2024 .
- Committee composition change: The Nominating & Governance Committee expanded from five independent members in 2024 to six in 2025 with the addition of Jennifer E. Hoopes .
- Meeting cadence and attendance: In FY2024, the Growth Fund Board held 4 meetings, the Equity Fund Board held 4 meetings, and the Audit Committees held 4 meetings; all Trustees/Directors attended all meetings except Mr. Brock missed the August 2024 Audit Committees meeting (implying Irvin’s full attendance); none of the Trustees/Directors attended the 2024 annual shareholder meetings .
Fixed Compensation
| Metric (FY 2024) | Equity Fund ($) | Growth Fund ($) | Total Fund Complex ($) |
|---|---|---|---|
| Milton M. Irvin | 68,208 | 24,792 | 93,000 |
- Plan design: The Funds state there is no bonus, profit sharing, or retirement plan for Trustees/Directors .
Performance Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Bonus | None | Funds disclose no bonus plan for Trustees/Directors |
| Equity awards (RSUs/PSUs) | Not disclosed | Proxy compensation table presents cash aggregates; no stock/option awards listed |
| Options | Not disclosed | No option awards presented in proxy tables |
| Performance metrics tied to compensation | Not disclosed | No performance-linked metrics disclosed for directors |
Compensation Structure Analysis (YoY)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Equity Fund Compensation ($) | 60,359 | 68,208 |
| Growth Fund Compensation ($) | 22,641 | 24,792 |
| Total Fund Complex ($) | 83,000 | 93,000 |
- Mix: Compensation is cash-based; absence of bonuses/retirement plan implies limited guaranteed/perquisite elements .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Notable external roles | Financial services, academic, and non-profit leadership roles (see External Roles) |
| Potential interlocks | No public company board interlocks disclosed |
Expertise & Qualifications
- Financial services executive/board advisory experience; governance roles across academic and non-profit institutions .
- Audit Committee member with Board-determined financial literacy; committee structure emphasizes independent oversight and a designated financial expert (Usifer) .
- Multi-year fund governance tenure (Equity Trustee since 2018; Growth Director since 2018); re-nomination for continued service through 2028 in Equity Fund reflects Board confidence .
Equity Ownership
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Shares owned – Equity Fund | 7,008 | 7,751 |
| Shares owned – Growth Fund | 8,378 | 9,107 |
| Dollar range – Equity Fund | $10,001–$50,000 | $50,001–$100,000 |
| Dollar range – Growth Fund | $10,001–$50,000 | $50,001–$100,000 |
| Aggregate dollar range (family of funds) | $50,001–$100,000 | $100,001–$500,000 |
| Ownership as % of outstanding shares | <1% for each fund (all Trustees) | <1% for each fund (all Trustees) |
- Related holdings: As of 12/31/2024, no independent Trustee/Director nor immediate family held securities of the adviser, sub-advisers, or controlled affiliates; and no Trustee transactions exceeded 1% of any adviser/sub-adviser class since the start of the fiscal year .
Governance Assessment
- Strengths:
- Board independence and committee structure (Audit; Nominating & Governance) with clear charters and financial literacy determinations support oversight quality .
- Attendance: Near-perfect attendance in FY2024 across boards/committees for Irvin; full participation indicated except one absence by another Trustee, signaling engagement .
- Ownership alignment: Incremental increases in Irvin’s holdings YoY; dollar ranges suggest meaningful personal alignment for a closed-end fund trustee .
- Compliance: Section 16(a) compliance confirmed for FY2024, reducing regulatory risk .
- Watch items / Red flags:
- Annual meeting engagement: None of the Trustees/Directors attended the 2024 shareholder annual meetings; some investors view absence as a minor engagement flag .
- Pay-for-performance alignment: Compensation is cash-retainer based with no performance metrics or equity awards disclosed; typical for fund trustees but offers limited incentive-alignment levers .
- Related-party exposure: No related-party transactions or adviser/sub-adviser holdings by independent Trustees disclosed; continue monitoring for any changes .
- Overall: Irvin’s long-tenured, independent oversight, committee participation, and consistent attendance underpin board effectiveness; alignment via personal share ownership is present though compensation lacks performance linkage, which is conventional in investment fund governance structures .