Jeremy W. Deems
About Jeremy W. Deems
Independent Trustee and Chairman of the Board of Reaves Utility Income Fund (UTG); Trustee since 2008; Chairman since 2017 (Year of birth: 1976) . He is Co‑Founder and Chief Financial Officer of Green Alpha Advisors, LLC (since 2007) and a Co‑Portfolio Manager of the AXS Green Alpha ETF . Previously served as Chief Financial Officer and Treasurer of Forward Management, ReFlow Management, ReFlow Fund, and Sutton Place Management (Sutton Place 2004–2007); earlier, served as Controller at those firms . He held a Certified Public Accountant license from August 2001 to February 2017 and is designated by the Board as an “audit committee financial expert” .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Green Alpha Advisors, LLC | Co‑Founder & Chief Financial Officer | Since 2007 | Investment adviser executive experience; financial oversight |
| AXS Green Alpha ETF | Co‑Portfolio Manager | Since 2008 | Portfolio management perspective |
| Forward Management, LLC | Chief Financial Officer & Treasurer | Formerly (dates not disclosed) | Investment management operations |
| ReFlow Management Co., LLC | Chief Financial Officer & Treasurer | Formerly (dates not disclosed) | Liquidity resourcing expertise |
| ReFlow Fund, LLC | Chief Financial Officer & Treasurer | Formerly (dates not disclosed) | Private fund operations |
| Sutton Place Management, LLC | Chief Financial Officer & Treasurer | 2004–2007 | Administrative services oversight |
| Forward/ ReFlow/ Sutton entities | Controller (earlier roles) | Not disclosed | Accounting and controls |
External Roles
| Organization | Type | Role | Since / Scope |
|---|---|---|---|
| ALPS ETF Trust | Investment company trust | Trustee | Oversees 23 funds |
| Financial Investors Trust | Investment company trust | Trustee | Oversees 28 funds |
| ALPS Variable Investment Trust | Investment company trust | Trustee | Oversees 7 funds |
Note: 2024 proxy also listed Clough Funds Trust; not listed in 2025 proxy .
Board Governance
- Roles and independence: Independent Chairman of the Board; Independent Trustee; Audit Committee Chair; member of Nominating & Corporate Governance Committee .
- Committee “financial expert”: Board determined Messrs. Deems and Holland are “audit committee financial experts” .
- Committee structure: Two standing committees—Audit and Nominating & Corporate Governance—each fully independent and chaired by Independent Trustees .
- Meetings and attendance: FY2024—Board met 5 times; Audit Committee met 3 times; Nominating & Corporate Governance met 1 time; each Trustee attended at least 75% of meetings of the Board and applicable committees .
- Executive sessions: Independent Trustees meet quarterly in executive sessions without management/adviser present .
- Annual meeting attendance: Trustees are not required to attend; no Trustees attended the 2024 Annual Meeting .
- Compensation committee: The Fund does not have a compensation committee (common in funds) .
- Auditor oversight: As Audit Committee Chair, Deems signed the FY2024 Audit Committee Report recommending inclusion of the audited financials; the Fund changed auditors from Deloitte to Cohen & Company for FY2024 .
| Body | FY2024 Meetings | Composition/Chair |
|---|---|---|
| Board of Trustees | 5 | Independent Chair (Deems) |
| Audit Committee | 3 | All Independent Trustees; Chair: Deems |
| Nominating & Corporate Governance | 1 | All Independent Trustees; Chair: Legg (2025 proxy reflects chair role) |
Fixed Compensation
| Metric (USD) | FY2023 | FY2024 |
|---|---|---|
| Aggregate Compensation – Jeremy W. Deems | $99,000 | $132,750 |
| Board‑wide Aggregate Remuneration | $429,000 | $550,250 |
| Effective Date | Annual Retainer | Per‑Meeting Fee | Chair Premiums (per meeting) | Notes |
|---|---|---|---|---|
| Jan 1, 2024 | $69,000 | $9,500 | Board Chair +$5,000; Audit Chair +$4,000; Nominating Chair +$2,500 | Cash‑only; no pension plan |
| Jan 1, 2025 | $74,000 | $9,500 | Board Chair +$5,000; Audit Chair +$4,000; Nominating Chair +$2,500 | Nominating Chair identified as Legg in 2025 |
- No pension/retirement plan; Trustees employed by the administrator/adviser receive no compensation from the Fund .
Performance Compensation
| Component | Terms / Metrics | Notes |
|---|---|---|
| Bonuses / performance awards | None disclosed for Trustees; director pay consists of fixed retainers and per‑meeting fees | No performance metrics tied to director pay disclosed |
| Equity awards (RSUs/Options) | None disclosed for Trustees | — |
| Pension/SERP | None (Fund does not have a pension or retirement plan) | — |
Other Directorships & Interlocks
| Person | Shared External Boards with Deems | Potential Interlock Note |
|---|---|---|
| Mary K. Anstine | ALPS ETF Trust; Financial Investors Trust; ALPS Variable Investment Trust | Overlapping trustee roles across multiple fund trusts |
| — | No public operating company boards disclosed for Deems | UTG proxy lists only investment company trusts |
- Related party/affiliate checks: As of Dec 31, 2024, no Independent Trustee (including Deems) or immediate family owned securities of the Adviser or its affiliates; no transactions/relationships >$120,000 with Adviser/affiliates in past five years; none in last two fiscal years >$120,000 with Adviser/affiliates . Similar representations as of Dec 31, 2023 .
Expertise & Qualifications
- CPA credential (license held Aug 2001–Feb 2017) .
- Designated “audit committee financial expert”; deep accounting and financial reporting oversight .
- Senior operating experience as CFO of a registered investment adviser and multiple prior finance roles in investment management and fund operations .
- Board leadership: Independent Chairman and Audit Committee Chair .
Equity Ownership
| As‑of Date | Dollar Range of UTG Equity |
|---|---|
| Dec 31, 2023 | None |
| Dec 31, 2024 | None |
| As‑of Date | Shares Beneficially Owned |
|---|---|
| Dec 31, 2023 | — (proxy table shows “—”; <1% of shares outstanding) |
| Dec 31, 2024 | — (proxy table shows “—”; <1% of shares outstanding) |
- Pledging/hedging: No disclosures of pledging or hedging by Trustees; shareholder nomination procedures require disclosure of any hedging by shareholder nominees .
Governance Assessment
Key positives
- Independent Board Chair and Audit Committee Chair; committees fully independent; quarterly executive sessions—strong structural independence .
- Audit expertise: Deems is one of two designated “financial experts” and signed the Audit Committee report; overseen an orderly auditor transition in FY2024 .
- Attendance: Met at least the 75% threshold; clear meeting cadence across Board and committees .
- Conflicts: No related‑party transactions or affiliate holdings by Independent Trustees, reducing conflict risk .
Potential concerns / RED FLAGS
- No UTG share ownership (dollar range “None”) may signal limited “skin‑in‑the‑game” alignment for some investors .
- Annual meeting engagement: Trustees are not required to attend; none attended the 2024 Annual Meeting, which some investors view as a negative signal on shareholder engagement .
- Workload considerations: Multiple concurrent trustee roles across large fund trusts plus operating executive duties could raise time‑commitment questions for some governance frameworks, though such cross‑trust service is common in the fund industry .
- No compensation committee (typical for funds) and director pay entirely cash‑based; no ownership guidelines disclosed .