Mary K. Anstine
About Mary K. Anstine
Independent Trustee (Class II) of UTG since fund inception (February 24, 2004). Year of birth: 1940. Former President & CEO of HealthOne Alliance (1995–2004), prior executive experience in banking (EVP at First Interstate Bank of Denver; Director at Trust Bank of Colorado/Northern Trust). Currently trustee across multiple registered investment company trusts and serves on UTG’s Audit Committee and Nominating & Corporate Governance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| HealthOne Alliance | President & CEO | 1995–2004 | Led health system; executive oversight experience |
| First Interstate Bank of Denver | Executive Vice President | Not disclosed | Senior banking leadership |
| Trust Bank of Colorado (now Northern Trust Bank) | Director | Not disclosed | Board governance experience |
| American Bankers Association | Executive Committee member | Not disclosed | National banking policy/industry perspective |
External Roles
| Organization | Role | Tenure | Scope |
|---|---|---|---|
| ALPS ETF Trust | Trustee | Current | Oversees 23 funds |
| Financial Investors Trust | Trustee | Current | Oversees 28 funds |
| ALPS Variable Investment Trust | Trustee | Current | Oversees 7 funds |
| A.V. Hunter Trust | Trustee | Since 1986 | Philanthropic trust governance |
Board Governance
- Independence: Classified as a Non-Interested/Independent Trustee under NYSE American standards; both Audit and Nominating & Corporate Governance Committees comprise all independent trustees and none are “interested persons” .
- Committee assignments: Member, Audit Committee; Member, Nominating & Corporate Governance Committee .
- Committee workload FY2024: Audit Committee met 3 times; Nominating & Corporate Governance Committee met 1 time; Full Board met 5 times; each trustee attended at least 75% of meetings and committee sessions of which they were a member .
- Term status: Class II; current term expires at the 2026 Annual Meeting of Shareholders .
- Annual shareholder meeting attendance: The fund does not require trustees to attend; no trustees attended the 2024 Annual Meeting (investor engagement consideration) .
- Compensation committee: The fund does not have a compensation committee .
- Audit Committee financial experts: Board determined Deems and Holland as “audit committee financial experts”; Anstine is not designated as the financial expert .
Fixed Compensation
| Component | FY2024 Amount | FY2025 Structure (effective Jan 1, 2025) |
|---|---|---|
| Aggregate compensation from UTG | $106,250 | Annual retainer: $74,000; Per regular meeting attended (in-person or phone): $9,500; Per special meeting: $2,500 |
| Chair uplifts (reference) | N/A for Anstine | Chairman of the Board: +$5,000 per meeting; Audit Committee Chair: +$4,000 per meeting; Nominating & Corporate Governance Chair: +$2,500 per meeting (Anstine is not a chair) |
| Pension/retirement | None | None (fund does not have a pension or retirement plan) |
Performance Compensation
| Element | Detail |
|---|---|
| Equity awards (RSUs/PSUs), options, performance metrics tied to director pay | Not disclosed in the proxy; UTG director compensation is presented as cash retainers and per-meeting fees; no equity-based awards or option awards are described for trustees |
Other Directorships & Interlocks
| Company/Trust | Type | Role | Potential Interlock/Conflict Notes |
|---|---|---|---|
| ALPS ETF Trust | Registered investment company | Trustee | External fund governance; no disclosed transactions or ownership with UTG’s Adviser or affiliates |
| Financial Investors Trust | Registered investment company | Trustee | External fund governance; same independence confirmations apply |
| ALPS Variable Investment Trust | Registered investment company | Trustee | External fund governance; same independence confirmations apply |
- Independence/related-party screen: As of Dec 31, 2024, no Independent Trustees (nor immediate family) owned securities of UTG’s Adviser (Reaves Asset Management) or its affiliates, and no transactions/relationships >$120,000 with the Adviser or affiliates over the last five years; none over the last two fiscal years where the Adviser or affiliates were a party .
Expertise & Qualifications
- Healthcare system CEO experience and senior banking leadership provide risk oversight and financial acumen relevant to closed-end fund governance .
- Current multi-trust board experience across ALPS ETF Trust, Financial Investors Trust, and ALPS Variable Investment Trust supports familiarity with investment company operations and regulatory frameworks .
- Board notes her seasoned perspective from oversight of portfolio management, legal/regulatory, compliance, financial statements, and service provider monitoring .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | 1,779 shares as of December 31, 2024 |
| Dollar range of holdings | $10,001–$50,000 |
| Ownership as % of shares outstanding | Less than 1%; shares outstanding at record date: 88,022,858 |
| Form of ownership | Sole voting and disposition power unless otherwise noted (general trustee disclosure) |
| Pledging/hedging | Not disclosed for Anstine; Nominating Committee requires disclosure of hedging arrangements for nominees, but no specific hedging disclosure for Anstine is provided |
Governance Assessment
-
Strengths
- Independent status with no disclosed related-party transactions or financial interests in the Adviser/affiliates, reducing conflict risk .
- Long-tenured trustee since inception and active committee participation; Board/committee attendance threshold met in FY2024 .
- Cash-based, transparent director compensation with clear chair uplifts; no pension plan reduces long-term entitlement risk .
-
Watch items
- No trustees attended the 2024 Annual Meeting; while attendance is not required, absence may be viewed as a shareholder engagement gap .
- Audit Committee financial expert designation resides with other trustees (Deems, Holland), placing more technical financial oversight formally with those members .
-
RED FLAGS
- None identified regarding related-party transactions, loans, or adviser/affiliate ownership for Anstine (proxy explicitly negates such relationships) .
- Note: Absence from the Annual Meeting in 2024 by all trustees could be perceived negatively by some governance-focused investors .