Michael Holland
About Michael F. Holland
Independent Trustee (Class II) of Reaves Utility Income Fund (UTG). Year of birth: 1944. Trustee since the Fund’s inception; current principal occupation is Chairman of Holland & Company (since 1995). Serves on the Audit Committee and the Nominating & Corporate Governance Committee and is designated by the Board as an “audit committee financial expert.” Non-Interested (independent) Trustee under NYSE American/1940 Act standards.
Past Roles
| Organization | Role | Tenure/Notes | Committees/Impact |
|---|---|---|---|
| Holland & Company | Chairman | Since 1995 | Investment management leadership |
| J.P. Morgan | Investment management (equity and fixed income) | Began 1968; spent twelve years managing assets | Institutional and HNW portfolio management experience |
| First Boston Asset Management | Chief Executive Officer | Early 1980s | Asset management leadership |
| Salomon Brothers Asset Management | Chairman | Not disclosed | Asset management leadership |
| The Blackstone Group | General Partner | Not disclosed | Alternatives leadership |
| Blackstone Alternative Asset Management | Chief Executive Officer | Not disclosed | Alternatives leadership |
| Oppenheimer & Co., Inc. | Vice Chairman | Not disclosed | Capital markets leadership |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Holland & Company | Chairman | Current | Since 1995 |
| Other public company directorships | — | None | No other directorships disclosed |
Board Governance
- Independence and leadership
- Independent Trustee; Board chaired by an Independent Trustee (Jeremy W. Deems). Independent Trustees meet quarterly in executive session; independent legal counsel and auditors engaged by independent trustees.
- Committee assignments and expertise
- Audit Committee member; Nominating & Corporate Governance Committee member; designated “audit committee financial expert.”
- Committee activity (FY ended Oct 31, 2024)
- Audit Committee met 3 times; Nominating & Corporate Governance Committee met 1 time.
- Board activity and attendance (FY ended Oct 31, 2024)
- Board met 5 times; each Trustee attended at least 75% of Board/committee meetings.
- Shareholder meeting attendance
- The Fund does not require Trustees to attend the annual shareholder meeting; no Trustees attended the 2024 Annual Meeting. (Similarly, none attended the 2023 meeting.)
Fixed Compensation
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation Paid from the Fund (Michael F. Holland) | $82,000 | $103,750 |
Director fee policy changes:
| Policy Element | Effective Jan 1, 2024 | Effective Jan 1, 2025 |
|---|---|---|
| Annual retainer (Independent/Interested Trustees) | $69,000 | $74,000 |
| Per-meeting fee (in-person/phone) | $9,500 | $9,500 |
| Additional per-meeting fees for chairs | Board Chair +$5,000; Audit Chair +$4,000; Nominating Chair +$2,500 (Anstine) | Board Chair +$5,000; Audit Chair +$4,000; Nominating Chair +$2,500 (Legg) |
| Pension/retirement plan | None | None |
Notes
- Trustees employed by the administrator (PTL) or adviser receive no compensation from the Fund.
Performance Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual bonus | Not applicable (director fees only) | Not applicable (director fees only) |
| Equity awards (RSUs/PSUs/options) | None disclosed in proxy | None disclosed in proxy |
| Performance metrics tied to director pay | Not applicable (no performance-based director pay disclosed) |
The Fund does not have a compensation committee; director compensation consists of cash retainers and meeting fees with additional per-meeting fees for Board and committee chairs.
Other Directorships & Interlocks
| Company | Role | Current/Past | Committee Roles |
|---|---|---|---|
| — | — | None disclosed | — |
| No other public company directorships disclosed for Mr. Holland; no interlocks identified. |
Expertise & Qualifications
- Over 40 years of financial services experience across asset management, alternatives, and capital markets (J.P. Morgan; First Boston AM; Salomon Brothers AM; Blackstone/BAAM; Oppenheimer).
- Audit Committee Financial Expert designation by the Board.
- Current practitioner leadership as Chairman of Holland & Company (since 1995).
Equity Ownership
| Measure | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Beneficially owned shares | 1,000 | 1,000 |
| Dollar range of equity securities in the Fund | $10,001–$50,000 | $10,001–$50,000 |
| Ownership as % of shares outstanding | <1% | <1% |
| Other direct/indirect holdings disclosure | Not disclosed beyond above | Not disclosed beyond above |
Section 16(a) compliance: The Fund believes all Covered Persons complied with Section 16(a) filing requirements for FY ended Oct 31, 2024.
Governance Assessment
-
Positives
- Strong independence and governance structure: independent Chair; quarterly independent executive sessions; independent counsel and auditors engaged by Independent Trustees.
- Financial oversight: member of Audit Committee and designated “audit committee financial expert.”
- Relevant domain expertise: decades of senior roles across leading asset managers and alternatives platforms, aligned with fund oversight needs.
- Conflicts screen: No Independent Trustee (including Mr. Holland) or immediate family owned securities of the adviser/affiliates; no transactions or relationships >$120,000 over last two fiscal years; no direct/indirect interests >$120,000 over past five years.
-
Watch items
- Director share ownership is modest (1,000 shares; <$50k range), indicating limited “skin in the game” for an income-oriented closed-end fund; still, independence is preserved and ownership is <1%.
- Annual shareholder meeting engagement: Trustees are not required to attend and none attended the 2024 (and 2023) Annual Meeting; while not uncommon for funds, repeated non-attendance could be perceived as lower direct shareholder engagement.
- No compensation committee: director pay is governed by Board policy; transparency is provided, but absence of a dedicated committee may limit formalized oversight of director compensation structures.
-
Compensation trend signal
- Y/Y increase in aggregate director compensation for Mr. Holland ($82k → $103.75k) largely reflects higher meeting volume and a higher base retainer effective 2025; structure remains entirely fixed/meeting-fee cash with no performance-based or equity grants—neutral for alignment, positive for independence, but offers limited long-term incentive linkage.
-
Overall view
- Mr. Holland’s long-tenured, senior asset management background and audit expertise support board effectiveness for UTG. Independence, clean related-party checks, and active committee participation are positives, while modest personal share ownership and non-attendance at annual shareholder meetings are the primary engagement optics to monitor.