C. William Maher
About C. William Maher
Independent Trustee of abrdn National Municipal Income Fund (VFL). Born 1961; serving on the VFL Board since July 7, 2023. Current background includes co-founding Asymmetric Capital Management LLC (since May 2018) and prior CEO role at Santa Barbara Tax Products Group (Oct 2014–Apr 2016). The Board cites his experience as an officer in financial services, including CFO and CEO roles, as a core qualification .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Santa Barbara Tax Products Group | Chief Executive Officer | Oct 2014 – Apr 2016 | Executive leadership in financial services |
| Financial services industry (unspecified companies) | Senior officer roles incl. CFO and CEO | Not disclosed | Board cites CFO/CEO experience as qualification |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Asymmetric Capital Management LLC | Co-founder | Since May 2018 | Private investment firm; ongoing role |
Board Governance
- Independence and role: Independent Trustee; one of three Independent Trustees on a four-member Board (one Interested Trustee). Board Chair is Independent (Todd Reit) .
- Committee assignments: Member, Audit Committee; Member, Nominating & Corporate Governance Committee (NCG). Both committees are composed entirely of Independent Trustees .
- Attendance and engagement:
- FY ended Sep 30, 2024: Board met 4x; Audit 4x; NCG 2x; each Trustee attended at least 75% of meetings (Maher included) .
- Fiscal period ended Sep 30, 2023: Board 7x; Audit 5x; NCG 5x; each Trustee attended at least 75% .
- Executive sessions: Independent Trustees meet in executive session at least quarterly and retain independent legal counsel .
- Preferred share election: Maher is one of two Trustees elected exclusively by preferred shareholders in addition to the common shareholder-elected Trustees (governance nuance for alignment with preferred holders) .
- Fund complex oversight: Oversees 7 “registrants” in the abrdn fund complex .
Fixed Compensation
| Period | Aggregate Compensation from VFL | Total Compensation from abrdn Fund Complex |
|---|---|---|
| FY ended Sep 30, 2024 | $60,500 | $308,107 |
| Jul 7, 2023 – Sep 30, 2023 | $14,139 | $41,364 |
- The Fund states it does not have any bonus, profit sharing, pension, or retirement plans for Trustees .
Performance Compensation
- No performance-linked components disclosed (no bonus metrics, equity awards, or option awards reported for Trustees) .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed |
| Prior public company boards | None disclosed |
| Interlocks with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- The Board cites Maher’s “experience as an officer in the financial services industry, including his experience as a chief financial officer and chief executive officer” as qualifications supporting effective oversight .
- Summary background in proxies: Co-founder of Asymmetric Capital Management (since 2018); former CEO at Santa Barbara Tax Products Group (2014–2016) .
Equity Ownership
| As-of Date | VFL Equity Owned (Dollar Range) | Aggregate Dollar Range in abrdn Family of Investment Companies |
|---|---|---|
| Aug 9, 2025 | $10,001 – $50,000 | Over $100,000 |
| Aug 9, 2024 | None | $50,001 – $100,000 |
- Aggregate ownership: Trustees and officers collectively owned less than 1% of VFL’s outstanding equity as of Aug 9, 2025; same disclosure framework in 2024 .
- No pledging or hedging disclosures for Maher were noted; no per-person share counts provided .
Governance Assessment
- Key strengths:
- Independence and committee coverage: Maher sits on both Audit and NCG; those committees are entirely independent, supporting effective oversight .
- Attendance and engagement: Met the “≥75%” attendance threshold in both the FY2024 and the prior stub period; Board holds regular quarterly meetings and executive sessions .
- Alignment progress: Maher initiated/increased direct ownership in VFL between 2024 and 2025 (from “None” to $10,001–$50,000) while maintaining >$100k aggregate exposure across the abrdn family—incrementally positive for alignment .
- Conflict posture: None of the Independent Trustees or their immediate family members owned shares of the Investment Adviser or its controlling affiliates, supporting independence from management and service providers .
- Watch items:
- Ownership remains modest at the fund level and aggregate Board/officer holdings are <1%—typical for closed-end funds but offers limited direct alignment with common shareholders’ NAV/discount dynamics .
- No detailed trustee compensation structure (e.g., separate retainer vs. committee chair fees vs. meeting fees) or equity-based director pay is disclosed; all compensation appears cash-based, which reduces performance linkage .
- Preferred shareholder election feature: Maher’s seat is elected exclusively by preferred shareholders, which can tilt accountability more toward preferred holders during contested governance decisions—important context for capital structure-sensitive votes .
RED FLAGS: None identified in filings for related-party transactions, attendance shortfalls, or equity award modifications. No Section 16(a) delinquencies reported for the period; the Fund states timely filings by Reporting Persons .