Todd Reit
About Todd Reit
Independent Trustee and Chair of the Board of abrdn National Municipal Income Fund (VFL) since July 7, 2023; Year of Birth: 1968. Background includes Managing Member of Cross Brook Partners LLC (real estate investment/management) since 2017 and Director & Financial Officer of Shelter Our Soldiers (veterans charity) since 2016; formerly Managing Director and Global Head of Asset Management Investment Banking at UBS AG, retiring in 2017 after a 25+ year career at UBS and predecessor PaineWebber Incorporated. No other public company directorships disclosed.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS AG | Managing Director; Global Head of Asset Management Investment Banking | Retired 2017; 25+ year career at UBS and predecessor PaineWebber Incorporated | Oversaw global asset management client relationships including corporate securities transactions and M&A |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cross Brook Partners LLC | Managing Member (real estate investment and management) | Since 2017 | Leadership and investment oversight |
| Shelter Our Soldiers | Director and Financial Officer (charity supporting military veterans) | Since 2016 | Financial stewardship for veterans-focused charity |
Board Governance
- Role: Chair of the Board (Independent Trustee). The Chair presides over meetings, helps set agendas, and acts as liaison between trustees and management; designation does not impose duties beyond those of a trustee.
- Independence: Reit is classified as an Independent Trustee; Board comprises three Independent Trustees and one Interested Trustee.
- Committees: Member of Audit Committee and Nominating & Corporate Governance Committee; both committees comprised entirely of Independent Trustees.
- Executive sessions: Independent Trustees meet outside management in executive session at least quarterly and have separate independent legal counsel.
- Attendance: In FY ended Sept 30, 2024, each Trustee attended at least 75% of aggregate Board and applicable Committee meetings; Board met 4 times, Audit 4, Nominating & Corporate Governance 2. In fiscal period ended Sept 30, 2023, each Trustee serving during the period attended at least 75%; Board 7, Audit 5, Nominating & Corporate Governance 5.
- Committee charters: Audit Committee and Nominating & Corporate Governance Committee charters available on the fund website.
Fixed Compensation
| Metric | FY 2023 (Jul 7–Sep 30, USD) | FY 2024 (USD) |
|---|---|---|
| Aggregate compensation from VFL | $16,242 | $69,500 |
| Total compensation from abrdn Fund Complex | $39,210 | $318,182 |
| Bonus/profit sharing/pension/retirement plans | None (Fund does not have any) | None (Fund does not have any) |
Notes:
- Officers of the Fund are employees of the Investment Adviser; Trustees who are also officers/directors of the Investment Adviser receive no compensation from the Fund.
Performance Compensation
| Element | Disclosure | Details |
|---|---|---|
| Performance-based bonus | Not applicable; Fund does not have bonus plans | No performance metrics tied to trustee pay disclosed |
| Equity awards (RSUs/PSUs/Options) | Not disclosed in proxy | No equity awards for trustees described |
| Meeting/committee fees breakdown | Not disclosed in proxy | Compensation shown only in aggregate |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company boards | None disclosed for Reit |
| Interlocks with competitors/suppliers/customers | None indicated; no other directorships disclosed |
| Independence from Investment Adviser | As of Aug 9, 2025, none of the Independent Trustees or immediate family members owned shares of the Investment Adviser or any non-registered entity under common control with the Adviser |
Expertise & Qualifications
- The Board cites Reit’s banking and asset management experience and board membership experience as specific qualifications supporting effective oversight.
- Professional history shows deep transactional experience (corporate securities, M&A) and post-UBS operating leadership in real assets and non-profit finance.
Equity Ownership
| Metric | FY 2023 (as of Aug 1, 2023) | FY 2024 (as of Aug 9, 2024) | FY 2025 (as of Aug 9, 2025) |
|---|---|---|---|
| Dollar range of equity securities owned in VFL | None | $10,001–$50,000 | $10,001–$50,000 |
| Aggregate dollar range in abrdn Family of Investment Companies | $10,001–$50,000 | Over $100,000 | Over $100,000 |
| Trustees and officers aggregate ownership of VFL | Less than 1% (aggregate) | Less than 1% (aggregate) | Less than 1% (aggregate) |
Governance Assessment
- Board structure: Super-majority independent with an Independent Chair; committees (Audit; Nominating & Corporate Governance) comprised exclusively of Independent Trustees, supporting independent oversight.
- Attendance and engagement: Trustees met attendance thresholds (≥75%) and held regular executive sessions, indicating baseline engagement.
- Compensation alignment: Trustee pay is cash-based with no bonus/profit-sharing/pension plans; equity awards are not disclosed, and individual fee components are not itemized.
- Ownership: Reit holds $10,001–$50,000 in VFL and over $100,000 across related funds; aggregate insider ownership in VFL is <1%, which is typical for closed-end funds but implies limited direct economic alignment at the fund level.
- Conflicts/related party exposure: No related-party transactions disclosed; Independent Trustees and immediate family members held no shares in the Adviser or its control affiliates as of the stated dates.
- Section 16 compliance: Reporting persons timely filed all required ownership reports for the relevant fiscal periods, suggesting effective compliance controls.
Committee Assignments
| Committee | Members | Reit’s Role | Charter Availability |
|---|---|---|---|
| Audit Committee | Nancy Yao; Todd Reit; C. William Maher | Member | Fund website (Audit Committee Charter) |
| Nominating & Corporate Governance Committee | Nancy Yao; Todd Reit; C. William Maher | Member | Fund website (Nominating & Corporate Governance Charter) |
Meeting History and Attendance
| Metric | FY 2023 (period ended Sep 30, 2023) | FY 2024 (year ended Sep 30, 2024) |
|---|---|---|
| Board meetings held | 7 | 4 |
| Audit Committee meetings held | 5 | 4 |
| Nominating & Corporate Governance Committee meetings held | 5 | 2 |
| Trustee attendance threshold achieved | ≥75% for each Trustee | ≥75% for each Trustee |
RED FLAGS and Risk Indicators
- No auditor disagreements or reportable events; KPMG independence affirmed; prior adviser-related independence matters addressed via auditor change in 2023.
- No Section 16 delinquent filings reported for trustees/officers in relevant periods.
- No related-party transactions involving Independent Trustees disclosed; no ownership in Adviser by Independent Trustees or immediate family members.
Notes and Omissions
- Director compensation components (retainer vs. committee chair fees; meeting fees; equity grants) are not itemized in the proxies; only aggregate amounts are provided.
- No disclosure of stock ownership guidelines, hedging/pledging, or performance metrics tied to trustee compensation.
- No separate Lead Independent Director role disclosed beyond Reit’s Chair role.
- Trustee attendance at annual shareholder meetings: no formal policy established.