Anthony LaCava
About Anthony J. LaCava, Jr.
Independent Trustee of Invesco Pennsylvania Value Municipal Income Trust (VPV) since 2019. Former KPMG LLP senior partner with 37 years of audit and leadership experience; previously served on KPMG’s U.S. Board (Chair of Audit & Finance and Nominating Committees) and as Regional/Managing Partner (New England). Prior public board experience includes Blue Hills Bank (Audit Committee member). Current governance roles include Chair of VPV’s Audit Committee. Education/age not disclosed in the proxy.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KPMG LLP | Senior Partner; U.S. Board Member; Chair of Audit & Finance and Nominating Committees; Regional Managing Partner; Managing Partner, New England | ~37 years; board 2005–2013; regional 2009–2012 | Led audit and governance committees; senior leadership across multiple industries |
| Blue Hills Bank (publicly traded) | Director; Audit Committee Member | Not specified (prior to 2019) | Audit oversight at a public financial institution |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bentley University | Member & Chairman, Business School Advisory Council | Current | Advisory leadership to business school |
| American College of Corporate Directors; Board Leaders, Inc. | Member | Current | Director education/affiliation |
Board Governance
- Independence: Classified as an Independent Trustee in the proxy’s “Independent Trustees” roster.
- Committee assignments: Chair, Audit Committee (members: LaCava (Chair), Liddy, Vandivort, Jones, Hostetler, Ressel).
- Audit Committee activity: 6 meetings in fiscal year ended Feb 28, 2025; Board determined two members are “audit committee financial experts” (each an Independent Trustee).
- Auditor oversight: Audit Committee selects PwC as independent auditor; PwC reported no material financial interest; auditor independence affirmed.
- Retirement policy: Trustees may serve until Dec 31 of the year they turn 75.
Fixed Compensation
| Component | VPV-Specific | Complex-Wide | Period/Notes |
|---|---|---|---|
| Aggregate compensation paid by VPV to LaCava | $1,746.68 | — | Fiscal year ended Feb 28, 2025 |
| Total compensation from Invesco Fund Complex (to LaCava) | — | $477,500 | Fiscal year ended Feb 28, 2025 |
| Compensation structure | Cash annual retainer + meeting fees; incremental fees for Board/Committee Chairs | — | No equity awards disclosed for Trustees |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-based cash bonus | None disclosed for Trustees (compensation is retainer/meeting-fee based) |
| Equity awards (RSUs/PSUs/Options) | None disclosed for Trustees |
| Performance metrics (TSR, EBITDA, ESG, etc.) | Not applicable/disclosed for Trustees |
| Deferred compensation program | Trustees may defer up to 100% of fees into deemed fund investments; total deferred across all Trustees in FY ended Feb 28, 2025 was $67,148.69 (includes earnings) |
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Potential Interlock/Notes |
|---|---|---|---|
| Blue Hills Bank | Public (at time of service) | Director; Audit Committee Member | Financial services governance experience |
| KPMG LLP | Private partnership | Former U.S. Board member; committee chair roles | Auditor for VPV is PwC, not KPMG (limits auditor interlock risk) |
| Bentley University | Non-profit/Academic | Advisory Council Chair | External advisory role |
Expertise & Qualifications
- Deep audit and financial reporting expertise from 37-year KPMG career; chaired audit-related committees at KPMG.
- Prior public company audit committee experience (Blue Hills Bank).
- Current Chair of VPV’s Audit Committee overseeing auditor selection, financial reporting integrity, and fair valuation oversight.
Equity Ownership
| Security | Ownership by LaCava | As-of Date | Notes |
|---|---|---|---|
| VPV Common/Preferred | None | Dec 31, 2024 | No direct holding in VPV |
| Invesco Fund Complex (aggregate across funds overseen) | Over $100,000 (dollar range) | Dec 31, 2024 | Aggregate beneficial ownership in fund complex |
Governance Assessment
-
Strengths
- Experienced audit chair with extensive Big 4 leadership and public bank audit committee service; committee met 6 times in FY’25, indicating active oversight.
- Auditor independence and selection by the Audit Committee (PwC) affirm governance rigor; PwC notes no material interest.
- Board maintains a retirement policy and conducts committee-level oversight across audit, compliance, governance, and investments.
-
Watch items / potential red flags
- No VPV-specific share ownership by LaCava as of Dec 31, 2024 (reduced direct “skin-in-the-game” for this fund), though aggregate complex holdings exceed $100K.
- Concentration of ex-KPMG experience on Audit Committee (LaCava, Liddy) can be seen as both a strength (expertise) and a potential groupthink risk; mitigate via independent auditor (PwC) and multiple independent committee members.
- The fund complex’s Control Share Provisions (Delaware) limit voting above certain thresholds unless reinstated—broader governance context for closed-end fund investors (not director-specific).
-
Compliance/engagement signals
- Section 16(a) reporting compliance: the Funds believe all filing requirements were met for FY ended Feb 28, 2025.
Overall: LaCava brings heavyweight audit governance and chair experience aligned with VPV’s oversight needs. Absence of VPV-specific holdings may be viewed as a modest alignment gap, partly offset by meaningful aggregate complex exposure and robust audit governance structures.