Beth Ann Brown
About Beth Ann Brown
Beth Ann Brown (born 1968) is an Independent Trustee of the Invesco closed‑end funds, serving on the VPV board since 2019 and as Independent Chair of the Boards since August 2022 . She is an independent consultant with deep distribution and investment management experience, previously holding senior roles at Columbia Management and Liberty Funds, and oversees 151 Invesco registered investment companies as a trustee . Brown is independent (non‑executive) and currently serves as a Director of Caron Engineering, Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Columbia Management Investment Advisers LLC | Head of Intermediary Distribution; Managing Director, Strategic Relations; Managing Director, Head of National Accounts | Not specified | Senior commercial leadership across distribution and strategic relations |
| Liberty Funds Distributor, Inc. | SVP, Key Account Manager (1999–2002); SVP, National Account Manager (2002–2004) | 1999–2004 | Key account management for fund distribution |
| Oppenheimer Funds complex | Trustee of certain investment companies | 2016–2019 | Governance experience across investment companies |
| Grahamtastic Connection (non‑profit) | Director; Vice President (through 2019); President (2019–2022) | 2013–2022 | Non‑profit leadership, community engagement |
| Acton Shapleigh Youth Conservation Corps (non‑profit) | President and Director | 2012–2015 | Non‑profit leadership |
| Caron Engineering, Inc. | Board of Advisors (Advisor) | 2014–2017 | Technology advisory experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Caron Engineering, Inc. | Director, Board of Directors | Since 2018 | Private company directorship; no public company boards disclosed |
| Independent Consultant | Consultant | Since 2012 | Independent advisory practice |
| Public company directorships | None disclosed | — | No public boards listed in proxy |
Board Governance
- Board leadership: Independent Chair of the Boards since August 2022; the Boards explicitly use an Independent Trustee as Chair to enhance governance and oversight .
- Committee memberships:
- Compliance Committee member; committee met 4 times in FY ended Feb 28, 2025 .
- Governance Committee member; committee met 6 times in FY ended Feb 28, 2025 .
- Not a member of the Audit Committee (members are LaCava (Chair), Liddy, Vandivort, Jones, Hostetler, Ressel; met 6 times) .
- Attendance: The Boards met 14 times in FY ended Feb 28, 2025; each independent trustee attended at least 75% of Board and assigned committee meetings (aggregate) .
- Scope: Oversees 151 funds in the Invesco fund complex as trustee .
Fixed Compensation
| Metric | Amount | Notes |
|---|---|---|
| Aggregate Compensation From the Trust (fiscal year ended Feb 28, 2025) | $32,124 | Trustee-level aggregate from the Trust |
| Total Compensation From Invesco Fund Complex Paid to Trustee (calendar year 2024) | $652,500 | Complex-wide compensation |
| VPV – Fund-level compensation paid to Brown (most recent fiscal year) | $2,250.82 | Fund-specific aggregate paid by VPV |
Deferred compensation program: Independent Trustees may elect to defer up to 100% of fees, with amounts deemed invested in selected Invesco funds; total deferred by all trustees during the fiscal year ended Feb 28, 2025 was $67,148.69 .
Performance Compensation
- No performance-based compensation (e.g., RSUs/PSUs, options, or explicit performance metrics) is disclosed for independent trustees; compensation is in cash retainers/fees and optional deferred compensation .
| Performance Metric | Applies to Brown | Details |
|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed | No equity grants disclosed for trustees |
| Options | Not disclosed | No options disclosed for trustees |
| Bonus tied to revenue/EBITDA/TSR/ESG | Not applicable | No performance bonus structures disclosed for trustees |
| Deferred compensation | Available | Up to 100% deferral into fund-linked accounts per Trustee election |
Other Directorships & Interlocks
| Type | Company | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Private company | Caron Engineering, Inc. | Director | No related-party transactions disclosed with VPV/Invesco funds |
| Investment company boards (prior) | Oppenheimer Funds complex | Trustee | Prior service; no current interlocks disclosed |
| Public company boards | — | — | None disclosed |
Expertise & Qualifications
- Deep distribution and institutional relationship management experience from Columbia Management and Liberty Funds, covering intermediary distribution, strategic relations, and national accounts .
- Independent Chair experience overseeing 151 funds, signaling strong governance and board process leadership across a complex structure .
- Non-profit leadership and private company directorship, adding stakeholder and operational perspective .
Equity Ownership
| Holding Category (as of Dec 31, 2024) | VPV | Complex-wide (all Invesco funds overseen) |
|---|---|---|
| Dollar range of fund securities owned | None | Over $100,000 (includes deferred amounts in deferral account invested in funds) |
| % of shares outstanding | Not disclosed | Not disclosed |
| Shares pledged/hedged | Not disclosed | Not disclosed |
Note: Annex D indicates “None” for each specific fund holding and “Over $100,000” in aggregate across the complex for Brown; aggregate includes deferred compensation deemed invested in selected funds .
Governance Assessment
- Strengths:
- Independent Board Chair, enhancing oversight and independence of governance from the Adviser .
- Active roles on Compliance and Governance Committees; these committees oversee CCO performance, compliance policies, conflicts review, board evaluations, and trustee compensation policies .
- Adequate attendance threshold met (≥75% for independent trustees) and robust meeting cadence (14 Board meetings) in FY ended Feb 28, 2025 .
- Potential risks/RED FLAGS:
- No VPV fund share ownership disclosed, which may be viewed by some investors as lower “skin‑in‑the‑game” alignment, though trustees can defer compensation into fund-linked accounts (aggregate complex ownership “Over $100,000”) .
- No explicit disclosure of hedging/pledging policies for trustee holdings; lack of detail limits assessment of alignment safeguards .
- As Chair is independent, audit committee leadership remains separate; Brown is not on the Audit Committee (which is a best practice for financial oversight), but this is mitigated by the Audit Committee’s composition and financial expert designations .
Section 16 compliance: The Funds report that all required insider ownership filings were met during the fiscal year ended Feb 28, 2025, indicating no delinquent reports for trustees .