Carol Deckbar
About Carol Deckbar
Independent Trustee of Invesco Pennsylvania Value Municipal Income Trust (VPV) since January 16, 2024; year of birth 1962; career asset management executive with TIAA, AMSOUTH Bank, Bank of America Capital Management, and Evergreen Funds. Classified as an Independent Trustee; serves on the Compliance Committee and is a Sub-Committee Chair within the Investments Committee; Board met 14 times in FY2025 with each independent trustee attending at least 75% of Board and committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TIAA Financial Services | Executive Vice President & Chief Product Officer | 2019–2021 | Executive leadership over product |
| College Retirement Equities Fund (TIAA) | Executive Vice President & Principal | 2014–2021 | Senior fiduciary oversight |
| TIAA | EVP & Head of Institutional Investments & Endowment Services | 2016–2019 | Led institutional/endowment services |
| AMSOUTH Bank | Senior Vice President | 2002–2006 | Asset management/business leadership |
| Bank of America Capital Management | Senior Vice President, Managing Director | 1999–2002 | Asset management leadership |
| Evergreen Funds | Senior Vice President, Managing Director | 1991–1998 | Asset management leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| TIAA Retirement Plan Investments Committee | Chairman | 2019–2020 | Oversight of retirement plan investments |
| Advance (women’s advancement council) | Executive Sponsor | 2019–2020 | Executive sponsorship role |
| Investment Company Institute | Member | 2017–2019 | Industry body participation |
| Fortune 400 Most Powerful Women Network | Member | 2012–2015 | Professional network membership |
| Mutual Fund Education Alliance | Member | 2010–2015 | Industry education alliance membership |
| TIAA Asset Management, Inc. | Board Member (Formerly) | Past 5 years | “Formerly” disclosed; dates not specified |
| TH Real Estate Group Holdings Company | Board Member (Formerly) | Past 5 years | “Formerly” disclosed; dates not specified |
Board Governance
- Independence: Listed among Independent Trustees; not an “interested person” under the 1940 Act .
- Committee assignments: Investments Committee Sub-Committee Chair; member of Compliance Committee (Compliance Committee held 4 meetings in FY2025; Governance Committee held 6; Audit Committee held 6—Deckbar not listed on Audit) .
- Attendance: In FY2025, Board met 14 times and each independent Trustee attended at least 75% of Board and committee meetings; in FY2024, Board met 8 times and each independent Trustee attended at least 75% .
- Board class/tenure: Classified in Board classes; Deckbar is in Class III and, upon 2024 election, serves until the later of the 2027 Annual Meeting or until a successor is elected and qualified .
Fixed Compensation
- Structure: Independent Trustees receive an annual retainer plus meeting fees; incremental compensation for Board Chair, Committee Chairs, and Sub-Committee Chairs; retirement plan benefits only for specific legacy categories (pre-2008 or former Van Kampen trustees) .
- VPV-specific compensation (Deckbar):
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| VPV – Compensation from VPV ($) | $311.01 | $1,494.80 |
- Aggregate compensation across the Invesco fund complex (Deckbar):
| Metric | Calendar 2024 |
|---|---|
| Total compensation from Invesco Fund Complex ($) | $409,426 |
- Retirement benefits status: No retirement benefits accrued shown for Deckbar; estimated annual benefits column blank (she does not meet legacy plan eligibility criteria) .
Performance Compensation
- No equity or option awards are disclosed for Independent Trustees; compensation is fee-based (retainer/meeting fees). No performance-tied metrics (e.g., TSR/EBITDA) are disclosed for trustees .
Other Directorships & Interlocks
| Company | Role | Public Company? | Status |
|---|---|---|---|
| TIAA Asset Management, Inc. | Board Member | No (TIAA subsidiary) | Formerly |
| TH Real Estate Group Holdings Company | Board Member | No (Nuveen/real estate) | Formerly |
Expertise & Qualifications
- Asset management executive leadership (product, institutional investments, endowments) at TIAA; senior roles at leading financial institutions (AMSOUTH, Bank of America Capital Management, Evergreen Funds) .
- Governance experience overseeing retirement plan investments; participation in major industry bodies (ICI, MFEA) and leadership networks .
Equity Ownership
- Trustee beneficial ownership as of record dates:
| Holding | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| VPV – Fund share ownership (dollar range) | None | None |
| Aggregate holdings across Invesco Fund Complex (dollar range) | Over $100,000 | None |
- 5% holders (control/large holders) of VPV Preferred Shares include Bank of America Corporation at 100% of outstanding as of the record date; not related to Deckbar’s personal holdings .
Governance Assessment
- Strengths: Deep asset management expertise; independent status; active committee work (Compliance Committee member overseeing conflicts; Investments Committee Sub-Committee Chair); documented attendance threshold met in FY2024 and FY2025 .
- Alignment signals: VPV and complex-wide holdings moved from “Over $100,000” (Dec 31, 2023) to “None” (Dec 31, 2024), reducing direct “skin-in-the-game” alignment versus prior year. Trustees are not required to hold fund shares, and compensation is fee-based; nonetheless, the decline may be perceived as a modest alignment negative by some investors .
- Committee effectiveness: Participation in Compliance Committee that explicitly oversees conflicts, risk management reports, and regulatory correspondence strengthens board oversight; Chair responsibilities within Investments Committee suggest substantive engagement with portfolio performance and risk topics .
- RED FLAGS:
- No fund share ownership as of Dec 31, 2024 (after prior “Over $100,000” complex holdings in 2023), which may be viewed as weaker ownership alignment for some governance frameworks .
Overall, Deckbar’s industry experience and committee roles support board effectiveness; independence, attendance, and conflict oversight are positives. The shift to zero holdings in 2024 may warrant investor inquiry on ownership guidelines and trustee deferral/election practices for alignment .