Daniel Vandivort
About Daniel S. Vandivort
Independent Trustee of Invesco Pennsylvania Value Municipal Income Trust (VPV) since 2019; year of birth 1954. Vandivort is a seasoned fixed income and asset management executive (ex‑President & CIO of Weiss Peck and Greer/Robeco Investment Management; prior senior roles at CS First Boston) with extensive fund board leadership, including prior Chair/Lead Independent Director and Audit Chair at Value Line Funds and Governance Chair at Oppenheimer Funds complex. He currently serves as President of Flyway Advisory Services LLC and sits on the Investments and Governance committees for the Invesco closed‑end funds, chairing the Governance Committee. He oversees 151 funds across the Invesco fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Oppenheimer Funds complex | Trustee; Governance Committee Chair | 2014–2019 | Led governance; board oversight at predecessor fund complex later integrated with Invesco. |
| Value Line Funds | Chairman; Lead Independent Director; Audit Committee Chair | 2008–2014 | Board leadership; audit oversight. |
| Weiss Peck & Greer Mutual Funds Board | Trustee; Chairman | 2004–2005 | Board chair responsibilities. |
| Weiss Peck & Greer/Robeco Investment Management | President & Chief Investment Officer; previously MD, Head of Fixed Income | 1994–2007 | Ran investment platform; fixed income leadership. |
| CS First Boston / CS First Boston Investment Management | Various roles, incl. Head of Fixed Income at CSFB IM | 1984–1994 | Fixed income leadership. |
| Huntington Disease Foundation of America | Trustee | 2007–2013; 2015–2019 | Nonprofit governance. |
| Huntington Disease Foundation of America | Treasurer; Chair, Audit & Finance Committee | 2016–2019 | Financial oversight. |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Flyway Advisory Services LLC | President | Current | Consulting and property management. |
| Historic Charleston Foundation | Investment Committee Member | Current | Fiduciary oversight of investments. |
Board Governance
- Independence: Classified as an Independent Trustee (not affiliated with the Adviser); listed in “Independent Trustees” compensation table.
- Committee assignments (FY ended Feb 28, 2025):
- Governance Committee: Chair; 6 meetings held.
- Audit Committee: Member; 6 meetings held; two members designated “audit committee financial experts” (not specified which); all are Independent Trustees.
- Investments Committee: Member (committee also has sub‑committees).
- Compliance Committee: Not listed as a member (committee held 4 meetings).
- Board activity/attendance: Board met 14 times in FY ended Feb 28, 2025; each Independent Trustee attended at least 75% of Board and relevant committee meetings (meets typical attendance threshold).
- Term structure: Trustees generally serve three‑year terms; nominees on August 12, 2025 ballot for election.
Committee Memberships and Roles
| Committee | Role | Meetings (FY 2025) |
|---|---|---|
| Governance | Chair | 6 |
| Audit | Member | 6 |
| Investments | Member | Not stated; standing committee |
| Compliance | Not a member | 4 (committee total) |
Fixed Compensation
| Component | Amount | Period/Notes |
|---|---|---|
| VPV – Aggregate compensation paid by VPV | $1,664.06 | Fiscal year ended Feb 28, 2025. |
| Total compensation from Invesco Fund Complex (all funds) | $467,500 | Calendar year ended Dec 31, 2024 (unless noted). |
| Retirement benefits accrued (all Invesco funds) | None disclosed | Blank entry for Vandivort; plan shows estimated annual benefits only for certain trustees. |
| Estimated annual benefits upon retirement | None disclosed | No amount shown for Vandivort. |
| Deferred compensation program | Available | Trustees may defer up to 100% of fees; aggregate deferred by all trustees in FY ended Feb 28, 2025 was $67,148.69; individual elections not disclosed here. |
Performance Compensation
- Equity or option awards: None disclosed for trustees; Annex B lists cash compensation/benefits only (no stock, RSUs/PSUs, or options).
- Performance metrics tied to pay: None disclosed for trustees (closed‑end fund boards typically receive fixed retainers/fees).
Other Directorships & Interlocks
| Company/Board | Public/Private | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| Invesco closed‑end/open‑end fund complex | Registered investment companies | Trustee across complex; oversees 151 funds | Common board across Invesco funds; typical mutual/CEF complex structure. |
| Value Line Funds (prior) | Registered investment companies | Chairman; Lead Independent Director; Audit Chair | Historical roles; no current interlock. |
| Oppenheimer Funds complex (prior) | Registered investment companies | Trustee; Governance Chair | Historical roles; integrated with Invesco. |
Expertise & Qualifications
- Deep fixed income and asset management leadership (former Head of Fixed Income; President & CIO), directly relevant to VPV’s municipal fixed income mandate.
- Extensive fund board leadership (prior Governance Chair; Audit Chair; Lead Independent Director), aligned with oversight of adviser, valuation, and audit.
- Service as Governance Committee Chair indicates board process and evaluation expertise.
Equity Ownership
| Measure | VPV | Complex‑Wide |
|---|---|---|
| Dollar range of equity securities owned (as of Dec 31, 2024) | None | Aggregate across all registered investment companies overseen: Over $100,000 (includes deemed investment of any deferred compensation). |
| Shares pledged/hedged | Not disclosed | Not disclosed. |
| Section 16/30(f) compliance | — | Funds report all required insider filings were timely for FY ended Feb 28, 2025. |
Governance Assessment
- Strengths:
- Chair of Governance Committee and member of Audit and Investments Committees provide broad oversight span across nominations/board evaluations, financial reporting, valuation, and portfolio oversight.
- Meets attendance threshold with an active board calendar (14 meetings).
- Relevant fixed income and prior board leadership experience (Audit Chair; Governance Chair; Lead Independent Director).
- Potential concerns / RED FLAGS:
- No direct VPV share ownership disclosed; while trustees can defer compensation into fund investments, absence of VPV holdings may be viewed as weaker direct alignment at the fund level.
- Governance Committee reviews and recommends Independent Trustees’ compensation, which can create perceived self‑setting of pay (mitigated by full board processes and independence).
- Significant breadth of responsibilities (oversees 151 funds) may create time‑commitment risk; diligence mitigated by committee structures and meeting cadence.
- Other notes:
- Audit Committee includes two designated “financial experts” (names not specified); the committee met six times and oversees auditor selection (PwC appointed for FY ending Feb 28, 2025).
Appendix: Key Disclosures (for reference)
- Election/term: Trustees generally serve three‑year terms; nominees (including Vandivort) up for election at Aug 12, 2025 Joint Annual Meeting.
- Compensation detail excerpts: VPV per‑fund trustee compensation table and complex totals (Vandivort: VPV $1,664.06; complex $467,500; no retirement benefit accrual disclosed).
- Ownership: None in VPV; aggregate complex‑wide ownership Over $100,000 (as of Dec 31, 2024).