Jim Liddy
About Jim Liddy
James “Jim” Liddy (year of birth: 1959) is an Independent Trustee of the Invesco Funds, including Invesco Pennsylvania Value Municipal Income Trust (VPV), serving since 2024. He is a retired KPMG LLP partner, with prior senior audit and financial services leadership roles; if elected in 2025, his trustee term runs through the 2028 annual meeting or until a successor is elected. He oversees funds across the Invesco complex and brings deep audit and investment management oversight experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KPMG LLP | Chairman, Global Financial Services – Americas | 2017–2021 | Led financial services practice strategy and oversight . |
| KPMG LLP | Leader, U.S. Financial Services practice | 2015–2021 | Oversaw client service and industry initiatives . |
| KPMG LLP | Vice Chair of Audit; National Managing Partner of Audit; Member, Global Audit Steering Group | Prior to 2017 (years not individually specified) | Senior governance across audit quality and policy . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Gulfside Place Condominium Association, Inc. | Director & Treasurer | Not disclosed | Financial oversight for community association . |
| Kellenberg Memorial High School | Non-Executive Director | Not disclosed | Non-profit education governance . |
Board Governance
- Committee memberships: Audit Committee member; Audit Committee chaired by Anthony J. LaCava; the Audit Committee held 6 meetings in FY ended Feb 28, 2025; two members identified as SEC “audit committee financial experts” (not named in the proxy); the charter is available via Invesco’s website .
- Independence: Classified as an Independent Trustee in compensation and governance sections .
- Attendance: The Board met 14 times in FY ended Feb 28, 2025; each independent Trustee attended at least 75% of Board and committee meetings during their service period .
- Tenure on VPV Board: Serving since 2024; nominated for election by shareholders for the first time in the 2025 meeting; term to 2028 if elected .
Fixed Compensation
| Component | Amount/Structure | Source |
|---|---|---|
| Aggregate compensation from VPV (FY ended Feb 28, 2025) | $21,094 | |
| Total compensation from Invesco Fund Complex (calendar year 2024 unless noted) | $409,426 | |
| Structure | Annual retainer + meeting fees; additional fees for Board/Committee Chairs; retirement policy allows service until Dec 31 of the year the Trustee turns 75 |
Deferred compensation program: Independent Trustees may elect to defer up to 100% of fees into unfunded deferral accounts deemed invested in selected Invesco Funds; total deferred by all Trustees of the Trust in the most recent fiscal year was $67,148.69 (Trustee-specific deferrals not disclosed) .
Performance Compensation
| Metric | Disclosure |
|---|---|
| Annual/target bonus | Not applicable (Trustee pay is retainer/meeting-fee based; no bonuses disclosed) . |
| Stock awards (RSUs/PSUs) | None disclosed for Trustees . |
| Option awards | None disclosed for Trustees . |
| Performance metrics tied to pay (TSR, EBITDA, ESG, etc.) | None disclosed; Trustee compensation not performance-based . |
| Clawbacks/COC/severance | Not disclosed for Trustees . |
Other Directorships & Interlocks
| Type | Company/Organization | Role | Notes |
|---|---|---|---|
| Public company boards | None disclosed | — | No public company directorships listed in the proxy . |
| Non-profit/other | Gulfside Place Condominium Association, Inc. | Director & Treasurer | Non-profit/homeowners association governance . |
| Non-profit/other | Kellenberg Memorial High School | Non-Executive Director | Non-profit education . |
Expertise & Qualifications
- Audit and financial reporting oversight: Former KPMG Vice Chair of Audit and National Managing Partner of Audit; experience with global audit governance .
- Financial services and investment management: Led KPMG financial services practices, providing sector-specific insight for a municipal income trust .
- Fund complex oversight: Listed as overseeing 151 Invesco funds in trustee biographies, indicating breadth across the complex .
- The Board explicitly cites his audit and financial services experience as beneficial to the Funds .
Equity Ownership
| Holding Category | VPV | Aggregate Dollar Range in All Invesco Registered Investment Companies |
|---|---|---|
| Trustee beneficial ownership (as of Dec 31, 2024) | None | Over $100,000 (includes deferred compensation deemed invested in Invesco Funds) . |
Share pledging/hedging: Not disclosed for Mr. Liddy in the proxy .
Governance Assessment
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Strengths:
- Deep audit leadership and financial services expertise aligned with Audit Committee responsibilities; active Audit Committee member with defined charter and six meetings in FY2025 .
- Independence classification and meeting attendance at least 75% threshold bolster board effectiveness and investor confidence .
- Compensation is cash-based with optional deferral into Invesco Funds, avoiding equity-linked incentives that could misalign for a closed-end fund trustee .
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Watch items / potential conflicts:
- Prior senior affiliation with KPMG could represent perceived auditor interlocks if KPMG or affiliates provide services to the Funds or Adviser; proxy does not identify the audit firm, and he is retired, but monitoring auditor relationships remains prudent .
- No direct ownership in VPV may be viewed as lower “skin-in-the-game” at the individual fund level, although trustees hold “Over $100,000” across the complex and can use deferred compensation vehicles, common in fund governance structures .
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Overall implications: Liddy’s audit pedigree and committee role support robust financial reporting oversight for VPV. The independent trustee status and attendance are positive governance signals; continued transparency on auditor relationships and trustee ownership alignment practices should be monitored for potential red flags .