Joel Motley
About Joel W. Motley
Joel W. Motley (born 1952) is an Independent Trustee of Invesco Pennsylvania Value Municipal Income Trust (VPV), serving on the Invesco closed‑end funds’ Board since 2019. He is Managing Director of Carmona Motley, Inc. (since 2002) and an independent director of the Office of Finance of the Federal Home Loan Bank System (since 2016), with prior senior roles at Public Capital Advisors and other financial advisory firms. He rejoined the Vestry and Investment Committee of Trinity Church Wall Street in May 2022 and holds multiple board/committee roles in non-profits and civic organizations, underscoring deep governance and finance expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Public Capital Advisors, LLC | Managing Director | 2006–2017 | Privately held financial advisory; led mandates across public finance . |
| Carmona Motley Hoffman, Inc. | Managing Director | Prior to 2006 (dates not specified) | Privately held financial advisor . |
| Columbia Equity Financial Corp. | Director | 2002–2007 | Privately held financial advisor . |
| Oppenheimer Funds (select investment companies) | Trustee | 2002–2019 | Oversight experience across registered funds . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Office of Finance, Federal Home Loan Bank System | Independent Director | Since 2016 | Oversight of finance and funding for FHLBank System . |
| Blue Ocean Acquisition Corp. | Board Member | Since 2021 | Public company SPAC board service . |
| Trinity Church Wall Street | Vestry Member; Investment Committee Member | Rejoined May 2022 | Asset oversight for historic institution . |
| Trust for Mutual Understanding | Board Member | Since 2021 | Grants to arts/environment in Eastern Europe . |
| Council on Foreign Relations | Member; Finance & Budget Committee | Ongoing | Fiscal oversight within CFR . |
| Human Rights Watch | Chairman Emeritus; Investment Committee Member | Ongoing | Governance and endowment oversight . |
| Historic Hudson Valley | Board & Investment Committee Member | Ongoing | Cultural institution oversight . |
| Pulitzer Center for Crisis Reporting | Board & Investment Committee Member | Since 2011 | Journalism grants/endowment oversight . |
| The Greenwall Foundation | Director; Board & Investment Committee Member | Ongoing | Bioethics research foundation . |
| Friends of the LRC | Director | Ongoing | South Africa legal services foundation . |
Board Governance
- Independence: Listed under “Independent Trustees,” confirming independence from the adviser .
- Committee assignments: Member, Compliance Committee and Governance Committee. Compliance Committee chair is Elizabeth Krentzman; Governance Committee chair is Daniel S. Vandivort (Motley is not chair) .
- Engagement: Compliance Committee held 4 meetings; Governance Committee held 6 meetings in fiscal year ended Feb 28, 2025 (per-Trustee attendance rates not individually disclosed) .
- Breadth of oversight: Oversees 151 funds in the Invesco Fund Complex (illustrates workload/experience scale) .
Fixed Compensation
| Metric | FY Ended Feb 28, 2025 | Source |
|---|---|---|
| Aggregate Compensation from VPV Trust ($) | $21,829 | |
| Total Compensation from Invesco Fund Complex ($) | $447,500 | |
| VPV fund-level aggregate paid to Motley ($) | $1,597.06 | |
| Retirement Benefits Accrued | Not disclosed (blank for Motley) | |
| Estimated Annual Benefits Upon Retirement | Not disclosed (blank for Motley) |
Notes:
- Annex B provides per‑Trust, per‑Fund amounts and total complex compensation for Independent Trustees; no equity components are shown in the Trustee compensation disclosures .
Performance Compensation
- The proxy does not disclose any performance‑based elements (bonuses, PSUs/RSUs, options, or formulaic metrics) for Independent Trustees; compensation appears to be fixed cash (with optional deferral) across Funds .
Other Directorships & Interlocks
| Company/Entity | Type | Potential Interlock/Considerations |
|---|---|---|
| Blue Ocean Acquisition Corp. | Public company (SPAC) | External board role; monitor deal activity and potential service provider overlaps with Invesco ecosystem . |
| Office of Finance, FHLBank System | Financial system agency | Systemic finance exposure; governance experience in large debt issuance and risk oversight . |
| Multiple non-profits (HRW, CFR, Pulitzer Center, Historic Hudson Valley, Trust for Mutual Understanding, Greenwall, Friends of the LRC) | Non-profit boards | Numerous fiduciary commitments; signal civic leadership; time commitments should be monitored . |
Expertise & Qualifications
- Financial services leadership: Managing Director roles in multiple advisory firms; extended tenure as fund trustee (Oppenheimer Funds 2002–2019; Invesco Funds since 2019) .
- Governance/risk oversight: Service on Compliance and Governance Committees; participation in investment committees across several institutions .
- Civic/institutional finance: Roles at CFR Finance & Budget Committee, HRW investment oversight, and Trinity Church investment committee .
Equity Ownership
| Holding Category | VPV (Fund-level) | Aggregate Invesco Fund Complex |
|---|---|---|
| Trustee beneficial ownership | None (VPV) | Over $100,000 in total across registered investment companies overseen |
- The trustee beneficial ownership table shows “None” for VPV specifically, while aggregate dollar range across all Invesco funds overseen is “Over $100,000” for Mr. Motley .
Governance Assessment
- Positives:
- Independence confirmed; sits on Compliance and Governance Committees—both critical for conflicts oversight, board composition, and evaluation processes .
- Extensive financial and governance background across public funds and major institutions, including FHLBank Office of Finance and prior Oppenheimer Funds trusteeship—supports board effectiveness and risk oversight .
- Strong civic and committee credentials (CFR, HRW, Trinity), indicating robust governance literacy and stakeholder orientation .
- Watch items:
- Fund‑specific ownership alignment: No VPV holdings disclosed; while aggregate Invesco complex exposure is “Over $100,000,” the absence of VPV shares may be viewed as weaker alignment for this specific Fund versus broader complex alignment .
- Time commitments: Numerous external board and committee roles could pressure bandwidth; investors should monitor attendance disclosures and committee workload trends (committee meeting counts disclosed, but per‑Trustee attendance rates are not individually presented) .
- Related‑party exposure: Compliance Committee explicitly oversees potential conflicts, but the proxy does not disclose any Item 404 related‑party transactions naming Mr. Motley; continue surveillance of Blue Ocean Acquisition Corp. deal flow and any service provider overlaps with Invesco .
- Red flags:
- None specifically disclosed for Mr. Motley in this proxy (no hedging/pledging, loans, or related‑party transactions are identified naming him) .