Teresa Ressel
About Teresa M. Ressel
Independent Trustee of Invesco closed-end funds (including VPV) since 2017, with deep finance and risk-management credentials from senior roles at UBS and the U.S. Treasury. Currently Managing Partner at Radiate Capital (since 2024); formerly CEO of UBS Securities LLC and Group COO of the Americas at UBS; served as U.S. Treasury Assistant Secretary for Management and Chief Financial Officer (confirmed by the Senate) and earlier Deputy Assistant Secretary for Management & Budget (2001–2004). She also serves on the board of GAVI, the Global Vaccine Alliance (non-profit) focused on children’s health. The Board cites her private- and public-sector risk and financial expertise as beneficial to the Funds .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS Securities LLC (UBS Investment Bank) | Chief Executive Officer | Not disclosed | Senior leadership of broker-dealer division |
| UBS (Americas) | Group Chief Operating Officer | Not disclosed | Operational oversight across Americas |
| U.S. Department of the Treasury | Assistant Secretary for Management & CFO; previously Deputy Assistant Secretary for Management & Budget | 2001–2004 | Finance, accounting, risk, audit, performance measurement; Senate-confirmed |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Radiate Capital (private equity sponsor) | Managing Partner | Since 2024 | Current role |
| GAVI, the Global Vaccine Alliance (non-profit) | Board member | Current | Children’s health; community volunteer functions |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Independent Trustee; serves across Invesco fund complex |
| Years of service (VPV Board) | Trustee since 2017 |
| Committee memberships | Audit Committee member (LaCava, Chair; Liddy, Vandivort, Jones, Hostetler, Ressel) |
| Audit Committee engagement | Six meetings in FY ended Feb 28, 2025; two committee members designated “audit committee financial experts,” both Independent Trustees |
The proxy identifies four standing committees (Audit, Compliance, Governance, Investments); disclosed membership and activity detail is provided for the Audit Committee; other committee assignments for Ms. Ressel are not disclosed in the excerpts reviewed .
Fixed Compensation
| Component | Amount/Structure | Source |
|---|---|---|
| Aggregate compensation from VPV (fiscal year basis noted) | $21,342 | |
| Total compensation from Invesco Fund Complex | $437,500 | |
| Deferred compensation program | Trustees may elect to defer up to 100% of fees; amounts deemed invested in selected Invesco funds; paid in cash installments (up to 10 years); unfunded, unsecured obligation of the Funds | |
| Estimated annual retirement benefit (VPV) | $1,494.09 (estimated on service to normal retirement date; not adjusted for investment changes) |
Performance Compensation
| Metric | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs), options, performance metrics (TSR, EBITDA, ESG) | Not applicable for Independent Trustees of VPV; no equity- or performance-based director compensation disclosed in the proxy |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Radiate Capital | Private | Managing Partner | No related-party transactions with VPV or Invesco Funds disclosed |
| GAVI, Global Vaccine Alliance | Non-profit | Board member | Non-profit service; no conflicts disclosed |
Expertise & Qualifications
- Senior executive experience in global investment banking and operations (UBS); government CFO experience with Senate confirmation (Treasury), overseeing finance, risk, audit, and performance measurement; current private equity sponsor leadership. The Board states this risk management and financial experience benefits the Funds .
Equity Ownership
| Holding Category | VPV | Aggregate holdings across Invesco Fund Complex |
|---|---|---|
| Dollar range (as of Dec 31, 2024) | None | Over $100,000 (includes deemed investments via deferred comp accounts) |
Section 16(a)/Investment Company Act reporting compliance: Based on fund review and representations, all required beneficial ownership filings were met for the fiscal year ended Feb 28, 2025 .
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) filings (Trustees and >10% holders) | All required filings met for the fiscal year ended Feb 28, 2025, per the Funds’ review |
Governance Assessment
- Independence and financial/risk oversight credentials: Ms. Ressel is an Independent Trustee with senior financial/government experience; active Audit Committee membership (six meetings in FY2025) supports board effectiveness in financial reporting and valuation oversight .
- Compensation structure: Director pay is cash-based, with optional deferral and estimated retirement benefits; no equity awards or performance-linked pay for directors, reducing pay-for-performance alignment concerns common to operating companies but consistent with registered fund governance norms .
- Ownership alignment: No VPV share ownership; aggregate dollar range across the fund complex is Over $100,000 (often via deferred comp), offering some alignment with Invesco funds generally but not VPV specifically .
- RED FLAGS and conflicts: No related-party transactions, pledging, hedging, or tax gross-ups disclosed for Ms. Ressel; Section 16 compliance indicates timely reporting. Major holders of VPV Preferred Shares (Bank of America at 100%) are identified at the fund level but not connected to Ms. Ressel; no director-specific conflicts disclosed in the proxy .
Note: Committee membership details beyond Audit (Compliance, Governance, Investments), individual attendance rates, and director-specific meeting fees were not disclosed in the reviewed sections of the DEF 14A.