In a recent development, NXG NextGen Infrastructure Income Fund (NYSE:NXG) announced changes to its Board of Trustees. On Thursday, the company filed a Form 8-K with the Securities and Exchange Commission detailing these shifts in leadership.
The Fund, which boasts a remarkable 12.8% dividend yield and has maintained dividend payments for 14 consecutive years according to InvestingPro, continues to demonstrate strong corporate governance practices.
Ronald P. Trout, a long-serving Trustee of the Fund, officially retired from his position. Concurrently, John Musgrave, who is currently serving as the Chief Executive Officer and President of NXG NextGen, has been appointed as a Trustee, filling the vacancy left by Trout's retirement. Due to his executive role within the Fund's investment adviser, Musgrave is considered an Interested Trustee.
In addition, the company disclosed that John H. Alban, previously deemed an Interested Trustee, will now serve as an Independent (LON:IOG) Trustee. This change is a result of Alban having no material business or professional relationship with the Fund's investment adviser for the past two fiscal years and not being classified as an "Interested Person" under the Investment Company Act of 1940. Alban has also been appointed to the Fund's Audit Committee and the Nominating and Corporate Governance Committee as of the same date.
These board changes are part of the Fund's ongoing governance and oversight adjustments. The Fund, based in Dallas, Texas, operates within the financial sector, focusing on infrastructure income. With a market capitalization of $131.3 million and an impressive 78% one-year return, NXG has shown remarkable performance. InvestingPro analysis reveals 6 additional key insights about the fund's performance and financial health, available to subscribers.
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