MORGAN GUST

Corporate Board Profile

Tech Score: 0/100

← Back to All Directors

FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC

Filing Date Source Excerpt
2002-02-08 MORGAN GUST (1) Director Class III Director Since January 1, 1999, 2 -- Age: 54 ... Each Board of Directors has an Audit Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. ... Each Board of Directors of the Funds has a Nominating Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. ... MORGAN GUST $13,400 - PFD $26,800 (2) Director $13,400 - PFO
2003-02-21 MORGAN GUST (1) Director Class III Director Since March 2002, 3 -- Giant Industries, Inc. PFD - since 1991 President and previously 23733 N. Scottsdale Road PFO - since 1992 held other officerships Scottsdale, AZ 85255 of Giant Industries, Inc. Age: 55 (petroleum refining and marketing) Each Board of Directors has an Audit Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. Each Board of Directors has a Nominating Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. The following table sets forth certain information regarding the compensation of each Fund's Directors for the fiscal year ended November 30, 2002. MORGAN GUST $13,700 - PFD $27,300 (2) Director $13,600 - PFO
2005-02-17 MORGAN GUST (1) Director Class III Director Since March 2002, 4 Director, Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated and Flaherty & Crumrine/Claymore Total Return Fund Incorporated Each Director of each Fund who is not a director, officer or employee of Flaherty & Crumrine or any of their affiliates receives a fee of $9,000 per annum plus $500 for each in-person meeting attended, and $150 for each telephone meeting attended. In addition, the Audit Committee Chairman receives an annual fee per Fund of $2,500. MORGAN GUST $15,900 - PFD $62,700(4) Director $15,900 - PFO
2006-02-21 MORGAN GUST Director Class III Director President of Giant 4 Flaherty & Giant Industries, Inc. PFD - since inception Industries, Inc. Crumrine/Claymore 23733 N. Scottsdale Road PFO - since inception (petroleum refining Preferred Securities Scottsdale, AZ 85255 and marketing) since Income Fund Age: 58 March 2002, and for more Incorporated than five years prior thereto, and Flaherty & Executive Vice President, and Crumrine/Claymore various other Vice President Total Return Fund positions at Giant Incorporated; Industries, Inc. CoBiz, Inc. (financial services) AUDIT COMMITTEE REPORT The members of the Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by each Fund for accounting, financial management or internal control. Moreover, the Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent accountants. Accordingly, the Audit Committee's oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee's considerations and discussions referred to above do not provide assurance that the audit of each Fund's financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with generally accepted accounting principles. Based on its consideration of the audited financial statements and the discussions referred to above with management and the independent accountants, and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Audit Committee of each Fund recommended to the Board of Directors of each Fund that the audited financial statements be included in each Fund's Annual Report for the fiscal year ended November 30, 2005. THIS REPORT WAS SUBMITTED BY THE AUDIT COMMITTEE OF EACH FUND'S BOARD OF DIRECTORS David Gale Morgan Gust Karen H. Hogan Robert Wulf (Chairman) January 27, 2006 Each Audit Committee met four times in connection with its Board of Directors regularly scheduled meetings during the fiscal year ended November 30, 2005. Each Audit Committee is composed entirely of each Fund's independent (as such term is defined by the New York Stock Exchange, Inc.'s listing standards applicable to closed-end funds (the "NYSE Listing Standards")) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. NOMINATING COMMITTEE Each Board of Directors has a Nominating Committee composed entirely of each Fund's independent (as such term is defined by the NYSE Listing Standards) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The Nominating Committee of each Fund met twice during the fiscal year ended November 30, 2005. The Nominating Committee is responsible for identifying individuals believed to be qualified to become Board members and for recommending to the Board of Directors such nominees to stand for election as directors at each Fund's annual meeting of shareholders, and to fill any vacancies on the Board. Each Fund's Nominating Committee has a charter which is available on the Funds' website (www.preferredincome.com).
2007-02-16 MORGAN GUST Director Class III Director President of Giant 4 CoBiz, Inc. (financial 301 E. Colorado Boulevard PFD - since inception Industries, Inc. services); Flaherty & Suite 720 PFO - since inception (petroleum refining Crumrine/Claymore Pasadena, CA 91101 and marketing) since Preferred Securities Age: 59 March 2002, and for more Income Fund than five years prior thereto, and Flaherty & Executive Vice President, and Crumrine/Claymore various other Vice President Total Return Fund positions at Giant Incorporated Industries, Inc. Each Fund's Audit Committee is composed entirely of each Fund's independent (as such term is defined by the New York Stock Exchange, Inc.'s listing standards applicable to closed-end funds, as may be modified or supplemented (the "NYSE Listing Standards")) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. NOMINATING COMMITTEE Each Board of Directors has a Nominating Committee composed entirely of each Fund's independent (as such term is defined by the NYSE Listing Standards) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The following table sets forth certain information regarding the compensation of each Fund's Directors for the fiscal year ended November 30, 2006. No executive officer or person affiliated with a Fund received compensation from a Fund during the fiscal year ended November 30, 2006 in excess of $120,000. Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds. COMPENSATION TABLE NAME OF AGGREGATE TOTAL COMPENSATION FROM PERSON AND FROM EACH FUND THE FUNDS AND FUND POSITION COMPLEX PAID TO DIRECTORS* -------- -------------- -------------------------- DONALD F. CRUMRINE $0 $0 (4) Director, Chairman of the Board and Chief Executive Officer DAVID GALE $14,900 - PFD $59,600(4) Director $14,900 - PFO MORGAN GUST $14,750 - PFD $58,700(4) Director $14,750 - PFO KAREN H. HOGAN $14,900 - PFD $59,300(4) Director $14,900 - PFO ROBERT F. WULF $17,700 - PFD $70,500(4) Director $17,700 - PFO
2009-02-24 MORGAN GUST Director CLASS III DIRECTOR Owner and operator 4 CoBiz, Inc. 301 E. Colorado Boulevard and PFD - since inception of various entities (financial services) Suite 720 Nominating PFO - since inception agriculture and Pasadena, CA 91101 Committee CLASS II DIRECTOR real estate; Age: 61 Chairman FFC - since inception Former President FLC - since inception of Giant Industries, Inc. (petroleum refining and marketing) from March 2002 through June 2007 ... Morgan Gust $ 16,150 - PFD $ 64,300 (4) Director; Nominating Committee Chairman $ 16,300 - PFO $ 16,000 - FFC $ 15,850 - FLC
2010-02-25 Morgan Gust Age: 62 Director and Nominating Committee Chairman Owner and operator of various entities engaged in agriculture and real estate Nominating Committee composed of Ms. Hogan and Messrs. Gale, Gust and Wulf Compensation Table: $15,050 PFD, $15,200 PFO, $15,050 FFC, $15,200 FLC, total $60,500
2011-02-24 Morgan Gust 301 E. Colorado Boulevard Suite 720 Pasadena, CA 91101 Age: 63 Director and Nominating and Governance Committee Chairman Class III Director PFD since inception PFO since inception Class II Director FFC since inception FLC since inception Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. Compensation Table: $16,200 PFD, $16,200 PFO, $16,050 FFC, $16,050 FLC, Total $64,500 Audit Committee Report: Morgan Gust is a member of the Audit Committee. Nominating and Governance Committee: Morgan Gust is Chairman.
2012-03-06 Morgan Gust - In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary, of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange. The members of each Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by the Fund for accounting, financial management or internal control. Moreover, the Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent accountants. Accordingly, the Audit Committee’s oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee’s considerations and discussions referred to above do not provide assurance that the audit of each Fund’s financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with generally accepted accounting principles. Based on its consideration of the audited financial statements and the discussions referred to above with management and the independent accountants, and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Audit Committee of each Fund recommended to that Fund’s Board that the audited financial statements be included in the Fund’s Annual Report for the fiscal year ended November 30, 2011. This report was submitted by the Audit Committee of each Fund’s Board of Directors David Gale Morgan Gust Karen H. Hogan Robert F. Wulf (Chairman) January 24, 2012 Each Audit Committee was established in accordance with Section 3(a)(58)(A) of the 1934 Act. Each Audit Committee met four times in connection with its Board of Directors’ regularly scheduled meetings during the fiscal year ended November 30, 2011. Each Audit Committee is composed entirely of each Fund’s Independent (as such term is defined by the New York Stock Exchange (the “NYSE”) listing standards applicable to closed-end funds, as may be modified or supplemented (the “NYSE Listing Standards”)) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. Each Board of Directors has a Nominating and Governance Committee composed entirely of each Fund’s Independent (as such term is defined by the NYSE Listing Standards) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The Nominating and Governance Committee of each Fund met twice during the fiscal year ended November 30, 2011.
2013-03-07 Morgan Gust - Director, Nominating and Governance Committee Chairman. Age: 65. Owner and operator of various entities engaged in agriculture and real estate. Director of the Funds since inception. Member of Audit Committee and Nominating and Governance Committee. Total compensation from the Funds and Fund Complex: $66,000.
2014-03-21 Morgan Gust - Director, Class II Director, Nominating and Governance Committee Chairman - Age: 66 - Owner and operator of various entities - Total compensation $77,351
2015-03-09 Morgan Gust - In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the “NYSE”). Mr. Gust currently serves as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.
2016-03-08 Morgan Gust Director and Nominating and Governance Committee Chairman FFC since inception FLC since inception Owner and operator of various entities engaged in agriculture and real estate Age: 68
2017-03-10 Morgan Gust - Lead Director, Nominating Committee Chair, Class II Director - Age: 69 - Director of PFD, PFO, FFC, FLC, DFP - Compensation: $17,000 per Fund, total $85,000
2018-03-06 Morgan Gust – Lead Independent Director, Nominating Committee Chair, Class II Director (FFC, FLC), Class II Director (PFD, PFO, DFP), age 70, owner and operator of various entities engaged in agriculture and real estate. Compensation: $16,500 per Fund for fiscal year ended November 30, 2017.
2019-03-12 Morgan Gust, Age: 71, Lead Independent Director and Nominating and Governance Committee Chair, Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. Compensation: $16,500 per Fund (PFD, PFO, FFC, FLC, DFP) totaling $82,500. Committees: Chair of Nominating Committee, member of Audit Committee.
2021-03-04 Morgan Gust, Age: 73, Lead Independent Director and Nominating and Governance Committee Chair, Class II Director FFC – since inception, FLC – since inception, Class III Director PFD – since inception, PFO – since inception, DFP – since inception. Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. Compensation: $16,500 – PFD, $16,500 – PFO, $16,500 – FFC, $16,500 – FLC, $16,500 – DFP.
2022-03-03 Morgan Gust 301 E. Colorado Boulevard Suite 800 Pasadena, CA 91101 Age: 74 Lead Independent Director and Nominating and Governance Committee Chair Class II Director FFC – since inception FLC – since inception Class III Director PFD – since inception PFO – since inception DFP – since inception Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. 5 None ... Each Director of each Fund who is not a director, officer or employee of Flaherty & Crumrine or any of its affiliates receives from each Fund a fee of $9,000 per annum plus $750 for each in person Board or Audit Committee meeting attended, $500 for each in person Nominating Committee meeting attended, and $250 for each telephone meeting attended. In addition, the Audit Committee Chair receives from each Fund an annual fee of $3,000. ... The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30, 2021 is set forth below: ... Morgan Gust Lead Independent Director, Nominating Committee Chair $16,500 – PFD $16,500 – PFO $16,500 – FFC $16,500 – FLC $16,500 – DFP $82,500 (5)
2023-03-02 Morgan Gust 301 E. Colorado Boulevard Suite 800 Pasadena, CA 91101 Age: 75 Lead Independent Director and Nominating and Governance Committee Chair Class II Director FFC – since inception FLC – since inception Class III Director PFD – since inception PFO – since inception DFP – since inception Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. 5 None

Flaherty & Crumrine PREFERRED & INCOME OPPORTUNITY FUND INC

Filing Date Source Excerpt
2002-02-08 MORGAN GUST (1) Director Class III Director Since January 1, 1999, 2 -- Giant Industries, Inc. PFD - since 1991 Executive Vice President, 23733 N. Scottsdale Road PFO - since 1992 Giant Industries, Inc. Scottsdale, AZ 85255 (pump construction); Age: 54 and, for more than five years prior thereto, Vice President, General Counsel and Vice President-Administration, Giant Industries, Inc. Each Board of Directors has an Audit Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. Each Board of Directors of the Funds has a Nominating Committee composed entirely of each Fund's independent Directors: Messrs. Brody, Gale, Gust and Wulf. MORGAN GUST $13,400 - PFD $26,800 (2) Director $13,400 - PFO
2003-02-21 MORGAN GUST (1) Director Class III Director Since March 2002, 3 -- Giant Industries, Inc. PFD - since 1991 President and previously 23733 N. Scottsdale Road PFO - since 1992 held other officerships Scottsdale, AZ 85255 of Giant Industries, Inc. Age: 55 (petroleum refining and marketing)
2004-02-06 MORGAN GUST Director Class III Director PFD - since 1991 PFO - since 1992 Age: 56 President of Giant Industries, Inc. ... Each Director of each Fund who is not a director, officer or employee of Flaherty & Crumrine or any of their affiliates receives a fee of $9,000 per annum plus $500 for each in-person meeting, and $150 for each telephone meeting. ... COMPENSATION TABLE ... MORGAN GUST $13,900 - PFD $13,900 - PFO
2005-02-17 MORGAN GUST (1) Director Class III Director Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing) Age: 57 Each Director of each Fund who is not a director, officer or employee of Flaherty & Crumrine or any of their affiliates receives a fee of $9,000 per annum plus $500 for each in-person meeting attended, and $150 for each telephone meeting attended. The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30, 2004 is set forth below: MORGAN GUST $15,900 - PFD $62,700(4) Director $15,900 - PFO
2006-02-21 MORGAN GUST Director Class III Director President of Giant 4 Flaherty & Giant Industries, Inc. PFD - since inception Industries, Inc. Crumrine/Claymore 23733 N. Scottsdale Road PFO - since inception (petroleum refining Preferred Securities Scottsdale, AZ 85255 and marketing) since Income Fund Age: 58 March 2002, and for more and Flaherty & than five years prior thereto, Crumrine/Claymore Executive Vice President, and Total Return Fund various other Vice President Incorporated; positions at Giant CoBiz, Inc. Industries, Inc. (financial services) AUDIT COMMITTEE REPORT The members of the Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by each Fund for accounting, financial management or internal control. Moreover, the Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent accountants. Accordingly, the Audit Committee's oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee's considerations and discussions referred to above do not provide assurance that the audit of each Fund's financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with generally accepted accounting principles. Based on its consideration of the audited financial statements and the discussions referred to above with management and the independent accountants, and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Audit Committee of each Fund recommended to the Board of Directors of each Fund that the audited financial statements be included in each Fund's Annual Report for the fiscal year ended November 30, 2005. THIS REPORT WAS SUBMITTED BY THE AUDIT COMMITTEE OF EACH FUND'S BOARD OF DIRECTORS David Gale Morgan Gust Karen H. Hogan Robert Wulf (Chairman) January 27, 2006 Each Audit Committee met four times in connection with its Board of Directors regularly scheduled meetings during the fiscal year ended November 30, 2005. Each Audit Committee is composed entirely of each Fund's independent (as such term is defined by the New York Stock Exchange, Inc.'s listing standards applicable to closed-end funds (the "NYSE Listing Standards")) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. NOMINATING COMMITTEE Each Board of Directors has a Nominating Committee composed entirely of each Fund's independent (as such term is defined by the NYSE Listing Standards) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The Nominating Committee of each Fund met twice during the fiscal year ended November 30, 2005. The Nominating Committee is responsible for identifying individuals believed to be qualified to become Board members and for recommending to the Board of Directors such nominees to stand for election as directors at each Fund's annual meeting of shareholders, and to fill any vacancies on the Board. Each Fund's Nominating Committee has a charter which is available on the Funds' website (www.preferredincome.com).
2007-02-16 MORGAN GUST Director Class III Director President of Giant 4 CoBiz, Inc. (financial 301 E. Colorado Boulevard PFD - since inception Industries, Inc. services); Flaherty & Suite 720 PFO - since inception (petroleum refining Crumrine/Claymore Pasadena, CA 91101 and marketing) since Preferred Securities Age: 59 March 2002, and for more Income Fund than five years prior thereto, and Flaherty & Executive Vice President, and Crumrine/Claymore various other Vice President Total Return Fund positions at Giant Incorporated Industries, Inc. Each Fund's Audit Committee is composed entirely of each Fund's independent (as such term is defined by the New York Stock Exchange, Inc.'s listing standards applicable to closed-end funds, as may be modified or supplemented (the "NYSE Listing Standards")) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30, 2006 is set forth below: -------------------------------------------------------------------------------- BOARD MEETING TRAVEL AND ANNUAL AND OUT-OF-POCKET DIRECTORS FEES COMMITTEE MEETING FEES EXPENSES* -------------------------------------------------------------------------------- PFD $36,000 $26,250 $4,814 PFO $36,000 $26,250 $4,814 -------------------------------------------------------------------------------- -------------- * Includes reimbursement for travel and out-of-pocket expenses for both "interested" and "non-interested" Directors ("Independent Directors"). The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30, 2006 is set forth below: COMPENSATION TABLE NAME OF AGGREGATE TOTAL COMPENSATION FROM PERSON AND COMPENSATION THE FUNDS AND FUND POSITION FROM EACH FUND COMPLEX PAID TO DIRECTORS* -------- -------------- -------------------------- DONALD F. CRUMRINE $0 $0 (4) Director, Chairman of the Board and Chief Executive Officer DAVID GALE $14,900 - PFD $59,600(4) Director $14,900 - PFO MORGAN GUST $14,750 - PFD $58,700(4) Director $14,750 - PFO KAREN H. HOGAN $14,900 - PFD $59,300(4) Director $14,900 - PFO ROBERT F. WULF $17,700 - PFD $70,500(4) Director $17,700 - PFO
2008-02-19 MORGAN GUST Director CLASS III DIRECTOR Owner and operator 4 CoBiz, Inc. 301 E. Colorado Boulevard and PFD - since inception of various entities (financial services) Suite 720 Nominating PFO - since inception engaged in Pasadena, CA 91101 Committee CLASS II DIRECTOR agriculture and Age: 60 Chairman FFC - since inception real estate; FLC - since inception President of Giant Industries, Inc. (petroleum refining and marketing) from March 2002 through April 2007 THIS REPORT WAS SUBMITTED BY THE AUDIT COMMITTEE OF EACH FUND'S BOARD OF DIRECTORS David Gale Morgan Gust Karen H. Hogan Robert F. Wulf (Chairman) January 28, 2008 Each Fund's Nominating Committee has a charter which is available on its website. PFD and PFO's website address is www.preferredincome.com and FFC and FLC's website address is www.fcclaymore.com. NOMINATING COMMITTEE Each Board of Directors has a Nominating Committee composed entirely of each Fund's Independent (as such term is defined by the NYSE Listing Standards) Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf.
2009-02-25 MORGAN GUST Director CLASS III DIRECTOR Owner and operator 4 CoBiz, Inc. 301 E. Colorado Boulevard and PFD - since inception of various entities (financial services) Suite 720 Nominating PFO - since inception agriculture and Pasadena, CA 91101 Committee CLASS II DIRECTOR real estate; Age: 61 Chairman FFC - since inception Former President FLC - since inception of Giant Industries, Inc. (petroleum refining and marketing) from March 2002 through June 2007
2010-02-25 Morgan Gust Age: 62 Director and Nominating Committee Chairman Class III Director PFD since inception Class II Director FFC and FLC since inception Owner and operator of various entities engaged in agriculture and real estate Committees: Nominating Total compensation: $60,500
2011-02-24 Morgan Gust 301 E. Colorado Boulevard Suite 720 Pasadena, CA 91101 Age: 63 Director and Nominating and Governance Committee Chairman Class III Director PFD – since inception PFO – since inception Class II Director FFC – since inception FLC – since inception Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. (petroleum refining and marketing) from March 2002 through June 2007 4 CoBiz Financial, Inc. Audit Committee Report: David Gale Morgan Gust Karen H. Hogan Robert F. Wulf (Chairman) January 24, 2011 Each Audit Committee is composed entirely of each Fund’s Independent Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. Nominating and Governance Committee: Each Board of Directors has a Nominating and Governance Committee composed entirely of each Fund’s Independent Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. COMPENSATION TABLE: Morgan Gust Director; Nominating and Governance Committee Chairman $16,200 – PFD $16,200 – PFO $16,050 – FFC $16,050 – FLC $64,500 (4)
2012-03-06 Morgan Gust - In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. The members of each Audit Committee are composed entirely of each Fund’s Independent Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. Each Board of Directors has a Nominating and Governance Committee composed entirely of each Fund’s Independent Directors, namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The following table sets forth certain information regarding the compensation of each Fund’s Directors for the fiscal year ended November 30, 2011. Morgan Gust $67,000.
2013-03-07 Morgan Gust - Director, Nominating and Governance Committee Chairman, Class II Director, Age: 65. Owner and operator of various entities. Compensation Table shows $16,500 per Fund, total $66,000.
2014-03-21 Morgan Gust - Director, Class II Director, Age: 66, Owner and operator of various entities engaged in agriculture and real estate. Director of FFC and FLC since inception, PFD, PFO, DFP since inception. Chairman of Nominating and Governance Committee. Serves on Audit Committee. Total compensation $77,351.
2015-03-09 Morgan Gust - In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the “NYSE”). Mr. Gust currently serves as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar. Audit Committee Report: Morgan Gust is a member of the Audit Committee. Nominating and Governance Committee: Morgan Gust is the Chairman of the Nominating and Governance Committee. Compensation Table: Morgan Gust total compensation $82,250.
2016-03-08 Morgan Gust Director and Nominating and Governance Committee Chairman FFC since inception FLC since inception Owner and operator of various entities engaged in agriculture and real estate Age: 68
2017-03-10 Morgan Gust - Lead Director, Class II Director, Nominating Committee Chair, Age: 69, Director of 5 Funds, Total Compensation $85,000
2018-03-06 Morgan Gust – In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the “NYSE”). Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar. Mr. Gust was designated the Lead Independent Director of each Fund in October 2016. He also serves as the Chair of the Nominating Committee of each Fund’s Board.
2019-03-12 Morgan Gust 301 E. Colorado Boulevard Suite 720 Pasadena, CA 91101 Age: 71 Lead Independent Director and Nominating and Governance Committee Chair Class II Director FFC – since inception FLC – since inception Class III Director PFD – since inception PFO – since inception DFP – since inception Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. CoBiz, Financial, Inc. (financial services) through September 2015 CoBiz Financial, Inc. (financial services) through September 2015; Lead Independent Director of each Fund in October 2016; Chair of the Nominating Committee of each Fund’s Board; Audit Committee member; Aggregate compensation $82,500.
2020-03-05 Morgan Gust 301 E. Colorado Boulevard Suite 720 Pasadena, CA 91101 Age: 72 Lead Independent Director and Nominating and Governance Committee Chair Class II Director FFC since inception FLC since inception Class III Director PFD since inception PFO since inception DFP since inception Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. CoBiz, Financial, Inc. (financial services) through September 2015. The following table sets forth additional information regarding the compensation of each Fund’s Directors for the fiscal year ended November 30, 2019. Morgan Gust $16,500 – PFD $16,500 – PFO $16,500 – FFC $16,500 – FLC $16,500 – DFP $82,500 (5) Lead Independent Director, Nominating Committee Chair
2021-03-04 Morgan Gust Age: 73 Lead Independent Director and Nominating and Governance Committee Chair Audit Committee Report This report was submitted by the Audit Committee of each Fund’s Board of Directors Morgan Gust Nominating Committee The Nominating Committee of each Fund is composed entirely of each Fund’s Independent Directors namely Ms. Hogan and Messrs. Gale and Gust. Board Compensation The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30, 2020 is set forth below: Morgan Gust $16,500 – PFD $16,500 – PFO $16,500 – FFC $16,500 – FLC $16,500 – DFP Total $82,500
2022-03-03 Morgan Gust - Lead Independent Director and Nominating and Governance Committee Chair; Age: 74; Committees: Chair of the Nominating Committee, member of the Audit Committee; Compensation: $16,500 per Fund for PFD, PFO, FFC, FLC, DFP totaling $82,500.
2023-03-02 Morgan Gust 301 E. Colorado Boulevard Suite 800 Pasadena, CA 91101 Age: 75 Lead Independent Director and Nominating and Governance Committee Chair Class II Director FFC – since inception FLC – since inception Class III Director PFD – since inception PFO – since inception DFP – since inception Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. 5 None None $16,750 – PFD $16,750 – PFO $16,750 – FFC $16,750 – FLC $16,750 – DFP $83,750

Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC

Filing Date Source Excerpt
2004-02-17 MORGAN GUST Director Class II Director Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing)
2005-02-17 MORGAN GUST Director Class II Director Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing) and, for more than five years prior thereto, Executive Vice President, and various other Vice President positions at Giant Industries, Inc.
2006-02-21 Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing)
2007-02-16 Morgan Gust Director Class II Director FFC - since inception FLC - since inception Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing)
2008-02-19 Morgan Gust - Owner and operator of various entities engaged in agriculture and real estate; President of Giant Industries, Inc. (petroleum refining and marketing)
2009-02-25 Morgan Gust - Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. (petroleum refining and marketing)
2010-02-25 Morgan Gust - Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc.
2011-02-24 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary, of Giant Industries, Inc., a petroleum refining and marketing company.
2012-03-06 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary, of Giant Industries, Inc., a petroleum refining and marketing company.
2013-03-07 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange.
2014-03-21 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. He served in various capacities at Giant Industries, Inc., and currently serves as lead Director of CoBiz Financial, Inc.
2015-03-09 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company.
2016-03-08 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company.
2017-03-10 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company. He is also a member of the Arizona State Bar.
2018-03-06 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the “NYSE”). He is also a member of the Arizona State Bar.
2019-03-12 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.
2020-03-05 Morgan Gust is a majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. He served as President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc. and was lead director of CoBiz Financial, Inc. He is also a member of the Arizona State Bar.
2021-03-04 Morgan Gust is majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. He is also a member of the Arizona State Bar.
2022-03-03 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. He is also a member of the Arizona State Bar.
2023-03-02 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.

FLAHERTY & CRUMRINE TOTAL RETURN FUND INC

Filing Date Source Excerpt
2004-02-17 Morgan Gust - President of Giant Industries, Inc. (petroleum refining and marketing) and previously Executive Vice President and other VP positions at Giant Industries, Inc.
2005-02-17 MORGAN GUST Director Class II Director Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing) and, for more than five years prior thereto, Executive Vice President, and various other Vice President positions at Giant Industries, Inc.
2006-02-21 President of Giant Industries, Inc. (petroleum refining and marketing)
2007-02-16 Morgan Gust Director Class II Director Since March 2002, President of Giant Industries, Inc. (petroleum refining and marketing)
2008-02-19 Morgan Gust - Owner and operator of various entities engaged in agriculture and real estate; President of Giant Industries, Inc. (petroleum refining and marketing)
2009-02-25 Morgan Gust - Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. (petroleum refining and marketing)
2010-02-25 Owner and operator of various entities engaged in agriculture and real estate; Former President of Giant Industries, Inc. (petroleum refining and marketing)
2011-02-24 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate; former President of Giant Industries, Inc.
2012-03-06 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary, of Giant Industries, Inc., a petroleum refining and marketing company.
2013-03-07 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc.
2014-03-21 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the NYSE). Mr. Gust currently serves as lead Director of CoBiz Financial, Inc., a publicly traded bank holding company.
2015-03-09 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange. He is also a member of the Arizona State Bar.
2016-03-08 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company.
2017-03-10 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company. He is also a member of the Arizona State Bar.
2018-03-06 Mr. Gust is the owner and operator of various entities engaged in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed on the New York Stock Exchange (the “NYSE”). Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.
2019-03-12 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.
2020-03-05 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.
2021-03-04 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate.
2022-03-03 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. He is also a member of the Arizona State Bar.
2023-03-02 Majority owner and Executive Manager of various entities engaged in commercial farming, agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a New York Stock Exchange listed public company engaging in petroleum refining and marketing. Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar.

Data sourced from SEC filings. Last updated: 2026-02-03