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Tortoise Sustainable & Social Impact Term Fund (NYSE:TEAF) announced Wednesday the appointment of Carrie R. Schoffman to its board of directors, effective as of Tuesday. Schoffman succeeds Rand C. Berney, who resigned as a director of both Tortoise Sustainable & Social Impact Term Fund and Tortoise Energy Infrastructure Corporation (NYSE:TYG), effective Tuesday.
According to a press release statement, Schoffman will also serve as chair of the Audit and Valuation Committee for both companies. Her term as a director is expected to continue through the end of the 2027 annual shareholder meeting. The appointment comes as TEAF maintains its strong dividend program, with current quarterly distributions of $1.08 per share annually.
Schoffman has operated CPA Concierge Services, LLC, a tax and accounting firm, since 2020. She previously served as a tax accountant with Bree Beers & Associates, PC from 2017 to 2020, and held several roles at ICON Funds and ICON Advisers, Inc. from 2004 to 2017, including chief compliance officer, principal financial officer, and treasurer. Earlier in her career, she worked as a staff accountant at the Securities and Exchange Commission and as an experienced manager at PricewaterhouseCoopers LLP.
Schoffman is a certified public accountant and a member of the Colorado Society of Public Accountants and the American Institute of Certified Public Accountants. She currently serves as an independent trustee and chair of the audit committee for Tortoise Capital Series Trust, as well as an independent trustee for several other investment funds.
Schoffman will be compensated for her board service in accordance with the director compensation elements outlined in the companies’ proxy statement filed with the Securities and Exchange Commission on July 10, 2025.
The information in this article is based on a press release statement included in a recent SEC filing.
In other recent news, Tortoise Capital Advisors announced plans to merge two of its closed-end funds, with Tortoise Energy Infrastructure Corp. absorbing Tortoise Sustainable and Social Impact Term Fund. The boards of both funds have approved the merger, which would create a combined entity with approximately $1.2 billion in assets under management as of May 31, 2025. As part of the transaction, Tortoise Energy Infrastructure Corp.’s board approved a 30% increase in distributions, contingent upon the completion of the merger. This merger is expected to provide significant benefits to investors by enhancing scale, operational efficiency, and focusing the portfolio. TEAF is in exclusive negotiations for the sale of its remaining private renewables portfolio, with proceeds to be reinvested in listed energy infrastructure securities. The merger is anticipated to be completed in the second half of 2025, subject to shareholder and regulatory approvals. Tortoise Capital manages approximately $8.9 billion in assets, specializing in energy and power infrastructure sectors.
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