Company: FPF
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001445546-25-002022
Chunk: 12

Company: First Trust Intermediate Duration Preferred & Income Fund
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 12
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 oversight obligations.
Because of the similar and often overlapping issues facing the First Trust Funds, the Board of Trustees of each of the First Trust Funds
(such Boards of Trustees referred to herein collectively as the “Board” and, where appropriate in context, the term
“Board”may also be used to refer to the Board of Trustees of a particular Fund) believes that maintaining a unitary
board structure promotes efficiency and consistency in the governance and oversight of all First Trust Funds and reduces the costs, administrative
burdens and possible conflicts that may result from having multiple boards. In adopting a unitary board structure, the Trustees seek to
provide effective governance through establishing a board the overall composition of which will, as a body, possess the appropriate skills,
diversity, independence and experience to oversee the business of the First Trust Funds.

Annually, the Board
reviews its governance structure and the committee structures, their performance and functions, and it reviews any processes that would
enhance Board governance over the First Trust Funds’ business. The Board has determined that its leadership structure, including
the unitary board and committee structure, is appropriate based on the characteristics of the funds it serves and the characteristics
of the First Trust Fund Complex as a whole. Except as noted above with respect to FTETF, the Board is composed of six Independent Trustees
and one Interested Trustee. The Interested Trustee serves as the Chairman of the Board. An individual who is not a Trustee serves as President
and Chief Executive Officer of the First Trust Funds.

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In order to streamline
communication between the Advisor and the Independent Trustees and create certain efficiencies, the Board has a Lead Independent Trustee
who is responsible for: (i) chairing all meetings of the Independent Trustees; (ii) working with the Advisor, Fund counsel and
the independent legal counsel to the Independent Trustees to determine the agenda for Board meetings; (iii) serving as the principal
contact for and facilitating communication between the Independent Trustees and the Funds’ service providers, particularly the Advisor;
and (iv) any other duties that the Independent Trustees may delegate to the Lead Independent Trustee. The Lead Independent Trustee
is selected by the Independent Trustees and serves for such term as approved by the Independent Trustees or until his or her successor
is selected. Robert F. Keith currently serves as the Lead Independent Trustee.

In addition, the Independent
Trustees may select one Independent Trustee to serve as a Vice Lead Independent Trustee for such