Nancy Yao
About Nancy Yao
Independent Trustee (Class II) and Preferred Share Trustee nominee at abrdn Income Credit Strategies Fund (ACP); born in 1972; on the Board since 2019 with current nomination to a term ending in 2028 if elected. She is an assistant professor adjunct and assistant dean at the David Geffen School of Drama at Yale University, teaching financial accounting and governance; MBA from Yale School of Management and AB in Diplomacy and World Affairs from Occidental College; oversees 8 registrants in the abrdn Fund Complex and reports no other public company directorships .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Museum of Chinese in America | President | 2015–2023 | Led nonprofit; governance and financial oversight |
| Yale-China Association | Executive Director | Not disclosed | Mission leadership and governance |
| Council on Foreign Relations | Managing Director, Corporate Program | Not disclosed | Policy research and corporate outreach |
| Goldman Sachs (Asia) L.L.C. | Investment Banker; Global Markets Institute – inaugural Director of Policy Research | Not disclosed | Asia coverage, policy research, capital markets exposure |
| CFRA (Center for Financial Research & Analysis, now RiskMetrics) | Launched Asia coverage | Not disclosed | Financial and research analysis |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yale University – David Geffen School of Drama | Assistant Professor Adjunct & Assistant Dean (financial accounting & governance) | Current | Academic leadership; curriculum on governance/accounting |
| National Committee on U.S.-China Relations | Board Member | Current | US–China policy and relations |
| Council on Foreign Relations | Member | Current | Global affairs network |
Board Governance
- Committee memberships: Audit Committee; Nominating & Corporate Governance Committee, both comprised entirely of Independent Trustees and NYSE-independent members .
- Independence: Listed as an Independent Trustee; Board maintains a super-majority of Independent Trustees and an Independent Chair .
- Attendance: In FY2024, the Board met 5 times; Audit Committee met 4 times; Nominating & Corporate Governance met once; each incumbent trustee attended at least 75% of aggregate meetings .
- Board leadership: Chair is Independent Trustee P. Gerald Malone; Independent Trustees meet in executive session at least quarterly with independent legal counsel .
- Tenure/classification: Class II Trustee nominee (term to 2028 if elected) and Preferred Share Trustee nominee (term to 2028 if elected) .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from ACP Fund ($) | $79,660 | $80,850 |
| Total Compensation from abrdn Fund Complex ($) | $323,120 | $408,198 |
Performance Compensation
- No equity awards (RSUs/PSUs), option awards, or performance-based metrics disclosed for ACP Trustees; compensation appears cash-based per proxy tables .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company boards | None |
| Current registered investment companies overseen (Fund Complex) | 8 registrants, 8 portfolios |
Expertise & Qualifications
- Financial and research analysis experience in Asia region; world affairs background; governance and accounting expertise through Yale role .
- Prior leadership across nonprofit and financial institutions (Goldman Sachs, CFRA/RiskMetrics, CFR, Yale‑China) .
Equity Ownership
| Item | As of |
|---|---|
| Dollar range of equity securities owned in ACP | $1 — $10,000 (as of April 1, 2025) |
| Aggregate dollar range in the Aberdeen Family of Investment Companies | $50,001 — $100,000 (as of April 1, 2025) |
- Trustees and officers, in aggregate, owned less than 1% of outstanding ACP equity securities (as of April 1, 2025); none of the Independent Trustees or their immediate family members owned shares of the Investment Adviser or Sub‑Adviser or affiliates (other than registered investment companies) .
Governance Assessment
- Independent status with dual committee roles (Audit; Nominating & Corporate Governance) and satisfactory attendance supports board effectiveness and oversight continuity .
- Compensation is modest and purely cash-based with no performance-linked elements or equity, limiting pay‑for‑performance alignment signals at the trustee level typical for closed-end funds .
- Ownership alignment: Direct ACP holdings disclosed only as a dollar range ($1–$10,000), with higher aggregated holdings across the Fund Complex ($50,001–$100,000); aggregate insider ownership <1% indicates limited insider exposure to ACP share price outcomes .
- Conflicts/related-party exposure: No independent trustee/family ownership in the Investment Adviser/Sub‑Adviser or their affiliates; audit independence and pre-approval controls in place; no related-party transactions involving trustees disclosed .
RED FLAGS / Watch items
- Modest direct ACP share ownership ($1–$10,000) may be viewed as limited “skin‑in‑the‑game” versus aggregate Fund Complex exposure; monitor for updates on ownership guidelines or changes over time .
- No performance-based compensation elements disclosed for trustees; alignment relies on governance/oversight rather than incentive structures .