P. Gerald Malone
About P. Gerald Malone
Year of Birth: 1950; Independent Trustee and Chair of the Board at abrdn Income Credit Strategies Fund (ACP). Trustee since 2017 with current term expiring in 2026. A lawyer of over 40 years, he currently serves as adviser to Onkai (U.S. healthcare software) and has chaired multiple open- and closed-end funds in the abrdn Fund Complex. Past non-executive directorships include Medality LLC (until 2023) and Bionik Laboratories Corp. (2018–July 2022); previously served as a UK Member of Parliament (1983–1997) and Minister of State for Health (1994–1997) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Onkai (U.S. healthcare software) | Adviser | Current | Advises healthcare software company strategy |
| Medality LLC (U.S. healthcare) | Non-Executive Director | Until 2023 | Board oversight of a U.S. healthcare company |
| Bionik Laboratories Corp. (U.S. healthcare) | Director | 2018–July 2022 | Public-company board (ended 2022) |
| UK Government / Parliament | Member of Parliament; Minister of State for Health | MP: 1983–1997; Health Minister: 1994–1997 | Senior policy leadership, health governance |
| Ultrasis plc (UK healthcare software) | Chairman | Until Oct 2014 | Prior UK public-company board leadership |
| Crescent OTC Ltd; fluidOil Ltd; Rejuvenan LLC | Independent Chairman/Chairman | Various (to 2017–2018) | UK/US company governance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| abrdn Fund Complex | Chair of multiple open- and closed-end funds | Ongoing | Oversees 9 registrants consisting of 28 portfolios as a Trustee/Chair |
| Onkai | Adviser | Current | Healthcare software advisory |
Board Governance
- Board role: Independent Chair of ACP; presides at Board meetings, sets agendas with management, and serves as liaison. Independent Trustees hold executive sessions quarterly and engage separate independent legal counsel .
- Committee memberships: Audit Committee member; Nominating and Corporate Governance Committee member. Both committees are composed entirely of Independent Trustees and follow formal charters (available on abrdn’s site) .
- Meeting cadence and attendance: In FY 2024 the Board met 5 times; Audit Committee 4; Nominating & Corporate Governance Committee 1. Each incumbent Trustee attended at least 75% of the aggregate Board and committee meetings on which they served .
- Independence and structure: Board has a super-majority of Independent Trustees; one Interested Trustee (Christian Pittard) employed by abrdn affiliate. Malone is designated Independent Chair; Committee members are NYSE “independent” .
| Committee | Membership | Chair Role | Notes |
|---|---|---|---|
| Audit Committee | Member | Not disclosed as Chair | Oversees auditor selection, pre-approves audit/non-audit services, monitors independence |
| Nominating & Corporate Governance | Member | Not disclosed as Chair | Oversees trustee nominations, annual Board/committee self-assessments |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from ACP (Fund) | $97,369 | $98,700 |
| Total Compensation from Fund and Fund Complex | $610,191 | $607,758 |
- Structure disclosure: Proxy reports aggregate cash compensation; breakdown into base retainer, committee/Chair fees, or meeting fees is not itemized in ACP’s proxy. No equity awards or options for Trustees are disclosed in ACP’s proxy .
Performance Compensation
| Performance-Linked Component | Disclosed? | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs), options, performance bonus | None disclosed | ACP proxy shows only cash compensation totals for Trustees; no performance metrics are specified |
Other Directorships & Interlocks
| Organization | Role | Tenure | Interlock/Notes |
|---|---|---|---|
| Current public company directorships | None | — | ACP 2025 proxy lists none outside the Fund Complex |
| Bionik Laboratories Corp. | Director | 2018–July 2022 | Prior U.S. public-company board |
| Medality LLC | Non-Executive Director | Until 2023 | Private U.S. company; ended 2023 |
| abrdn Fund Complex funds | Chair/Trustee | Ongoing | Multiple funds in same adviser complex (9 registrants; 28 portfolios overseen) |
Expertise & Qualifications
- Legal background and public-service leadership; board experience across public/private companies; executive/business consulting experience .
- Governance experience across multiple registered investment companies in the abrdn complex .
Equity Ownership
| As of April 1, 2025 | Dollar Range in ACP | Aggregate Dollar Range across Aberdeen Family of Investment Companies |
|---|---|---|
| P. Gerald Malone | $10,001–$50,000 | $50,001–$100,000 |
- Aggregate ownership: Trustees and officers, in total, owned less than 1% of ACP’s outstanding equity securities as of April 1, 2025 .
- Independence safeguards: None of the Independent Trustees or immediate family members owned shares of the Investment Adviser, Sub-Adviser, or other affiliates (other than registered investment companies), as of April 1, 2025 .
Governance Assessment
- Board leadership and independence: An Independent Chair with a super-majority Independent Board and independent committees supports effective oversight and investor confidence .
- Committee engagement and attendance: Service on Audit and Nominating/Governance, with ≥75% attendance in FY 2024, indicates active participation in key oversight functions (auditor independence, governance processes) .
- Conflict mitigation: No ownership by Independent Trustees of the adviser/sub-adviser or affiliates helps reduce related-party conflicts; committees are fully independent and the Board uses independent counsel with quarterly executive sessions, strengthening governance .
- Ownership alignment: Malone’s ACP holdings are modest ($10,001–$50,000) and total family-of-funds exposure is $50,001–$100,000; aggregate trustee/officer ownership under 1% suggests limited “skin in the game” typical of registered fund boards, but may be viewed as a neutral alignment signal by some investors .
- Workload across fund complex: Oversees 9 registrants (28 portfolios) and receives substantial fund-complex compensation, implying significant time commitment across related funds; investors should weigh the benefits of complex-wide experience against potential limits on bandwidth for issuer-specific oversight .
RED FLAGS to monitor
- Low aggregate insider ownership (<1%) in ACP, a common feature for RIC boards but a potential alignment consideration .
- Heavy fund-complex responsibilities alongside ACP could constrain bandwidth for issuer-specific issues; ensure continued strong attendance and committee engagement remain consistent .