Lauriann C. Kloppenburg
About Lauriann C. Kloppenburg
Independent Class I Director of Adams Diversified Equity Fund, Inc. (ADX); age 64; former Chief Strategy Officer and Chief Investment Officer – Equity Group at Loomis Sayles & Company, LP; ADX director since 2017 and nominated for a new three-year term expiring in 2028; deemed an Audit Committee financial expert by the Board . Current roles include director of Adams Natural Resources Fund (PEO), Trustee of Transamerica Funds, Transamerica Series Trust, and Transamerica Asset Allocation Variable Funds, and adviser to a family office; former Executive in Residence at Champlain College and Bentley University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Loomis Sayles & Company, LP | Chief Strategy Officer; Chief Investment Officer – Equity Group; Director of Equity Research; Director of Large-Cap Equities; firm board member | 30+ years | Senior leadership across equity investing and firm strategy; breadth cited by ADX Board in qualifying her as director |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Adams Natural Resources Fund, Inc. (PEO) | Director | Same length as ADX service | Non-controlled affiliate in ADX fund complex |
| Transamerica Funds | Trustee | Not disclosed | Registered investment company governance role |
| Transamerica Series Trust | Trustee | Not disclosed | Registered investment company governance role |
| Transamerica Asset Allocation Variable Funds | Trustee | Not disclosed | Registered investment company governance role |
| Private family office | Adviser | Not disclosed | Advisory capacity |
| Champlain College; Bentley University (Hughey Center for Financial Services) | Executive in Residence (former) | Not disclosed | Academic/industry engagement |
Board Governance
- Independence: One of five independent directors (not “interested persons”); ADX has an Independent Chair (Kenneth J. Dale) .
- Audit Committee financial expert designation: Board determined Ms. Kloppenburg to be an audit committee financial expert .
- Committee assignments (2024):
- Compensation Committee – Chair; met 2 times .
- Audit Committee – Member; met 4 times .
- Executive Committee – Member; met 1 time .
- Nominating & Governance Committee – Member; met 6 times .
- Attendance: Board held seven regular and three special meetings; each incumbent director had 100% attendance across Board and their committees in 2024 .
- Executive sessions: Independent directors hold executive sessions at each regular meeting (governance highlight) .
- Tenure framework: Mandatory retirement age 75; term limit 15 years; regular rotation of committee chairs and members; overboarding oversight policy .
- Annual meeting attendance policy: Directors expected to attend if coincident with Board meetings; 2024 Annual Meeting was not on a Board meeting date and no directors attended .
Fixed Compensation
| Component | ADX Policy / Amount | 2024 Amount for L.C. Kloppenburg | Notes |
|---|---|---|---|
| Annual Director Retainer (cash) | $65,000 | $65,000 | Independent directors’ base retainer |
| Committee Chair Fee (cash) | $3,000 per chair role | $3,000 | She chaired Compensation Committee |
| Total Aggregate Compensation from ADX | Sum of above | $68,000 | Matches retainer + one chair role |
| Total Compensation from Fund Complex (ADX + PEO) | Aggregated | $136,000 | PEO board fees included |
| Meeting Fees | Not disclosed | — | No separate meeting fees disclosed |
| Retirement/Thrift Plans | Directors do not participate | — | Non-employee directors do not participate in employee thrift plans |
Performance Compensation
| Element | Status | Metrics/Targets | Vesting/Trigger |
|---|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed for directors | — | — |
| Options | None disclosed for directors | — | — |
| Performance-linked cash | None disclosed for directors | — | — |
ADX’s legacy 2005 Equity Incentive Compensation Plan expired in 2015; all grants vested prior to 2019. Only certain deferred stock units remain outstanding for some past recipients; none are shown for Ms. Kloppenburg .
Other Directorships & Interlocks
| Entity | Type | Role | Interlock/Exposure |
|---|---|---|---|
| Adams Natural Resources Fund, Inc. (PEO) | Closed-end fund, NYSE | Director | ADX and PEO share certain operating expenses via allocation policy; in 2024, shared expenses were $19,514,999 with PEO’s share $4,167,965; ADX owned 2,340,933 PEO shares (8.9% of PEO’s outstanding) as of 12/31/2024 . |
| Transamerica Funds; Transamerica Series Trust; Transamerica Asset Allocation Variable Funds | Registered investment companies | Trustee | Parallel governance responsibilities; no ADX-related transactions disclosed . |
Expertise & Qualifications
- Deep investment management and equity research leadership from Loomis Sayles (Director of Equity Research; Director of Large-Cap Equities; Chief Investment Officer – Equity Group; Chief Strategy Officer; firm board member), supporting fund oversight and compensation governance .
- Audit literacy and risk oversight: deemed an audit committee financial expert; serves on Audit Committee .
- Broad fund governance experience as Trustee across Transamerica complexes and director of PEO, reinforcing closed-end and mutual fund sector expertise .
Equity Ownership
| Measure | Value | Reference |
|---|---|---|
| Beneficial ownership (shares) | 14,991 | |
| Ownership as % of ADX outstanding | < 1.0% | |
| Dollar value category (as of 12/31/2024) | Greater than $100,000 | |
| Vested/Unvested stock units | 0 vested/0 unvested (none disclosed) | |
| Options (exercisable/unexercisable) | None disclosed | |
| Pledging/Hedging | Not disclosed | — |
| Ownership guidelines | Non-employee directors must own at least $100,000 by cost basis within 5 years of joining the Board | |
| Compliance status | Meets guideline (owns “greater than $100,000”) |
Governance Assessment
-
Positives:
- Strong independence and expertise—Audit Committee financial expert; chair of Compensation Committee; multi-committee engagement with 100% attendance in 2024, signaling high engagement and effectiveness .
- Ownership alignment—requires and holds >$100k cost-basis in ADX; beneficial ownership of 14,991 shares; ADX enforces robust director ownership guidelines .
- Board best practices—Independent Chair, executive sessions at each regular meeting, mandatory retirement age and term limits, rotation of committee leadership, overboarding oversight .
-
Potential Risks / RED FLAGS to monitor:
- Fund complex interlock—Simultaneous board service at PEO while ADX shares expenses and owns 8.9% of PEO; while allocations are policy-based, investors should monitor related-party dynamics and expense allocations for neutrality .
- Annual meeting attendance optics—No directors attended the 2024 Annual Meeting due to scheduling; policy allows absence when not coincident with Board meetings, but some investors may prefer director presence regardless of timing .
Overall, Kloppenburg’s profile reflects a seasoned investment professional with strong governance credentials, active committee leadership, and full attendance, with the main watchpoint being fund-complex interlocks and shared expenses with PEO that warrant ongoing scrutiny .