Joseph Andolina
About Joseph Andolina
Joseph Andolina (Year of Birth: 1978) serves as Chief Compliance Officer (CCO) and Vice President—Compliance of abrdn Emerging Markets Equity Income Fund, Inc. (AEF), in role since 2017 . He is currently Chief Risk Officer—Americas and also serves as the Chief Compliance Officer for abrdn Inc.; prior to joining the Risk and Compliance Department, he served in abrdn Inc.’s Legal Department as U.S. Counsel since 2012 . As of December 31, 2024, he reported beneficial ownership of 0 AEF shares . AEF discloses that officers are employees of abrdn Inc. or an affiliate and receive no compensation from the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| abrdn Inc. | U.S. Counsel (Legal Department) | 2012–2017 | Legal counsel experience preceding transition to risk and compliance leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| abrdn Inc. | Chief Risk Officer—Americas | Current | Risk oversight role at the adviser; specific scope not disclosed in Fund documents |
| abrdn Inc. | Chief Compliance Officer | Current | Compliance leadership at the adviser; specific scope not disclosed in Fund documents |
Fixed Compensation
All AEF officers are compensated by abrdn Inc. (the administrator/adviser affiliate) or another affiliate; none receive compensation from the Fund. The Fund does not have bonus, profit sharing, pension or retirement plans.
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (from AEF) | $0 | $0 |
| Target Bonus % (from AEF) | N/A – Fund has no bonus plan | N/A – Fund has no bonus plan |
| Actual Bonus Paid (from AEF) | $0 | $0 |
| Pension/Retirement Plans (at AEF) | None | None |
Notes: “Officers of the Fund are employees of and are compensated by abrdn Inc., the Fund’s administrator, the Investment Adviser or an affiliate” . “The Fund does not have any bonus, profit sharing, pension or retirement plans” .
Performance Compensation
- No Fund-based equity or performance incentive programs are disclosed for officers; all officer compensation is paid by abrdn Inc. or affiliates, and the Fund does not operate bonus or equity plans for officers .
Equity Ownership & Alignment
| Item (as of 12/31/2024) | Value |
|---|---|
| Beneficially owned AEF shares | 0 |
| Ownership as % of outstanding | Not disclosed for officer cohort (directors and officers, in aggregate, owned <1% as of 10/31/2023) |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable / unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed |
Additional context: As of October 31, 2023, Directors and officers, in aggregate, owned less than 1% of the Fund’s outstanding equity securities .
Employment Terms
- Officer election and term: “Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually by the Board” .
- Employer/compensation source: Officers are employees of and compensated by abrdn Inc. (administrator) or an affiliate; no compensation is paid by the Fund .
- Severance, change-of-control, non-compete, clawback, tax gross-ups: Not disclosed for AEF officers in Fund documents.
Governance and Compliance Notes (Fund-level)
- Section 16(a) compliance: Based on the Fund’s review, officers and other reporting persons timely filed required ownership reports for the fiscal period ended December 31, 2024 .
- Audit/fees context (Board oversight): The Fund’s Audit Committee pre-approves audit and permissible non-audit services; KPMG non-audit fees billed to affiliates (unrelated to officer pay) are disclosed for 2023 and 2024 .
Investment Implications
- Alignment and trading signals: Andolina reported 0 shares of AEF as of 12/31/2024, so insider activity tied to personal holdings offers limited trading signals; absence of Fund-based bonus/equity programs further reduces direct pay-for-performance alignment at the Fund level .
- Retention/stability: Tenure in the Fund officer role since 2017 and concurrent leadership roles at abrdn Inc. (CRO—Americas and CCO) indicate continuity in compliance and risk oversight for AEF .
- Disclosure gaps: Key executive employment terms (severance, change-of-control, vesting schedules, clawbacks) are not disclosed at the Fund level; compensation structure and incentives reside at abrdn Inc., outside AEF’s proxy disclosures, limiting visibility into incentive alignment specifics .
Citations:
- Officer biography, roles, tenure, year of birth:
- Officer roster, election/term:
- Officer compensation paid by abrdn Inc./no Fund compensation:
- No Fund bonus/pension/retirement plans:
- Beneficial ownership (officers/directors table incl. Andolina at 0 shares as of 12/31/2024):
- Aggregate officer/director ownership <1% (as of 10/31/2023):
- Section 16(a) compliance statement:
- Audit Committee fee disclosure (context):