Rahn K. Porter
About Rahn K. Porter
Independent Class I Director of abrdn Emerging Markets ex‑China Fund, Inc. since 2018, with current term ending at the 2027 annual meeting; designated Chair of the Board effective as of the May 28, 2025 meeting. Year of birth: 1954. Background includes senior finance leadership as CFO and Treasurer across public and private entities and fund governance experience within the abrdn fund complex, overseeing 6 registrants consisting of 23 portfolios .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Colorado Health Foundation | Chief Financial and Administrative Officer | 2013–2021 | Senior finance leadership |
| RPSS Enterprises | Principal (consulting and advisory) | Since 2019 | Advisory leadership |
| Telenet (Inc.) | Chief Financial Officer | Prior role (year not specified) | Executive finance leadership |
| Nupremis (Inc.) | Chief Financial Officer | Prior role (year not specified) | Executive finance leadership |
| Qwest Communications | Treasurer | Prior role (year not specified) | Corporate treasury oversight |
| MediaOne Group | Treasurer | Prior role (year not specified) | Corporate treasury oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CenturyLink Investment Management Company | Independent Director | 2011–2024 (narrative); “Director since 2006” listed in other directorships column | Investment management oversight |
| BlackRidge Financial, Inc. | Board Member; Audit Chair | 2004–2019 | Audit leadership |
| Community First Bancshares, Inc. | Board Member; Audit Chair | Prior service (years not specified) | Audit leadership |
Board Governance
- Board composition: Three Independent Directors; Mr. Porter is Independent Chair as of the May 28, 2025 meeting .
- Committees: Audit Committee and Nominating & Corporate Governance Committee comprised entirely of Independent Directors; Porter is a member of both .
- Independence: Committee members are “independent” per NYSE American; Independent Directors meet in executive session at least quarterly and retain independent legal counsel .
- Attendance: Each continuing Director attended at least 75% of Board and committee meetings in FY 2024; FY 2023 compliance also at least 75% .
| Committee/Role | Status | Chair? |
|---|---|---|
| Board | Director; Chair | Chair |
| Audit Committee | Member | No (Maher is Chair) |
| Nominating & Corporate Governance Committee | Member | No |
| Governance Activity | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held | 4 regular + 2 special (6 total) | 5 regular |
| Audit Committee meetings | 2 | 4 |
| Nominating Committee meetings | 1 | 1 |
| Attendance threshold met (≥75%) | Yes (each continuing Director) | Yes (each continuing Director) |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from AEF (Fund) | $50,100 | $58,875 |
| Total Compensation from Fund Complex | $167,095 | $293,387 |
| Bonus/Pension/Retirement Plans | None (Fund does not have bonus, profit sharing, pension or retirement plans) | None (Fund does not have bonus, profit sharing, pension or retirement plans) |
Performance Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual bonus (cash) | None (Fund does not have bonus plans) | None (Fund does not have bonus plans) |
| Stock awards (RSUs/PSUs) | Not disclosed in proxy; aggregate director pay shown without equity detail | Not disclosed in proxy; aggregate director pay shown without equity detail |
| Option awards | Not disclosed in proxy | Not disclosed in proxy |
| Performance metrics tied to director pay (e.g., TSR, EBITDA) | Not disclosed in proxy | Not disclosed in proxy |
| Clawback provisions (directors) | Not disclosed in proxy | Not disclosed in proxy |
| Change-of-control provisions for directors | Not disclosed in proxy | Not disclosed in proxy |
| Tax gross‑ups | Not disclosed in proxy | Not disclosed in proxy |
The Nominating Committee periodically reviews director compensation levels and recommends changes; detailed pay mix (retainer vs. fees vs. equity) is not itemized in the proxy .
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Risk |
|---|---|---|
| CenturyLink Investment Management Company | Independent Director (2011–2024; “since 2006” noted) | No related‑party transactions disclosed with AEF; committee independence maintained |
| BlackRidge Financial, Inc. | Board Member; Audit Chair (2004–2019) | No related‑party transactions disclosed with AEF |
| Community First Bancshares, Inc. | Board Member; Audit Chair | No related‑party transactions disclosed with AEF |
Expertise & Qualifications
- Financial expertise and executive management background as CFO/Treasurer across public and private entities; fund governance experience overseeing 6 registrants with 23 portfolios in the abrdn complex .
- Board‑level skills recognized by AEF: business experience, executive management, and financial expertise applicable to investment company oversight .
Equity Ownership
| Metric | As of Oct 31, 2023 | As of Apr 1, 2025 |
|---|---|---|
| Dollar Range of Equity Securities Owned in AEF | $10,001 — $50,000 | $50,001 — $100,000 |
| Aggregate Dollar Range in Aberdeen/abrdn Family of Investment Companies | $10,001 — $50,000 | Over $100,000 |
| Directors and officers aggregate holdings as % of AEF outstanding | <1% | <1% |
| Independent Directors’ and immediate family ownership in the Investment Adviser or affiliates | None | None |
Governance Assessment
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Strengths
- Independent Chair and super‑majority independent Board; committees comprised entirely of Independent Directors; executive sessions at least quarterly; independent counsel engaged for Independent Directors .
- Active committee oversight: Audit pre‑approves audit and permissible non‑audit services; independence assessed and affirmed; KPMG audit fees stable YoY (2023: $68,500; 2024: $71,200) .
- Attendance compliance: each continuing Director met ≥75% attendance in FY 2023 and FY 2024 .
- Independence reinforced: no ownership of Investment Adviser or affiliates by Independent Directors or immediate family; aggregate Board/officer holdings in AEF <1% .
-
Watch items
- Director compensation rose: AEF fund‑level compensation for Porter increased from $50,100 (FY 2023) to $58,875 (FY 2024); Fund Complex total rose from $167,095 to $293,387; proxy lacks itemization of retainer vs. chair/membership fees or equity components, limiting pay‑for‑performance evaluation .
- Shareholder concentration: City of London Investment Management held 31.6% as of Feb 28, 2025, potentially influencing director elections and governance outcomes in a closed‑end fund context .
- Tenure disclosure for CenturyLink Investment Management Company shows inconsistency (narrative 2011–2024 vs. “since 2006” in other directorships column); immaterial but noted for data integrity .
-
Conflicts/Related‑Party
- No related‑party transactions, loans, or adviser‑affiliated ownership reported for Independent Directors; Audit Committee pre‑approved non‑audit services to Adviser/affiliates and concluded auditor independence .
Overall, Porter’s financial expertise, independent status, committee participation, and Chair role support board effectiveness; transparency on director pay structure (retainer vs. committee fees vs. equity) is limited, and high external shareholder ownership warrants monitoring for governance dynamics .