Patrick Keniston
About Patrick Keniston
Patrick Keniston, age 61, was appointed Chief Compliance Officer (CCO) of ASA Gold and Precious Metals Limited in September 2025. He serves in this role through Foreside Fund Officer Services, LLC (d/b/a ACA Group), which provides the CCO under a Fund CCO Agreement between Foreside and the Company; Mr. Keniston has been employed by Foreside since 2008 . Prior experience includes Counsel roles at Citi Fund Services and Citigroup Global Transaction Services, and Senior Tax Consultant roles at PricewaterhouseCoopers LLP and Ernst & Young LLP . The proxy does not disclose education for Mr. Keniston, nor does it provide TSR, revenue growth, or EBITDA growth metrics tied to his performance; his tenure at ASA commenced September 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Foreside Fund Officer Services, LLC (ACA Group) | Managing Director; outsourced CCO provider to ASA | 2008–present | Provides ASA’s CCO under a Fund CCO Agreement, delivering regulatory compliance leadership |
| Citi Fund Services | Counsel | 3 years (pre-2008; specific dates not disclosed) | Served as primary legal counsel to five registered investment companies |
| Citigroup Global Transaction Services | Counsel | Not disclosed | Legal counsel role within global transaction services |
| PricewaterhouseCoopers LLP | Senior Tax Consultant | Not disclosed | Tax consulting experience (compliance/advisory) |
| Ernst & Young LLP | Senior Tax Consultant | Not disclosed | Tax consulting experience (compliance/advisory) |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| None disclosed | — | — | The proxy lists “None” for other directorships during the past five years for officers, including Keniston |
Fixed Compensation
- Not disclosed in the latest proxy. Mr. Keniston’s role is provided via Foreside under a Fund CCO Agreement; the proxy does not state base salary, target bonus, or bonus paid for the CCO .
Performance Compensation
- Not disclosed. The proxy includes no details on performance metrics, weighting, targets, outcomes, vesting, RSUs/PSUs, stock options, or clawbacks for the CCO .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | Not disclosed for Keniston; the 2025 beneficial ownership table lists other officers and directors but does not include Keniston |
| Ownership as % of shares outstanding | Not disclosed |
| Vested vs unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines for executives | Not disclosed |
| Compliance status vs guidelines | Not disclosed |
Note: As of the record date in the proxy (September 24, 2025), the table shows holdings for certain officers (e.g., Merk and Maletis) but does not include Mr. Keniston, limiting visibility into his equity alignment .
Employment Terms
| Term | Detail |
|---|---|
| Employment start date | September 2025 (appointed CCO) |
| Contract governance | Fund CCO Agreement between ASA and Foreside (ACA Group) |
| Term length and expiration | Not disclosed |
| Auto-renewal | Not disclosed |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave | Not disclosed |
| Severance / Change-of-control economics | Not disclosed |
| Clawback provisions | Not disclosed |
| Tax gross-ups | Not disclosed |
| Deferred compensation | Not disclosed |
| Officer tenure mechanics | Officers serve until terminated or resign (general officer note in proxy) |
Investment Implications
- Compensation alignment opacity: Because the CCO role is provided via Foreside under a service agreement, the proxy does not disclose Keniston’s cash/equity compensation or performance metrics. This limits pay-for-performance analysis and reduces visibility into incentive levers that could drive behavior .
- Limited insider trading signal: The beneficial ownership table for the 2025 proxy does not include Keniston, and there is no disclosure of RSUs/options, vesting schedules, or pledging. As such, near-term insider selling/buying pressure and alignment signals are opaque for the CCO .
- Retention risk tied to service provider: Retention and economics are likely governed by the Fund CCO Agreement with Foreside rather than ASA’s internal compensation framework; however, the proxy does not disclose term length, severance, or change-of-control mechanics, leaving continuity and transition risk unquantified .
- Monitoring actions: Given the reliance on service providers, investors should track future proxies and any 8-Ks for changes to the Fund CCO Agreement or officer transitions, and monitor ownership tables for updates that would improve alignment visibility .