Gerald Malone
About P. Gerald Malone
P. Gerald Malone (Year of Birth: 1950) serves as Chair of the Board and Class II Trustee of ASGI, with service since 2020 and current term expiring in 2028 if re-elected . He is an Independent Trustee, sits on the Audit Committee, and chairs the Nominating and Corporate Governance Committee; trustees serving in FY2024 attended at least 75% of aggregate Board and committee meetings, and the Audit Committee met four times in FY2024 . By profession, he is a lawyer of over 40 years; prior public service includes UK Member of Parliament (1983–1997) and Minister of State for Health (1994–1997) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UK Parliament | Member of Parliament | 1983–1997 | Public policy experience |
| UK Government (Department of Health) | Minister of State for Health | 1994–1997 | Senior health policy oversight |
| Crescent OTC Ltd (UK) | Independent Chairman | Until Feb 2018 | Governance leadership |
| fluidOil Ltd (UK) | Independent Chairman | Until Jun 2018 | Governance leadership |
| Legal Profession | Lawyer | 40+ years | Legal, regulatory expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Onkai (US healthcare software) | Adviser | Current | Ongoing advisory role |
| Medality LLC (US healthcare) | Non-Executive Director | Until 2023 | Board service concluded in 2023 |
| Bionik Laboratories Corp. (US healthcare) | Non-Executive Director | 2018–Jul 2022 | Public company directorship (ended) |
| abrdn Fund Complex | Chair of multiple funds | Current | Oversees 9 registrants/26 portfolios in 2025 |
Board Governance
- Board structure: Three classes, staggered 3-year terms; Malone is Class II nominee for term ending 2028 .
- Independence: The Audit Committee comprises only Independent Trustees; Malone is an Independent Trustee and committee member .
- Committee leadership:
- Board of Trustees: Chair
- Audit Committee: Member; Chair is John Sievwright; Audit Committee met four times in FY2024
- Nominating & Corporate Governance Committee: Chair; members include Reit, Yao, Malone, Sievwright
- Attendance: In FY2024 the Board held five regular and one special meeting; trustees attended at least 75% of aggregate Board and committee meetings .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Aggregate Compensation from ASGI ($) | $49,509 | $55,877 | $58,500 |
| Total Compensation from Fund Complex ($) | $578,090 | $611,470 | $601,171 |
The proxy reports cash compensation totals; the Fund states no bonus, profit sharing, pension or retirement plans for officers; director fee schedule and equity grants are not detailed in ASGI’s proxy .
Performance Compensation
| Component | Details |
|---|---|
| Bonus/Target Bonus % | Not disclosed in ASGI proxy |
| Stock awards (RSUs/PSUs) | Not disclosed in ASGI proxy |
| Option awards | Not disclosed in ASGI proxy |
| Performance metrics tied to compensation | Not disclosed in ASGI proxy |
| Vesting schedules | Not disclosed in ASGI proxy |
| Severance/CoC provisions | Not disclosed in ASGI proxy |
| Clawback provisions | Not disclosed in ASGI proxy |
| Tax gross-ups | Not disclosed in ASGI proxy |
Other Directorships & Interlocks
| Company/Entity | Role | Committee Roles | Interlock/Notes |
|---|---|---|---|
| Bionik Laboratories Corp. | Non-Executive Director | Not disclosed | Healthcare; role ended Jul 2022 |
| Medality LLC | Non-Executive Director | Not disclosed | Healthcare; role ended in 2023 |
| Onkai | Adviser | Not applicable | Healthcare software; current |
| abrdn Fund Complex (multiple funds) | Chair | Not disclosed | 9 registrants/26 portfolios in 2025 |
Expertise & Qualifications
- Legal/regulatory: Lawyer of 40+ years, strengthening compliance and fiduciary oversight .
- Policy/government: UK Minister of State for Health with deep healthcare policy experience .
- Board leadership: Chair across multiple abrdn funds; governance and oversight credentials .
- Sector familiarity: Advisory and non-executive roles in US healthcare and medtech companies .
Equity Ownership
| As-Of Date | Dollar Range in ASGI | Aggregate Dollar Range in Aberdeen Family of Investment Companies |
|---|---|---|
| April 1, 2025 | $10,001 — $50,000 | $50,001 — $100,000 |
Beneficial ownership determined per Rule 16a-1(a)(2); ranges furnished by the Trustee .
Insider Trades
| Period | Section 16(a) Compliance (Malone) | Notes |
|---|---|---|
| FY 2023 | No late filings reported for Malone; late Form 3s were filed by other trustees (Baird, Mahai, Hunersen) due to EDGAR code delays | |
| FY 2024 | The Fund reports all officers, trustees, and >10% holders timely filed required reports; no delinquencies noted |
Governance Assessment
- Independence and committee influence: Malone is an Independent Trustee, Board Chair, Audit Committee member, and Chair of Nominating & Corporate Governance—positions that concentrate governance influence and stewardship over audit integrity and board refreshment .
- Engagement: FY2024 Board/committee attendance was at least 75%; Audit Committee met four times—consistent with active oversight of financial reporting and valuation .
- Compensation signals: As Board Chair, Malone’s ASGI aggregate compensation ($58.5k in FY2024) is higher than several peers (e.g., $37.5k–$52.3k for other independent trustees), reflecting chair responsibilities; Fund Complex total comp modestly dipped in FY2024 ($601.2k) after FY2023 ($611.5k) .
- Ownership alignment: Malone holds $10k–$50k in ASGI and $50k–$100k across abrdn family funds; while aligned, ownership levels are not large relative to fund size and do not include disclosed equity-based awards from ASGI .
- Potential conflicts/interlocks (monitor): Chairs multiple funds within the abrdn complex. While he is independent at ASGI and Audit/Nominating Charters assert robust independence standards, multi-fund roles can create network interlocks and workload considerations; no specific related-party transactions are disclosed in ASGI’s proxy .
- RED FLAGS: None evident in ASGI’s proxy regarding delinquent filings for FY2024; FY2023 late filings pertained to other trustees’ initial Form 3s, not Malone .