Jane Siebels
About Jane Siebels
Jane M. Siebels (born 1960) serves as Lead Independent Trustee of Blackstone Strategic Credit 2027 Term Fund (BGB) and is a member of the Audit Committee and the Nominating and Governance Committee. She has served on the Boards of BSL, BGX, and BGB since November 2021; her current term for BGB expires in 2026. Professionally, she is CEO of Homer Technology; formerly, she was a Consultant at Per4M and CEO/CIO of Amber Asset Management (f/k/a Green Cay Asset Management) prior to 2019. She oversees three portfolios within the Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Amber Asset Management (f/k/a Green Cay Asset Management) | CEO and CIO | Prior to 2019 | Investment leadership background cited for trustee qualifications |
| Per4M | Consultant | Formerly (dates not disclosed) | Advisory experience noted in trustee biography |
| Homer Technology | CEO | Current | Operating executive experience complements board service |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Scotia Bank (Bahamas) | Director | Past 5 years | Other directorship per proxy |
| Scotia Bank International (Bahamas) | Director | Past 5 years | Other directorship per proxy |
| Scotia Trust (Bahamas) | Director | Past 5 years | Other directorship per proxy |
| First Trust Bank (Bahamas) | Director | Past 5 years | Other directorship per proxy |
| Global Innovation Fund | Director | Past 5 years | Other directorship per proxy |
| Amber Asset Management | Director | Until 2019 | Listed among other directorships |
Board Governance
- Roles and Independence: Lead Independent Trustee; designated Independent under NYSE standards and the 1940 Act; member of Audit and Nominating & Governance Committees .
- Committee Assignments:
- Audit Committee: Members—Thomas W. Jasper (Chair and “audit committee financial expert”), Gary S. Schpero, Jane Siebels; met 4 times in FY2024 .
- Nominating & Governance Committee: Members—Gary S. Schpero (Chair), Thomas W. Jasper, Jane Siebels; met 3 times in FY2024 .
- Compensation Committee: None; Nominating & Governance reviews Independent Trustee compensation .
- Attendance: Each Board met 8 times in FY2024; each Trustee attended at least 75% of Board and applicable committee meetings .
- Leadership Structure: Boards chaired by an interested person (Daniel Leiter); Lead Independent Trustee role held by Siebels to strengthen independent oversight; all committees chaired by Independent Trustees .
- Preferred Share Governance: Effective upon adjournment of the Board meeting on Feb 21, 2025, Edward H. D’Alelio resigned as preferred trustee; Jane M. Siebels was appointed as preferred trustee for BGB’s mandatory redeemable preferred shares, enhancing oversight of the preferred class .
Fixed Compensation
- Structure: In FY2024, Independent Trustees received an annual cash retainer of $155,000; Audit Committee Chair and Nominating & Governance Chair received $12,000 each; Lead Independent Trustee received $16,000. Fees are paid quarterly and allocated pro rata across the closed-end funds based on average NAV .
- FY2024 Compensation Detail:
| Metric | BSL ($) | BGX ($) | BGB ($) | Total Fund Complex ($) |
|---|---|---|---|---|
| Jane Siebels | 32,458 | 28,491 | 96,473 | 171,000 |
- FY2025 Update: Effective March 1, 2025, annual cash retainer increased to $180,000; Audit and Nominating Chairs to $17,000; Lead Independent Trustee to $26,000 .
Performance Compensation
- No performance-based compensation disclosed for Independent Trustees; proxy presents only cash retainer and committee/lead fees for trustees (no RSUs, PSUs, options, or incentive metrics) .
Other Directorships & Interlocks
- Public/Private Boards: See “External Roles” for listed directorships in Bahamas financial institutions and Global Innovation Fund .
- Interlocks/Conflicts: Proxy discloses that Independent Trustees and immediate families did not own securities (beneficially or of record) of the Adviser or its affiliates; no direct or indirect interests or relationships exceeding $120,000 with the Adviser or affiliates over the last five years; no transactions over $120,000 with Adviser or affiliates since the beginning of the last two fiscal years .
Expertise & Qualifications
- Board Qualifications: Experience as an investment professional and service as a corporate board member cited among trustee attributes; selected based on character/integrity, willingness and ability to commit time, and independence .
Equity Ownership
- Beneficial Holdings and Ownership Range (as of Dec 31, 2024):
| Metric | BGB Common Shares | BGB Preferred Shares |
|---|---|---|
| Shares Owned (Jane Siebels) | 0 | 0 |
| Ownership % | 0% | 0% |
| Dollar Range (BGB) | None | N/A (range table is for common shares) |
| Shares Outstanding (for context) | 44,664,382 BGB Common | 45,000 BGB Preferred |
- Independence and Alignment: No shares owned in BGB, BGX, or BSL; aggregate dollar range “None” across the Fund Complex for Siebels as of Dec 31, 2024 .
Governance Assessment
-
Strengths
- Lead Independent Trustee and dual committee member roles support board effectiveness and independent oversight .
- Adequate engagement: Board met 8 times; committees met 4 and 3 times; all trustees met minimum 75% attendance threshold .
- Independence: No disclosed related-party transactions or material interests with the Adviser or affiliates; independence affirmed under NYSE and 1940 Act standards .
- Enhanced preferred governance: Appointment as preferred trustee for BGB’s mandatory redeemable preferred shares increases oversight of capital structure and preferred holders’ interests .
-
Watch Items / Potential Red Flags
- Alignment: Zero BGB share ownership may be viewed as limited “skin in the game” for an Independent Trustee focused on common shareholders; consider monitoring future ownership disclosures .
- Compensation Inflation Risk: 2025 retainer increases (to $180,000 plus higher lead/committee chair fees) raise total fixed cash pay, which could be perceived as pay inflation without corresponding performance linkage for trustees .
- External Roles: Multiple directorships in financial institutions (Bahamas) and Global Innovation Fund—no conflicts disclosed, but ongoing monitoring warranted if portfolio exposures intersect with those entities .