Jane Siebels
About Jane Siebels
Jane M. Siebels (born 1960) is Lead Independent Trustee of Blackstone Senior Floating Rate 2027 Term Fund (BSL), serving since November 2021; she is also a member of the Audit Committee and the Nominating & Governance Committee, with her current board term expiring in 2026 . She is an investment professional by background—currently CEO of Homer Technology; formerly a consultant at Per4M; and prior to 2019, CEO and CIO of Amber Asset Management (f/k/a Green Cay Asset Management) . The Boards have expressly appointed Siebels as Lead Independent Trustee to ensure independent control and influence over governance, with all committees chaired by independent trustees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Homer Technology | Chief Executive Officer | Current | Not disclosed |
| Per4M | Consultant | Formerly (dates not disclosed) | Advised a small global equity hedge fund |
| Amber Asset Management (f/k/a Green Cay Asset Management) | Chief Executive Officer & Chief Investment Officer | Prior to 2019 | Investment leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Scotia Bank (Bahamas) | Director | Not disclosed | Not disclosed |
| Scotia Bank International (Bahamas) | Director | Not disclosed | Not disclosed |
| Scotia Trust (Bahamas) | Director | Not disclosed | Not disclosed |
| First Trust Bank (Bahamas) | Director | Not disclosed | Not disclosed |
| Global Innovation Fund | Director | Not disclosed | Not disclosed |
| Amber Asset Management | Director | Until 2019 | Not disclosed |
Board Governance
- Independence and role: Siebels is an Independent Trustee (not an “interested person” under the 1940 Act and independent per NYSE listing standards) and serves as Lead Independent Trustee for each Board .
- Committee assignments: Member, Audit Committee (3 independent trustees: Jasper (Chair), Schpero, Siebels); member, Nominating & Governance Committee (3 independent trustees: Schpero (Chair), Jasper, Siebels) .
- Meetings and attendance: In FY 2024, each Board met 8 times, the Audit Committee met 4 times, and the Nominating & Governance Committee met 3 times; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Leadership structure and risk oversight: Chairman of the Board is an interested trustee (Daniel Leiter); Siebels is Lead Independent Trustee; committees are chaired by independent trustees; Boards receive regular risk reports and rely on management and the CCO, reflecting an oversight—not management—role .
- Compensation Committee: The Funds do not have a Compensation Committee; the Nominating & Governance Committee reviews Independent Trustee compensation .
Fixed Compensation
| Fee Component | Amount ($) | Notes |
|---|---|---|
| Base Trustee Retainer (per Independent Trustee, across Blackstone Credit & Insurance Closed-End Funds) | 155,000 | Paid by BSL, BGX, BGB, BGFLX; paid quarterly and allocated pro rata by each Fund’s average NAV |
| Lead Independent Trustee Retainer | 16,000 | Additional annual retainer for Lead Independent Trustee (Siebels) |
| Committee Chair Retainer (Audit Committee; Nominating & Governance Committee) | 12,000 | Additional annual retainer for each Chair (Siebels is not a Chair) |
| Meeting Fees | Not disclosed | No per-meeting fees disclosed |
Jane Siebels – FY 2024 compensation allocation and total:
| Fund | Compensation ($) |
|---|---|
| BSL | 32,458 |
| BGX | 28,491 |
| BGB | 96,473 |
| Total from Fund Complex | 171,000 (includes $13,578 from BGFLX) |
Performance Compensation
Independent Trustees receive fixed cash retainers; no performance-based awards (no bonuses, options, RSUs/PSUs, or performance metrics disclosed for trustees) .
| Performance-Based Element | Disclosure |
|---|---|
| Bonus/Annual Incentive | None disclosed for Independent Trustees |
| Equity Awards (RSUs/PSUs) | None disclosed for Independent Trustees |
| Stock Options | None disclosed for Independent Trustees |
| Performance Metrics (TSR, EBITDA, ESG, etc.) | Not applicable to Independent Trustee pay |
Other Directorships & Interlocks
- Current/Recent directorships over last five years are listed above (Bahamas-based banking entities, Global Innovation Fund, Amber Asset Management (until 2019)) .
- Related-party/affiliate exposure: The Funds disclose that independent trustees and immediate family members did not own securities of the Adviser or affiliates (other than fund investments meeting SEC staff guidance) and had no transactions/relationships >$120,000 with the Adviser or affiliates in the last two fiscal years—supporting independence and low conflict risk .
Expertise & Qualifications
- Investment professional experience and service as a corporate board member noted by the Boards as key qualifications for Siebels’ selection as Trustee .
- Oversees 3 portfolios within the Blackstone fund complex in her Trustee capacity .
Equity Ownership
Dollar range of equity securities held (beneficial ownership) by Jane Siebels:
| Fund | 2023 Dollar Range | 2024 Dollar Range |
|---|---|---|
| BSL | None | None |
| BGX | None | None |
| BGB | None | None |
| Aggregate Dollar Range in Family of Investment Companies | None | None |
Share ownership (as of December 31):
| Fund | 2023 Shares | 2023 % | 2024 Shares | 2024 % |
|---|---|---|---|---|
| BSL | 0 | 0% | 0 | 0% |
| BGX | 0 | 0% | 0 | 0% |
| BGB | 0 | 0% | 0 | 0% |
Related-party and Section 16:
- No securities of the Adviser or its affiliates held by independent trustees/families; no related-party transactions >$120,000—mitigating conflict risk .
- Section 16(a) compliance: The Funds believe all required filings were complied with for FY 2024 .
Governance Assessment
- Positives:
- Lead Independent Trustee role provides independent agenda control and oversight; committees are chaired by independent trustees—strong structure for CEF governance .
- Active committee cadence (Audit: 4x; N&G: 3x) and Board meetings (8x) in FY 2024; all Trustees met the ≥75% attendance threshold—indicates engagement .
- Independence reinforced by lack of adviser/affiliate securities ownership and absence of related-party transactions >$120,000 .
- Auditor services pre-approved by the Audit Committee; “audit committee financial expert” designated (Jasper)—adds assurance to financial oversight .
- Watch items / potential red flags:
- Zero fund share ownership (dollar range “None” and 0 shares) limits “skin-in-the-game” alignment; investors may prefer some personal ownership by independent trustees .
- Attendance disclosure only confirms ≥75% (not 100%); while compliant, it leaves limited visibility on individual attendance rates .
- Compensation is entirely fixed cash retainers (no equity), which may dampen direct alignment with shareholder outcomes compared to equity-based pay—though typical for registered funds .