George J. Iwanicki
About George J. Iwanicki
Independent director of The China Fund, Inc. (CHN) since 2020 (Class III; current term ends at the 2026 annual meeting). Year of birth: 1961. Formally trained in Mathematics and Economics, he spent 30+ years in the asset management industry, most recently as Managing Director at J.P. Morgan Asset Management (JPMAM), serving as Economist, Investment Strategist, and Portfolio Manager across Developed and Emerging Markets . He is independent under the Investment Company Act and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| J.P. Morgan Asset Management | U.S. Economist; later Developed Markets strategist/asset allocation; from 2000, Macro Strategist for Global Emerging Markets (GEM) Equity | 1992–2019 | Built a quantitative research team and models powering a GEM Equity product; member, GEM Operating Committee (2014–2019); member, JPMAM Investment Strategy Review Committee (2016–2019) |
| Kidder, Peabody & Co. | Sell-side Economics Research (collaborative team) | Five years prior to joining JPMAM in 1992 | Sell-side macro research contribution |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | None disclosed | — | No current public company directorships reported for Mr. Iwanicki |
Board Governance
| Item | Detail |
|---|---|
| Independence | Not an “interested person” under the 1940 Act; independent under NYSE listing standards |
| Board structure | Board comprised entirely of independent directors; independent Chair (Julian Reid) |
| Director class/term | Class III; Director since 2020; term ends 2026 |
| Board meetings FY2024 | Four regular meetings; each Director attended every Board and committee meeting on which they served; each Director attended the 2024 Annual Meeting |
Committee Assignments and Engagement
| Committee | Role | FY2024 Meetings | Notes |
|---|---|---|---|
| Audit, Valuation & Compliance | Member | 5 | Established under Exchange Act §3(a)(58)(A); all members independent; charter posted on website |
| Governance, Nominating & Compensation | Member | 4 | All members independent; evaluates board qualifications/independence; charter posted on website |
| Contracts | Member | n/a | Reviews and recommends on service provider contracts; all members independent |
| Investment | Member | n/a | Oversees manager selection/implementation and performance/compliance |
| Discount Management | Member | n/a | Acts between Board meetings on Discount Management Program |
Attendance signal: 100% attendance at Board and committee meetings in FY2024 indicates high engagement .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual retainer (Director) | $47,000 | FY2024 structure |
| Quarterly meeting fee | $10,000 (paid after attending each quarterly meeting) | FY2024 structure |
| Special meeting (in-person) | $3,000 per meeting | FY2024; no special Board meetings held in FY2024 |
| Special meeting (telephonic) | $1,000 per meeting | FY2024 |
| Chair retainers | Chair of the Board: $14,000; Audit Chair: $8,000 | Not applicable to Mr. Iwanicki |
| Pension/retirement benefits | None | No pension or retirement benefits for directors |
Aggregate Compensation (Paid)
| Fiscal Year | Aggregate Compensation (USD) |
|---|---|
| FY2023 | $58,000 |
| FY2024 | $54,583 |
FY2023 structure (in effect as of Jan 1, 2024 at time of 2024 proxy): Board Chair $71,000, Audit Chair $65,000, other Directors $57,000 plus special meeting fees . FY2024 proxy reflects updated fee presentation (retainer + quarterly meeting fee) with Mr. Iwanicki’s paid total of $54,583 .
Performance Compensation
- No equity-based or performance-linked awards (RSUs/PSUs/options) are disclosed for directors; compensation is cash-based. No perquisites, pensions, or deferred comp are reported for directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Interlocks/overlaps | Other CHN directors (Reid, Silver, Hu) serve on The Korea Fund, Inc.; no such external board reported for Mr. Iwanicki |
| Auditor oversight | Audit Committee pre-approves all audit/tax services; no non-audit services to Fund or manager reported in FY2023–FY2024 |
Expertise & Qualifications
- Macro and quantitative investing expertise across global EM and Developed Markets; built quant research team and GEM models; strategic oversight through Operating Committee and internal firm-wide strategy review role .
- Formal academic training in Mathematics and Economics .
- Independent governance experience via multiple CHN committees (Audit; Governance/Nominating/Compensation; Contracts; Investment; Discount Management) .
Equity Ownership
| Holder | As-of Date | Ownership Disclosure |
|---|---|---|
| George J. Iwanicki | Dec 31, 2024 | Dollar range in CHN: $10,001–$50,000; same aggregate range across Fund Complex (CHN is the only fund) |
| Directors & officers (group) | Sept 26, 2025 | Beneficially own in aggregate less than 1% of CHN outstanding shares |
Section 16 compliance: For FY2023, the Fund reports directors/officers (and the Investment Manager’s officers/directors) made timely filings, except one late Form 4 for a different director (Ms. Hu) due to administrative error; no issues are noted for Mr. Iwanicki .
Governance Assessment
- Independence and objectivity: Not an “interested person” and independent under NYSE; serves on all key committees, including Audit (all independent) .
- Engagement: 100% attendance at Board and committee meetings in FY2024; attended the 2024 annual meeting, signaling strong commitment .
- Skills fit: Macro/quant background aligns with CHN’s EM/China focus; committee breadth (Audit, Investment, Discount Management) supports oversight of performance, risk, and discount control .
- Pay and alignment: Cash-only, modest director fees with no equity awards reduces pay complexity but limits direct stock-based alignment; disclosed CHN ownership is $10k–$50k (group ownership <1%)—adequate but not high “skin in the game” for alignment-sensitive investors .
- Conflicts/Red flags: No other public boards or related-party transactions disclosed for Mr. Iwanicki; auditor independence safeguarded via pre-approval policy; no non-audit fees to manager or affiliates in FY2023–FY2024 . No attendance or say-on-pay red flags applicable to this fund structure .
- Strategic oversight signal: As part of the all-independent Board, he participated in the Board’s unanimous determination to recommend liquidation in 2025, citing persistent NAV discount, performance, and market/geopolitical factors—indicates willingness to take decisive actions in investors’ interests when alternatives deemed less beneficial .