Patrick Keniston
About Patrick Keniston
Patrick Keniston (born 1964) serves as Chief Compliance Officer (since 2011) and Secretary (since 2019) of The China Fund, Inc. (CHN), provided via Foreside Fund Officer Services, LLC, where he is Managing Director (2008–present) . CHN delegates day-to-day operations and risk management to third-party service providers including its Investment Manager (Matthews), Administrator (Brown Brothers Harriman), and Foreside (CCO/Treasury services), with the Board overseeing these providers . CHN’s proxy states the Fund does not compensate officers, and no officer performance-linked metrics (TSR, revenue, EBITDA) are disclosed in relation to pay .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The China Fund, Inc. | Chief Compliance Officer | 2011–present | Oversees Fund compliance program and reports to Board; part of risk oversight cadence with Investment Manager and auditor . |
| The China Fund, Inc. | Secretary | 2019–present | Corporate secretary responsibilities; signs proxy materials and Board-ordered matters (e.g., Plan of Liquidation proxy notice) . |
| Foreside Fund Officer Services, LLC | Managing Director | 2008–present | Supplies CHN’s CCO/Treasury services; embedded third-party governance/controls provider . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Foreside Fund Officer Services, LLC | Managing Director | 2008–present | Provides outsourced officer services to CHN; ensures regulatory compliance and fund controls . |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not paid by CHN | “The Fund does not compensate the officers of the Fund.” Compensation, if any, would be through Foreside, not disclosed in CHN proxy . |
| Target/Actual bonus | Not paid by CHN | No bonus information disclosed for officers . |
| Pension/SERP | Not paid by CHN | Pension/retirement benefits are not provided by CHN to officers . |
| Perquisites | Not disclosed | No officer perquisite detail in proxy . |
Performance Compensation
No equity or option awards, incentive metrics, or vesting schedules are disclosed for officers; CHN explicitly states officers are not compensated by the Fund .
Equity Ownership & Alignment
| Item | Disclosure | Notes |
|---|---|---|
| Total beneficial ownership | Not disclosed for officers | Proxy reports dollar-range holdings for Directors, not officers; no individual officer ownership breakdowns . |
| Options/RSUs/PSUs | None disclosed | No equity awards to officers in CHN proxy . |
| Pledging/Hedging | Not disclosed | No pledging policy or officer-specific pledging disclosure identified in proxy . |
| Ownership guidelines | Not disclosed for officers | Proxy does not state officer ownership guideline compliance . |
| Section 16 compliance | No officer delinquency noted | 2024 Form 3/4 compliance issues were noted for the President (Mr. Byrkit) only; no delinquency noted for Keniston . |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Employment start/date in role | CCO since 2011; Secretary since 2019 | Officer roles and tenure disclosed in proxy . |
| Employer/contract structure | Outsourced via Foreside | CHN’s day-to-day operations and CCO/Treasury functions are provided by Foreside; contracts overseen by Board and Contracts Committee . |
| Severance/change-of-control | Not disclosed | No officer severance or CIC economics in proxy . |
| Clawback, tax gross-ups | Not disclosed | No officer clawback or gross-up terms disclosed . |
| Non-compete/non-solicit | Not disclosed | No restrictive covenant detail in proxy . |
| Governance committees | N/A (not a director) | Governance/Nominating & Compensation Committee consists of independent directors; officers are not committee members . |
Performance & Track Record
- Role efficacy is framed through CHN’s risk oversight structure where the Board receives regular reporting from the Chief Compliance Officer and other providers; no individual achievements or controversies specific to Keniston are discussed in proxy .
- Section 16 filings were timely for officers and directors in 2024 except for the President (Mr. Byrkit, Form 3), with no delinquency noted for Keniston .
- CHN initiated a Plan of Liquidation and Dissolution process; Keniston signed as Secretary on the October 6, 2025 proxy materials, evidencing continuity in corporate officer functions during strategic change .
Compensation Committee Analysis
- Governance, Nominating & Compensation Committee is fully independent; it oversees nominations and evaluates independence from the Investment Manager and principal service providers; it does not maintain a policy to consider stockholder-recommended nominees and met four times in fiscal 2024 .
- Officer pay is not set by CHN, reducing direct exposure to pay-for-performance misalignment at the Fund level for officers .
Investment Implications
- Absence of Fund-paid officer compensation and equity grants means minimal direct insider selling pressure or vesting-driven trading signals tied to Keniston; any compensation would be at Foreside, outside CHN’s proxy disclosure .
- Retention risk is linked more to the service provider (Foreside) contract than to individual employment terms; Board oversight of service provider agreements is a key lever rather than executive severance/CIC economics .
- With the Board advancing a Plan of Liquidation, corporate actions and governance timelines may overshadow individual officer incentives; Keniston’s role as Secretary/CCO remains operationally critical for regulatory compliance and winding-up processes, but no individualized economics are disclosed .