Yan Hu
About Yan Hu
Yan Hu (born 1963) is an independent Class II Director of The China Fund, Inc. since 2022, nominated to serve through the 2028 Annual Meeting. Her background spans 30+ years in international financial services, including cross-border M&A advisory; she is Advisor at Vermilion Partners (affiliate of Natixis SA), Owner of Ink Stone Ltd. (2020–present), and an advisor/partner in China with Investment & Pension Europe. She previously was Managing Director and Head of the Financial Institutions Group at Vermilion Partners (2012–2016) and Sun Life Financial’s Country Head and Chief Representative in China (2007–2012). She also serves on the board of The Korea Fund, Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sun Life Financial (China) | Country Head & Chief Representative | 2007–2012 | Oversaw China-related activities including market entry in pension/investment and JV restructuring with China Everbright Group |
| Vermilion Partners | Managing Director; Head, Financial Institutions Group | 2012–2016 | Led FIG; advised leading international/Chinese financial institutions on Asian strategies |
| Vermilion Partners | Advisor | 2016–present | China-related cross-border M&A advisory; affiliate of Natixis SA |
| Investment & Pension Europe | Advisor & Partner (China) | Not disclosed | Institutional investor-focused industry publication; advisory role |
| Ink Stone Ltd. | Owner | 2020–present | Entrepreneurial role |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| The Korea Fund, Inc. | Director | Not disclosed | Current public company directorship |
Board Governance
- Independence and structure: The Board is composed entirely of Independent Directors; Ms. Hu and all committee members are “not interested persons” under the 1940 Act and independent per NYSE standards. The Board’s leadership structure has an Independent Chairman (Julian Reid).
- Committee memberships: Hu serves on Audit, Valuation and Compliance; Governance, Nominating and Compensation; Contracts; Investment; and Discount Management Committees.
- Committee activity (FY ended Oct 31, 2024): Audit met 5 times; Governance/Nominating/Compensation met 4 times.
- Attendance: In FY ended Oct 31, 2023, the Board held 4 regular and 3 special meetings; all Directors attended all meetings of the Board and their committees except Ms. Hu, who missed a Special Meeting on December 15, 2022. Directors attended the 2023 Annual Meeting.
| Meeting Metric | FY 2023 | Notes |
|---|---|---|
| Board regular meetings (count) | 4 | All Directors attended |
| Board special meetings (count) | 3 | Ms. Hu missed Dec 15, 2022 special meeting |
| Audit Committee meetings | — | 5 in FY 2024 |
| Governance/Nominating/Compensation Committee meetings | — | 4 in FY 2024 |
Fixed Compensation
- Structure (FY ended Oct 31, 2024): Annual retainer $47,000; quarterly meeting fee $10,000 (paid after attendance); $3,000 per special in-person Board/Committee meeting; $1,000 per special telephonic Board/Committee meeting. Chairman receives an additional $14,000; Audit Committee Chair receives an additional $8,000. Aggregate remuneration for Directors totaled $239,833, with $11,709 reimbursed for attendance expenses.
| Compensation Component | Amount (USD) | FY Reference |
|---|---|---|
| Annual retainer (Director) | $47,000 | FY 2024 |
| Quarterly meeting fee (after attendance) | $10,000 | FY 2024 |
| Special in-person meeting fee | $3,000 per meeting | FY 2024 |
| Special telephonic meeting fee | $1,000 per meeting | FY 2024 |
| Additional annual retainer – Chairman | $14,000 | FY 2024 |
| Additional annual retainer – Audit Chair | $8,000 | FY 2024 |
| Aggregate remuneration (all Directors) | $239,833 | FY 2024 |
| Attendance expenses reimbursed (all Directors) | $11,709 | FY 2024 |
- Realized compensation (Director-specific):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Yan Hu – Aggregate Compensation from Fund | $58,000 | $54,583 |
- Notable change: The 2024 proxy described higher fixed annual fees effective Jan 1, 2024 ($57,000 for Directors; $65,000 Audit Chair; $71,000 Chairman) plus special meeting fees, whereas the 2025 proxy codifies a $47,000 base retainer plus quarterly meeting fees, indicating a shift toward a lower base with attendance-linked fees.
Performance Compensation
- No equity (RSUs/PSUs/options), bonus, performance metrics, severance, change-of-control, clawbacks, or pension/SERP benefits are disclosed for Directors; the Fund does not compensate officers.
Other Directorships & Interlocks
| Person | External Board | Role | Interlock Note |
|---|---|---|---|
| Yan Hu | The Korea Fund, Inc. | Director | Shared directorship with CHN Directors |
| Julian Reid (CHN Chairman) | The Korea Fund, Inc. | Director & Chairman | Provides cross-fund network alignment |
| Richard A. Silver | The Korea Fund, Inc. | Director | Audit Chair at CHN; also TKF Director |
Potential interlock consideration: Multiple CHN Directors (including Ms. Hu) serve on The Korea Fund, Inc. While all are independent at CHN, overlapping boards can concentrate information flows and perspectives; no specific conflicts are disclosed.
Expertise & Qualifications
- Cross-border M&A advisory and financial institutions expertise; extensive advisory to leading international and Chinese financial services firms on Asian strategies.
- Domain coverage includes insurance, asset management, and securities sectors; experience extends to North Asian economies and select European markets.
Equity Ownership
| Metric | 2023 | 2024 |
|---|---|---|
| Dollar range of equity securities in CHN (Yan Hu) | $10,001–$50,000 | $10,001–$50,000 |
| Funds overseen in Fund Complex | 1 | 1 |
5% holders context (record date Jan 15, 2025): City of London IM (37.2%), Lazard AM (12.2%), Allspring (9.3%), Gates Foundation Trust (5.4%). These concentrated holders can influence governance outcomes.
Governance Assessment
- Positives: Entirely independent Board and committees; Hu sits on Audit and Governance/Nominating/Compensation committees—key for oversight of financial reporting, independence vetting, and board refreshment. Committee activity is robust (Audit: 5; Governance: 4 in FY 2024). Director holdings provide some alignment, and compensation structure emphasizes attendance via quarterly meeting fees.
- Watch items: Board interlocks with The Korea Fund, Inc. across multiple CHN Directors (including Hu) warrant monitoring for potential groupthink or indirect conflicts; no related-party transactions are disclosed involving Hu. One missed special meeting in Dec 2022 is a minor attendance blemish against an otherwise strong record.
- Overall: Hu’s deep financial services and cross-border advisory background enhances committee effectiveness (Audit, Investment, Governance). Compensation is cash-based with no equity/performance link—typical for closed-end fund boards—placing emphasis on governance quality and oversight rather than pay-for-performance structures.