Laura A. DeFelice
About Laura A. DeFelice
Laura A. DeFelice is the Chair of the Board (since November 14, 2023) and a Non-Interested, independent director of CIK, serving on both the Audit and Nominating Committees. She has been a director since 2018 and is nominated for a Class III term to expire at the 2028 Annual Meeting. Year of birth: 1959. Her professional background includes managing member roles in real estate (Acacia Properties LLC, since 2008) and renewable energy/energy efficiency (Stonegate Advisors LLC, since 2007). She oversees 7 portfolios in the fund complex and serves as a director of the Lyric Opera of Chicago (2021–present) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Acacia Properties LLC | Managing Member (multi-family and commercial real estate ownership and operation) | 2008–present | Real estate operations; board-relevant real asset expertise |
| Stonegate Advisors LLC | Managing Member (renewable energy and energy efficiency) | 2007–present | Energy project development; sustainability/ESG operational exposure |
| Law firm (name not disclosed) | Partner specializing in structured finance | Not disclosed (prior career) | Structured finance legal expertise; enhances Audit/Nominating committee depth |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lyric Opera of Chicago (performing arts) | Director | 2021–present | Non-profit governance experience |
| CIK Fund Complex (7 funds) | Director/Trustee across fund complex | Ongoing; each Director serves on board of each fund (7 total) | Cross-fund oversight; compensation disclosed on fund-complex basis |
Board Governance
- Independence: Non-Interested Director; Audit and Nominating Committees composed of independent directors (as defined by NYSE American) and exclude the Interested Director .
- Roles: Chair of the Board (since Nov 14, 2023); member of Audit and Nominating Committees .
- Committee activity: Audit Committee met 5 times in fiscal 2024; Nominating Committee met 4 times in fiscal 2024 .
- Board activity and attendance: Board convened 9 times in fiscal 2024; each Director attended at least 75% of board and committee meetings .
- Leadership and oversight: The Chair presides at meetings and acts as liaison with UBS AM (Americas); Non-Interested Directors engage independent legal counsel for oversight .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual fee (Non-Interested Directors, fiscal 2024) | $23,100 | Standard annual fee per director |
| Meeting fee (per Board meeting attended, fiscal 2024) | $2,100 | Paid per meeting attended |
| Chair of the Board additional annual fee (fiscal 2024) | $4,764 | Chair premium |
| Audit Committee Chair additional annual fee (fiscal 2024) | $2,609 | Committee chair premium (Audit) |
| Nominating Committee Chair additional annual fee (fiscal 2024) | $1,072 | Committee chair premium (Nominating) |
| Annual retainer effective January 1, 2025 | $70,560 | Covers four quarterly meetings and one special meeting |
| Laura A. DeFelice — Aggregate Compensation from CIK (FY 2024) | $44,664 | Fund-level compensation |
| Laura A. DeFelice — Total Compensation from Fund and Fund Complex (FY 2024) | $212,240 | Across 7 funds in complex |
Performance Compensation
| Item | Disclosure |
|---|---|
| Bonus/profit sharing/pension/retirement plans | Fund has no bonus, profit sharing, pension or retirement plans |
| Compensation Committee | The Fund does not have a Compensation Committee |
| Equity awards to directors (RSUs, PSUs, options) | Not disclosed; no equity program indicated for directors |
No performance-based metrics (TSR, revenue, EBITDA, ESG) are tied to director compensation; structure is cash-based with role/meeting premia .
Other Directorships & Interlocks
| Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Lyric Opera of Chicago | Non-profit | Director | None with CIK’s investment adviser disclosed |
| Credit Suisse/UBS-related entities | Financial services | Securities ownership by nominees/Immediate family | As of Feb 28, 2025, none of the nominees or immediate family members owned any class of securities in Credit Suisse or in a controlling person; mitigates conflict risk |
Expertise & Qualifications
- Financial/legal expertise: Prior career as structured finance law firm partner; supports audit oversight and complex financing understanding .
- Operational expertise: Long-standing leadership in real estate operations and renewable energy/efficiency project development .
- Board qualifications: Active on Audit and Nominating; submitted Audit Committee report with other members in FY 2024 .
- Portfolios overseen: 7 portfolios in fund complex — breadth of investment oversight experience .
Equity Ownership
| Holder | Dollar Range of Equity Securities in CIK | Aggregate Dollar Range in Credit Suisse Family of Investment Companies | As-of Date |
|---|---|---|---|
| Laura A. DeFelice | E (over $100,000) | E (over $100,000) | Feb 28, 2025 |
- Shares outstanding: 54,812,003 as of record date March 13, 2025 .
- Aggregate insider ownership: Directors and officers, in the aggregate, own less than 1% of outstanding equity securities .
- Pledging/hedging: Not disclosed; no pledging flagged .
Governance Assessment
- Strengths:
- Independent Chair with committee participation, supporting robust oversight and investor confidence .
- Documented committee activity (Audit five meetings; Nominating four) and board activity (nine meetings) with ≥75% attendance threshold met — indicates engagement .
- Meaningful personal investment (over $100,000) in the Fund and aggregate holdings across the fund family — alignment signal .
- Absence of related-party securities ownership (Credit Suisse or affiliates) by nominees or immediate family — lowers conflict risk .
- Considerations:
- Compensation is entirely cash-based; absence of equity or performance-linked components limits direct pay-for-performance alignment, typical for closed-end funds but still a consideration for governance purists .
- No dedicated Compensation Committee, consistent with fund practice; oversight of director pay appears embedded in board processes .
- RED FLAGS: None evident from disclosures; no attendance shortfalls, related party transactions, or hedging/pledging identified .
Board Governance Details
| Item | Detail |
|---|---|
| Independence status | Non-Interested Director; committees composed of independent directors (NYSE American standard) |
| Committee memberships | Audit Committee (member); Nominating Committee (member) |
| Committee chairs | Audit Committee Chair: Mahendra R. Gupta; Nominating Committee Chair: Samantha Kappagoda |
| Chair role | Chair of the Board since Nov 14, 2023; presides and liaises with UBS AM (Americas), counsel, and directors |
| Board meetings (FY 2024) | 9 meetings; each Director attended ≥75% |
| Audit Committee meetings (FY 2024) | 5 meetings |
| Nominating Committee meetings (FY 2024) | 4 meetings |
| Annual meeting attendance policy | No formal policy regarding Board member attendance at Annual Meeting |
Nomination status: DeFelice nominated as Class III Director for a three-year term to expire at the 2028 Annual Meeting .
Director Compensation Summary (FY 2024 and Program)
| Metric | Value | Notes |
|---|---|---|
| DeFelice Aggregate Compensation from CIK (FY 2024) | $44,664 | Fund-level remuneration |
| DeFelice Total Compensation from Fund Complex (FY 2024) | $212,240 | Across 7 funds |
| 2024 Annual Director Fee | $23,100 | Non-Interested Directors |
| 2024 Per Meeting Fee | $2,100 | Board meetings attended |
| 2024 Chair Premium | $4,764 | Additional annual fee for Chair |
| 2024 Audit Chair Premium | $2,609 | Additional annual fee for Audit Chair |
| 2024 Nominating Chair Premium | $1,072 | Additional annual fee for Nominating Chair |
| 2025 Annual Retainer | $70,560 | Effective Jan 1, 2025; covers 4 quarterly + 1 special meeting |
| Bonus/Equity/Retirement Plans | None disclosed; no bonus/profit sharing/pension/retirement plans | No Compensation Committee |
Cash-centric mix with role premia; increased 2025 retainer indicates move to standardized annual compensation structure .
Notes on Related Party and Conflicts
- As of Feb 28, 2025, none of the nominees, other Non-Interested Directors, or their immediate family members owned any class of securities in Credit Suisse or in a person controlling/controlled by Credit Suisse — mitigates adviser-related conflicts .
- Audit Committee’s report evidences third-party auditor independence considerations and oversight (EY independence letter reviewed), indicating functioning audit oversight .
References
- 2025 Proxy (DEF 14A), published March 17, 2025:
- Historical proxies: 2020 Proxy (DEF 14A) ; 2019 Proxy (DEF 14A)