Samantha Kappagoda
About Samantha Kappagoda
Independent “Non-Interested” Director (NYSE American independent) of Credit Suisse Asset Management Income Fund, Inc. (CIK) since 2023; Date of Birth: 1968; Class I Director with current term expiring at the 2026 Annual Meeting. Chair of the Nominating Committee and member of the Audit Committee; oversees 7 portfolios in the fund complex (reduced from 9 in 2024 following complex changes); 30+ years’ experience as an economist and senior data/technology strategist. Independence affirmed by committee composition rules; board retirement policy caps service at age 75 unless waived .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Council for Economic Education (non-profit) | Director | 2014–2020 | Governance and education advocacy; non-profit oversight |
| Glynwood Center, Inc. (non-profit) | Director | 2010–2019 | Agricultural and sustainability non-profit oversight |
| Credit Suisse Fund Complex (open-end and closed-end funds) | Trustee/Director (various funds) | Ongoing service; prior years included 9 portfolios (2024) | Cross-fund governance; board/committee participation across complex |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Risk Economics, Inc. | Chief Economist; Co-Founder | 2009–present | Economic analysis; risk advisory |
| Numerati Partners LLC | Co-Managing Member; Chief Data Scientist/Technology Strategy | 2012–present | R&D and data science leadership |
| Analysis Group, Inc. | Affiliate (Economic Analysis) | 2023–present | Economic consulting; expert analysis |
| Courant Institute of Mathematical Sciences, NYU | Visiting Scholar | 2011–present | Academic research engagement |
| University of Toronto | Business Board of Governing Council – Member | 2024–present | University governance board |
| Journal of Risk Finance (Emerald Publications) | Editorial Advisory Board | 2025–present | Research/editorial oversight |
| Girl Scouts of Greater New York | Director | 2014–present | Non-profit board governance |
Board Governance
- Committee assignments: Chair, Nominating Committee; Member, Audit Committee; Non-Interested (independent) Director under NYSE American standards .
- Attendance: Each Director attended at least 75% of Board and committee meetings in FY2024 and FY2023; Board met 9 times in FY2024 and 24 times in FY2023; Audit Committee met 5 times in FY2024 and 8 times in FY2023; Nominating Committee met 4 times in FY2024 and 8 times in FY2023 .
- Leadership: Independent Chair of the Board (Laura A. DeFelice) presides; Non-Interested Directors engage independent legal counsel; no Compensation Committee for the Fund (typical for investment companies) .
- Director election structure: Classified board, three-year terms by class; Kappagoda is Class I with term to 2026 .
Fixed Compensation
| Year/Structure | Annual Retainer (Cash) | Per-Meeting Fee (Cash) | Committee Chair Fee | Notes |
|---|---|---|---|---|
| FY2024 schedule | $23,100 | $2,100 per Board meeting | Nominating Chair: $1,072; Audit Chair: $2,609; Board Chair: $4,764 | Fees plus expense reimbursement; aggregate remuneration to Non-Interested Directors totaled $194,244 (FY2024) |
| FY2023 schedule | $23,100 | $2,100 per Board meeting | Nominating Chair: $2,000; Audit Chair: $2,100; Board Chair: $5,250 | One-time $25,000 stipend from complex for merger-related meetings (all Directors) |
| Effective 1/1/2025 | $70,560 annual retainer for 4 quarterly + 1 special meeting | N/A (retainer structure) | N/A | Structural change to retainer model |
| Director Compensation Received | Aggregate From CIK (Fund) | Total From Fund + Complex |
|---|---|---|
| FY2024 (S. Kappagoda) | $40,972 | $192,450 |
| FY2023 (S. Kappagoda) | $36,625 | $199,410 |
Performance Compensation
| Component | Status | Detail |
|---|---|---|
| Annual/Target bonus | None | Fund has no bonus plans |
| Equity awards (RSUs/PSUs/Options) | None | No equity compensation for Directors |
| Pension/SERP/Deferred comp | None | No pension/retirement plans disclosed |
| Performance metrics (EBITDA/TSR/ESG) | None | No performance-tied director pay |
Implication: Director pay is entirely cash-based; no equity or performance incentives, limiting “skin-in-the-game” alignment relative to operating-company boards .
Other Directorships & Interlocks
| Company/Entity | Role | Interlock/Relationship |
|---|---|---|
| All open-end Credit Suisse Funds | Director/Trustee | Within same adviser complex (UBS/Credit Suisse); cross-fund governance |
| Another closed-end fund in complex | Director/Trustee | Same complex; similar mandates |
- Independence safeguards: As of Feb 28, 2025 (and Feb 29, 2024), none of the Non-Interested Directors or their immediate family members owned any class of securities in the adviser (Credit Suisse/UBS) or control persons; reinforces independence and minimizes related-party exposure .
Expertise & Qualifications
- 30+ years as economist; Chief Economist at Risk Economics; leadership in data science/technology strategy at Numerati Partners; affiliate of Analysis Group; visiting scholar at NYU’s Courant; editorial advisory role at Journal of Risk Finance; non-profit governance experience (Girl Scouts; university governance) .
- Board qualification: Serves on Audit and Nominating (Chair); Board and committees comprised of independent directors per NYSE American standards; Audit Committee responsible for auditor oversight and pre-approvals .
Equity Ownership
| Year (as of) | Dollar Range in CIK | Aggregate Dollar Range in Complex | Notes |
|---|---|---|---|
| Feb 28, 2025 | A = None | A = None | Directors/officers aggregate own <1% of CIK outstanding shares |
| Feb 29, 2024 | A = None | A = None | Directors/officers aggregate own <1% of CIK outstanding shares |
RED FLAG: No personal share ownership in CIK (Dollar Range “A = None”), limiting direct economic alignment with shareholders .
Governance Assessment
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Strengths:
- Independent status; leadership as Nominating Committee Chair; active committee engagement (Audit and Nominating meetings held regularly) .
- Board/committee oversight structures robust for an investment company; use of independent legal counsel; clear auditor transition oversight (PwC → EY in 2024) .
- Section 16 filings timely for FY2024; no related-party securities ownership in adviser by Non-Interested Directors or immediate family members .
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Weaknesses / Red Flags:
- No equity ownership in the Fund; director compensation entirely cash-based with no performance-linked elements; potential alignment gap for investors seeking “skin-in-the-game” signals .
- No Compensation Committee (typical for funds), but limits formal oversight of compensation design; however director fees and chair stipends are disclosed and standardized .
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Signals to monitor:
- 2025 shift to a $70,560 flat retainer may alter incentives vs per-meeting fees; assess engagement and attendance quality post-structure change .
- Continued cross-complex board commitments (open-end and another closed-end fund) can be beneficial for information flow but may pose time-commitment risks; monitor attendance and committee output quality .
- Auditor change to EY and committee oversight processes remain central for valuation/compliance risk; Audit Committee convened and pre-approval policies explicit .
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Attendance and engagement summary:
- FY2024: Board (9), Audit (5), Nominating (4); each Director ≥75% attendance .
- FY2023: Board (24), Audit (8), Nominating (8); each Director ≥75% attendance (one Section 16 timing exception related to CCO, not to Directors) .