Roger Ko
About Roger Ko
Roger W. Ko serves as Assistant Treasurer of Flaherty & Crumrine Dynamic Preferred and Income Fund (DFP) and has held this office since 2014; he is employed by the Fund’s external adviser, Flaherty & Crumrine Incorporated, where he is a Vice President and Trader . Age: 50 . Fund filings evaluate performance at the adviser/fund level and do not attribute TSR, revenue, or EBITDA metrics to officers; the Board’s advisory agreement review addresses overall fund performance and fees rather than officer-specific results .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Flaherty & Crumrine Incorporated | Vice President and Trader | Past five years (disclosed format) | Trading for the adviser; role disclosed as “Trader of Flaherty & Crumrine” |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed in DFP filings | — | — | Officer biography lists only adviser employment; no external roles reported |
Fixed Compensation
| Component | Detail |
|---|---|
| Employment relationship | Officer of DFP; employee of Flaherty & Crumrine (the adviser) |
| Base salary | Not disclosed by the Fund; officers are compensated by the adviser, not by the Fund (proxy discloses only director fees) |
| Target bonus % | Not disclosed by the Fund |
| Actual bonus paid | Not disclosed by the Fund |
| Pension/SERP | Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds |
| Other notes | The Fund pays the adviser a fixed annual fee for Chief Compliance Officer services; officer cash compensation arrangements generally sit at the adviser level (illustrates service-provider model) |
Performance Compensation
| Incentive type | Grant/structure | Performance metrics | Payout/vesting detail |
|---|---|---|---|
| RSUs/PSUs | No officer equity awards reported in the Fund’s proxy statements; officer compensation not itemized by the Fund | ||
| Stock options | No officer option awards reported in the Fund’s proxy statements; officer compensation not itemized by the Fund | ||
| Annual incentive plan | Not disclosed by the Fund (officer pay determined by the adviser) | ||
| Long-term incentives | Not disclosed by the Fund |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (group) | As of December 31, 2024, Directors, Nominees and executive officers of each Fund, as a group, owned less than 1% of each Fund’s shares |
| Individual holdings (Ko) | Not individually disclosed in the proxy’s beneficial ownership tables (tables provide director ranges; officers not itemized) |
| Ownership guidelines | Not disclosed for officers |
| Pledging/hedging | No pledging/hedging by officers is disclosed in the proxy materials reviewed |
Employment Terms
| Term | Detail |
|---|---|
| Office | Assistant Treasurer, DFP |
| Start date in role | Since 2014 |
| Tenure mechanics | Each officer serves until a successor is elected and qualifies or until earlier resignation/removal |
| Employment contract | Not disclosed by the Fund (officers are adviser employees) |
| Severance/Change-of-control | Not disclosed by the Fund |
| Non-compete / non-solicit | Not disclosed by the Fund |
Additional Context from Fund Governance/Disclosures
- Officer roster and biographies: Ko listed with address at 301 E. Colorado Blvd., Suite 800, Pasadena, CA; age 50; Assistant Treasurer since 2014; “Vice President and Trader of Flaherty & Crumrine” .
- Compensation disclosure scope: Proxy statements provide detailed director fee schedules and explicitly note that no executive officer or person affiliated with a Fund received compensation from a Fund in excess of $60,000 for FY 2024; they also state there are no pension/retirement benefits for directors or executive officers of the Funds .
- Performance oversight: The Board’s annual advisory agreement review addresses overall fund performance and fee reasonableness; disclosures focus on adviser services and fund-level outcomes, not officer-specific targets or payouts .
Investment Implications
- Pay-for-performance transparency is limited at the Fund level for officers: compensation for Ko is set by the external adviser and is not itemized in Fund filings, constraining direct analysis of salary/bonus/equity alignment or vesting overhangs .
- Insider selling pressure appears structurally low from officers: the proxy reports that directors, nominees and executive officers as a group owned less than 1% of Fund shares as of 12/31/24, implying limited supply from forced vesting or executive monetization events tied to fund equity .
- Retention/continuity: Ko has served since 2014 with an “until successor” term, suggesting continuity in treasury/operational support functions; absence of disclosed severance/COC terms means retention levers and downside protection sit with the adviser rather than the Fund, and are not visible to Fund shareholders .
- Governance model considerations: As a closed-end fund with an external adviser, key performance levers (compensation metrics, incentive design, potential equity of the adviser) reside at Flaherty & Crumrine and are not disclosed in DFP’s proxy, so any assessment of incentive alignment requires adviser-level visibility beyond Fund filings .