Karen Regan
About Karen Regan
Karen Regan (Year of Birth: 1963) serves as Senior Vice President and Secretary of Credit Suisse High Yield Bond Fund (NYSE American: DHY), a closed-end fund, and has held this officer role since 2010; she has been associated with Credit Suisse and UBS Asset Management (Americas) LLC since December 2004 and became a Director of UBS AM (Americas) in May 2024 . Her responsibilities include fund governance administration and acting as a signatory on DHY’s proxy and investment advisory agreements, as evidenced by her execution of joint proxy materials and the DHY Investment Advisory Agreement . Officer compensation is paid by UBS AM (Americas) and not by DHY; the fund does not disclose officer salaries, bonuses, or performance-linked incentive metrics for executives in its proxy statements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Credit Suisse High Yield Bond Fund (DHY) | Senior Vice President & Secretary | Since 2010 | Officer responsible for governance documentation; signatory on agreements |
| UBS Asset Management (Americas) LLC | Director | Since May 2024 | Adviser-side leadership; supports fund governance across complex |
| Credit Suisse | Vice President | Jan 2008–May 2024 | Officer of other Credit Suisse Funds; governance administration |
| Credit Suisse Funds (Fund Complex) | Secretary of the Funds | 2023 (proxy issuance) | Executed joint proxy materials “By Order of each Board” |
| Credit Suisse/UBS AM (Americas) | Association/Employment | Since Dec 2004 | Long-standing affiliation supporting fund operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UBS Asset Management (Americas) LLC | Director | Since May 2024 | Management role at the investment adviser supporting DHY and fund complex oversight |
Fixed Compensation
| Component | Fund-Paid Amount/Status | Notes |
|---|---|---|
| Base salary | None paid by DHY | Officers are employees of and compensated by UBS AM (Americas) |
| Annual bonus | None paid by DHY | The fund has no bonus plan |
| Pension/retirement | None; fund has no pension or retirement plans | No profit-sharing plan |
| Perquisites/gross-ups | Not disclosed by DHY | Officer comp not reported at fund level |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Officer incentives tied to DHY performance | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed; DHY has no Compensation Committee |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual officer ownership disclosure (Karen Regan) | Not individually disclosed in DHY proxies reviewed; trustees’ dollar ranges provided, but officer holdings are not itemized |
| Aggregate insider ownership | Trustees and officers, in the aggregate, own less than 1% of DHY’s outstanding equity securities |
| Shares pledged as collateral | No pledging disclosures identified in the DHY proxies reviewed |
| 5%+ beneficial ownership concentration | First Trust Advisors L.P. beneficially owned 23,554,870 shares (22.74%) as of March 14, 2025 |
| Section 16(a) compliance | DHY reports timely filings for FY 2024 based on its review of SEC forms and written representations |
| Stock ownership guidelines (officers) | Not disclosed in DHY proxy materials |
Employment Terms
| Provision | Detail | Source |
|---|---|---|
| Term of office (officers) | Current officer terms end at the Board’s meeting next following the Annual Meeting; Board anticipates electing officers for an additional term | |
| Employment contract terms | Not disclosed in DHY proxy materials reviewed | |
| Severance provisions | Not disclosed in DHY proxy materials reviewed | |
| Change-of-control | Not disclosed for officers; governance sections do not present officer CoC economics | |
| Non-compete / non-solicit | Not disclosed in DHY proxy materials reviewed | |
| Garden leave / post-termination | Not disclosed in DHY proxy materials reviewed |
Investment Implications
- Compensation alignment: As a fund officer compensated by UBS AM (Americas), Karen Regan does not receive DHY-paid salary or bonuses; no disclosed performance metrics or incentive structures tied to DHY outcomes, limiting direct pay-for-performance alignment at the fund level .
- Ownership signal: With trustees and officers collectively owning less than 1% of shares and no individual officer holdings disclosed, insider alignment appears limited; the presence of a concentrated outside holder (First Trust at 22.74%) may influence governance outcomes more than officer holdings .
- Retention risk: Long tenure in the Secretary/SVP role and routine annual reappointment process suggest continuity; absence of disclosed severance or change-of-control economics reduces identifiable event-driven payout risk but also limits transparency on retention incentives .
- Trading signals: DHY reports timely Section 16 compliance; without Form 4 detail on officer transactions in proxies, insider selling pressure cannot be assessed from DHY filings; monitor future proxies and Section 16 filings for any change in officer ownership or transactions .
- Governance context: DHY does not have a Compensation Committee; board oversight is via Nominating and Audit Committees, and officers are adviser employees—investors should focus on adviser-level incentives and fund performance drivers rather than officer-level pay structures .