Lee M. Shaiman
About Lee M. Shaiman
Independent Trustee of Credit Suisse High Yield Bond Fund (ticker: DHY) since 2024; nominated in 2025 to serve a two‑year term. Year of birth: 1956. Background includes four decades in credit markets, with prior roles as Executive Director of the Loan Syndications and Trading Association (LSTA), Chief Investment Officer/Portfolio Manager at ArrowMark Colorado Holdings, and Managing Director/Senior Portfolio Manager at GSO Capital Partners (Blackstone). Education: B.S. in Economics (Rutgers University) and M.S. in Accounting & Taxation (Wharton). Non‑interested (independent) status under the 1940 Act.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Loan Syndications & Trading Association (LSTA) | Executive Director and Board Member | Jan 2018 – May 2024 | Led U.S. syndicated loan trade association; industry policy and market standards |
| ArrowMark Colorado Holdings, LLC | CIO & Portfolio Manager (liquid credit) | Prior to 2018 | Led senior secured loan investing, largely in CLOs |
| GSO Capital Partners (Blackstone) | Managing Director, Senior PM; Chair, Debt Funds Investment Committee | Prior to ArrowMark | Oversaw strategy and fund-raising for loan funds |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) | Director; Chair of Audit Committee; member of Nominating & Compensation Committees | May 7, 2020 | Determined “audit committee financial expert”; chairs audit oversight |
| Credit Suisse U.S. Funds (Fund Complex) | Director/Trustee across open‑end funds and another closed‑end fund | Aug 2024 | Broader fund complex governance responsibilities |
Board Governance
- Independence: DHY board comprised of non‑interested trustees; Mr. Shaiman serves as a non‑interested Trustee (independent).
- Committee structure at DHY: Audit Committee chaired by Mahendra R. Gupta (since 2017); Nominating Committee chaired by Samantha Kappagoda (since 2023). DHY’s proxy does not list Mr. Shaiman’s specific DHY committee memberships; he is a Trustee.
- Term/tenure: Trustee since 2024; nominated in 2025 for a two‑year term.
- Audit oversight signals: Audit Committee pre‑approval policy in place; aggregate non‑audit fees to the Fund’s auditor and covered providers were $0 in FY 2024, indicating clean auditor independence posture.
Fixed Compensation
| Fiscal Year (Fund FY End) | Aggregate Compensation from DHY | Total Compensation from Fund Complex |
|---|---|---|
| FY 2024 (Oct 31, 2024) | $2,100 | $18,257 |
- DHY states no bonus, profit sharing, pension or retirement plans for Trustees.
Performance Compensation
- No performance-based metrics, equity awards (RSUs/PSUs/options), bonuses, or incentive constructs disclosed for DHY Trustees.
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Investcorp Credit Management BDC, Inc. (ICMB) | Director; Audit Chair | External BDC directorship; not a DHY service provider; enhances audit expertise but monitor information flow across credit platforms |
| Credit Suisse U.S. Funds (Fund Complex) | Trustee/Director | Same fund complex governance; typical for closed‑end/open‑end complexes; independence maintained per 1940 Act |
Expertise & Qualifications
- 40 years in financial services (investment banking, debt syndication, portfolio management).
- Audit committee financial expert designation at ICMB; deep accounting and regulatory knowledge.
- Academic credentials (Rutgers; Wharton) aligned to finance/accounting oversight.
Equity Ownership
| Date | Security | Report Type | Reported Beneficial Ownership |
|---|---|---|---|
| Aug 23, 2024 | DHY | Form 3 (Initial Statement) | “No securities are beneficially owned.” |
- DHY proxy identifies >5% holder First Trust Advisors L.P. at 22.74% as of Mar 14, 2025 (fund-level concentration risk, not personal ownership).
Governance Assessment
- Strengths:
- Independent trustee with substantial loan market and audit expertise; audit pre‑approval discipline and zero non‑audit fees in FY 2024 support auditor independence and board oversight quality.
- Modest trustee compensation aligned with closed‑end fund norms; no incentive pay reduces pay‑for‑performance misalignment risk in a fund context.
- External audit chair experience (ICMB) enhances control literacy and financial reporting scrutiny.
- Watch items / RED FLAGS:
- No DHY share ownership reported at appointment (Form 3), limiting “skin‑in‑the‑game” alignment; monitor subsequent Form 4s or proxy ownership tables for changes.
- Multiple fund complex board roles can create time‑allocation/oversight bandwidth considerations; ensure continued high attendance and engagement (not disclosed in DHY proxy).
- External BDC directorship warrants ongoing oversight of information flow and potential conflicts, though none are disclosed.
Overall investor confidence signal: Positive on independence and audit rigor; neutral to cautious on ownership alignment given initial zero holdings and absence of disclosed director ownership guidelines at DHY.
Notes on Missing Disclosures
- DHY did not disclose Mr. Shaiman’s specific DHY committee memberships, attendance rates, equity award structures, hedging/pledging policies, or director ownership guidelines; items are omitted per disclosure record.