Samantha Kappagoda
About Samantha Kappagoda
Independent Trustee of Credit Suisse High Yield Bond Fund (DHY), born 1968, serving since 2023; current term expires at the 2026 Annual Meeting. She chairs the Nominating Committee and is a member of the Audit Committee. Professional background includes Chief Economist at Risk Economics, Co‑Managing Member and Chief Data Scientist at Numerati Partners, and affiliate of Analysis Group; academic and civic roles include Visiting Scholar at NYU Courant, member of the University of Toronto Business Board of Governing Council, and director roles at Girl Scouts of Greater New York and Council for Economic Education. She oversees seven portfolios in the Credit Suisse fund complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Risk Economics, Inc. | Chief Economist | 2009–present | Economic analysis leadership |
| Numerati Partners LLC | Chief Data Scientist; Co‑Managing Member | 2012–present | R&D technology strategy |
| Analysis Group, Inc. | Affiliate | 2023–present | Economic analysis collaboration |
| NYU Courant Institute | Visiting Scholar | 2011–present | Research and academic engagement |
| Journal of Risk Finance (Emerald) | Senior Editorial Advisory Board | 2005–present | Editorial oversight in risk finance |
| Council for Economic Education | Director | 2014–2020 | Non-profit governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Toronto | Business Board of Governing Council – Member | 2024–present | Institutional governance |
| Girl Scouts of Greater New York | Director | 2014–present | Non-profit board service |
| Credit Suisse Funds (Fund Complex) | Trustee/Director across 7 funds | 2023–present | Oversees seven portfolios |
Board Governance
| Item | Details |
|---|---|
| Independence status | Non‑Interested Trustee; independent per NYSE American standards |
| Committees | Audit Committee (member); Nominating Committee (Chair) |
| Committee independence | Both committees comprised solely of independent trustees (excl. interested trustee) |
| Committee meetings FY2024 | Audit: 6; Nominating: 6 |
| Board meetings FY2024 | 11 meetings; each trustee attended ≥75% of Board and committee meetings |
| Board leadership | Independent Chair (Laura A. DeFelice) |
| Compensation committee | Fund does not have a Compensation Committee |
| Auditor oversight | Audit Committee recommended dismissal of PwC (independence change) and appointment of EY; no disagreements reported |
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Annual Board fee (per Non-Interested Trustee) | $23,100 | Paid to each independent trustee |
| Per Board meeting fee | $2,100 per meeting | For each meeting attended |
| Additional Chair fees – Board Chair | $4,764 | Applies to Board Chair (not Kappagoda) |
| Additional Chair fees – Audit Chair | $2,609 | Applies to Audit Chair (not Kappagoda) |
| Additional Chair fees – Nominating Chair | $1,072 | Applicable to Kappagoda as Nominating Chair |
| Aggregate compensation from DHY (Kappagoda) | $35,625 | FY 2024 actual |
| Total compensation from Fund Complex (Kappagoda) | $213,110 | Across seven funds |
| FY 2025 policy retainer | $70,560 annual retainer (4 quarterly + 1 special meeting) | Effective Jan 1, 2025 |
Performance Compensation
- No equity grants, bonuses, pension/retirement plans, or non‑equity incentive plans; Fund has no bonus, profit sharing, pension or retirement plans .
- No disclosed performance metrics (TSR, EBITDA, ESG) tied to director pay .
Other Directorships & Interlocks
- Interlocks: Service across seven Credit Suisse/UBS AM-advised funds; standard fund-complex oversight, not a related‑party interest in adviser securities (none held) .
- No disclosed public operating company directorships in the last five years (outside fund complex); external roles are academic/non‑profit .
Expertise & Qualifications
- 30+ years as an economist; experience in economic analysis, data science, and technology strategy; editorial oversight in risk finance .
- Fund-complex governance experience across seven portfolios .
Equity Ownership
| Measure | DHY | Credit Suisse Fund Complex (Aggregate) |
|---|---|---|
| Dollar range owned (Kappagoda) | A = None | A = None |
| Trustees/officers aggregate % ownership | <1% of outstanding shares | — |
| Ownership in adviser/affiliates | None by Non‑Interested Trustees or immediate family |
Insider Trades
| Item | FY 2024 Status |
|---|---|
| Section 16(a) filings (timeliness) | All required forms filed on a timely basis |
| Form 4 transactions disclosed | Not enumerated in proxy; no delinquent filings |
Governance Assessment
- Strengths: Independent committee leadership (Kappagoda chairs Nominating; member of Audit), robust committee activity (6 meetings each in FY2024), independent Board chair, and proactive auditor independence oversight (PwC to EY with no disagreements) .
- Alignment considerations: Kappagoda reports “None” ownership in DHY and across the fund complex; while typical for registered investment company trustees, low personal stake can be seen as a softer alignment signal versus operating-company boards .
- Compensation structure: Cash‑only with modest chair stipends; 2025 move to a standardized annual retainer improves predictability and may reduce meeting‑fee driven incentives .
RED FLAGS
- No DHY share ownership by Kappagoda (dollar range “A = None”)—potential alignment gap in “skin‑in‑the‑game” analysis for some investors .
- No Compensation Committee (board sets director pay; common for funds but notable in governance mapping) .
Overall implication: For a closed‑end fund structure, Kappagoda’s independent status, committee leadership, and governance activity support board effectiveness. Lack of personal DHY holdings and cash‑only pay are typical in fund governance but may be viewed as neutral-to-weak alignment signals by pay‑for‑performance focused investors .