P. Gerald Malone
About P. Gerald Malone
P. Gerald Malone (born 1950) is an independent director and Chair of the Board for abrdn Global Income Fund, Inc. (FCO); he has served on the FCO board since 2005 and is currently a Class I Director with a term presented for annual continuation under the Funds’ Corporate Governance Policies through 2026. He is a lawyer of over 40 years, currently an adviser to Onkai (US healthcare software), and previously served as a UK Member of Parliament (1983–1997) and Minister of State for Health (1994–1997) . He is identified as the independent Chair in FCO’s semi-annual report corporate information listing .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UK Government | Minister of State for Health | 1994–1997 | Senior health policy leadership |
| UK Parliament | Member of Parliament | 1983–1997 | Legislative and public service leadership |
| Bionik Laboratories Corp. | Non-executive Director | 2018–July 2022 | US healthcare company board experience |
| Medality LLC | Non-executive Director | Until 2023 | US healthcare company board experience |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Onkai (US healthcare software) | Adviser | Current | Industry advisory role |
| abrdn Fund Complex (multiple funds) | Chair of a number of open- and closed‑end funds | Ongoing | Oversees 9 registrants/26 portfolios; specific directorships include FAX (since 2001) and IAF (since 2008) with terms expiring 2026 |
Board Governance
- Board structure: FCO’s Board consists of four Independent Directors and one Interested Director (Christian Pittard). The Board has appointed Mr. Malone, an Independent Director, as Chair, to preside over meetings, help set agendas, and liaise between Directors and management; Independent Directors meet in executive session at least quarterly and use separate independent counsel .
- Committee system: The Board maintains two standing independent committees—Audit; and Nominating & Corporate Governance. Members of both committees are P. Gerald Malone, Rahn Porter, Moritz Sell, and Radhika Ajmera; committee charters are posted on fund websites .
- Meetings and attendance: In FY ended Oct 31, 2024, the FCO Board held 5 regular meetings; the Audit Committee held 4; and the Nominating & Corporate Governance Committee held 1. Each incumbent Director attended at least 75% of the aggregate meetings of the Board and applicable committees .
- Governance policies: The Boards maintain (i) a resignation policy (independent director not receiving a majority “FOR” in an uncontested election tenders resignation for Board consideration) and (ii) an annual continuation vote for Independent Directors after three consecutive three‑year terms following manager engagement or initial election. In 2025, Malone was put forth for continuation at FCO as a Class I Director for a 1‑year term ending 2026 .
- Retirement policy: No director is presented for election after age 75; automatic retirement occurs at the next annual meeting following reaching age 75 (or next regular quarterly meeting if no annual meeting) .
Fixed Compensation
| Pay Element | FCO FY Ended Oct 31, 2024 | Other abrdn Funds FY24 | Total from Fund Complex FY24 |
|---|---|---|---|
| Aggregate Compensation (cash) | $66,005 | FAX: $73,698; IAF: $68,705 | $607,758 |
- The proxy discloses aggregate compensation amounts by fund and total across the abrdn Fund Complex; it does not break out retainers vs. committee chair fees vs. meeting fees, nor does it present director equity or option grants .
Performance Compensation
| Metric/Instrument | Disclosure |
|---|---|
| Bonus/short-term incentives | None disclosed for directors in the proxy (aggregate director compensation presented without performance metrics) |
| Equity-based awards (RSUs/PSUs/Options) | None disclosed for directors in the proxy |
| Performance metrics (TSR, revenue, ESG, etc.) | None disclosed for directors in the proxy |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None |
| abrdn fund interlocks | Chair/Director across abrdn Asia-Pacific Income Fund, Inc. (FAX), abrdn Global Income Fund, Inc. (FCO), and abrdn Australia Equity Fund, Inc. (IAF); overall oversight of 9 registrants/26 portfolios in the abrdn Fund Complex |
| Committee roles at other entities | Not specified beyond fund committees (Audit; Nominating & Corporate Governance) |
Expertise & Qualifications
- Legal background with 40+ years’ experience; public service leadership; board experience with public and private companies; executive and business consulting experience (Board’s summary of qualifications) .
Equity Ownership
| Holding | Amount/Range | As-of Date/Notes |
|---|---|---|
| FCO shares (beneficial ownership – dollar range) | $1 — $10,000 | Furnished as of Oct 31, 2024; ownership reported by dollar range as of Apr 1, 2025 snapshot |
| FAX shares (dollar range) | $1 — $10,000 | |
| IAF shares (dollar range) | $1 — $10,000 | |
| Aggregate across abrdn Family of Investment Companies | $50,001 — $100,000 |
- Aggregate holdings by all FCO Directors and officers combined: less than 1% of FCO outstanding equity securities as of April 1, 2025 .
- None of the Independent Directors or their immediate family members owned any shares of the Investment Manager (abrdn Asia Limited) or Sub‑Adviser (abrdn Investments Limited), or any person (other than a registered investment company) controlling/controlled by/under common control with them, as of April 1, 2025 .
Governance Assessment
- Independence and leadership: Malone serves as Independent Chair on a super‑majority independent Board (4 independent, 1 interested), with executive sessions at least quarterly and separate independent counsel—supportive of independent oversight .
- Committee engagement: Member of both Audit and Nominating & Corporate Governance Committees, with all committees comprised solely of Independent Directors; charters available publicly—supports governance rigor .
- Tenure and continuation oversight: Long‑tenured at FCO (since 2005), with the Board’s policy requiring annual continuation votes after extended service; Malone was presented for a 1‑year continuation to 2026 in 2025—introduces periodic shareholder check-ins on long tenure .
- Attendance: Each incumbent director attended at least 75% of combined Board and applicable committee meetings in FY 2024—meets the typical attendance threshold .
- Ownership alignment: Personal FCO investment reported in the $1–$10k range (aggregate $50k–$100k across the abrdn fund family). Aggregate director/officer ownership in FCO is <1%—indicates modest direct economic alignment at the fund level .
- Conflicts: Independent Directors (including Malone) and their immediate families reported no ownership in the Investment Manager/Sub‑Adviser or their control affiliates, reducing adviser‑related conflicts; Audit Committees considered auditor independence regarding non‑audit services and concluded independence maintained .
- Compensation: FY24 aggregate compensation from FCO was $66,005, with $607,758 total across the abrdn Fund Complex—reflects significant time/role commitments across multiple affiliated funds; the proxy does not disclose any performance‑based or equity components for directors .
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