Roger Ko
About Roger Ko
Roger Ko is Assistant Treasurer of Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (FFC) and the affiliated funds, serving since 2014; he is 50 years old and, for the past five years, has been Vice President and Trader at Flaherty & Crumrine Incorporated, the adviser to the funds . The funds’ day‑to‑day management is executed by Flaherty & Crumrine; in FY2024, FFC paid the adviser $5,586,591 in advisory fees . Fund performance context cited by the Board shows FFC’s total return on NAV was equal or greater than the median peer in the 1‑, 5‑, and 10‑year periods, and below the median in the 3‑year period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flaherty & Crumrine Incorporated | Vice President and Trader | Past five years (as disclosed) | Trading and portfolio execution for preferred securities; adviser specializes in preferred securities management |
External Roles
No external public company board memberships or roles are disclosed for Roger Ko in the DEF 14A materials reviewed .
Fixed Compensation
- Officer cash compensation is not itemized in the proxy; the funds disclose that no executive officer or person affiliated with a Fund received compensation from a Fund in excess of $60,000 during FY2024 .
- Directors’ compensation is disclosed and paid by each fund; however, Roger Ko is not a director and thus director fee schedules do not apply to him .
Performance Compensation
- The proxy does not disclose equity awards (RSUs/PSUs/options), grant dates, vesting schedules, or performance metrics tied to Roger Ko’s compensation. The funds are externally advised investment companies; compensation of adviser personnel (including Mr. Ko) is not presented in the fund proxies .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| FFC Shares Outstanding (Record Date: Jan 16, 2025) | 48,177,896 |
| Directors and Officers, as a group, % ownership of each Fund | Less than 1% |
- Individual beneficial ownership for Roger Ko is not itemized in the proxy’s beneficial ownership tables, which focus on directors and nominees; officers are only addressed in the aggregate .
- No pledging or anti‑hedging policy disclosures specific to officers are presented in the DEF 14A .
Employment Terms
| Attribute | Disclosure |
|---|---|
| Current Fund Role | Assistant Treasurer (PFD, PFO, FFC, FLC, DFP) |
| Role Start Date | Since 2014 (for each fund) |
| Principal Occupation (past five years) | Vice President and Trader, Flaherty & Crumrine |
| Officer Term | Each officer serves until a successor is elected and qualifies or until earlier resignation/removal |
| Contract Term/Severance/Change‑of‑Control/Clawback | Not disclosed for fund officers; fund operations are externally advised |
| Governance Context | Adviser restructuring in 2025 triggered shareholder approval of identical new advisory agreements; no change to fees/services anticipated |
Investment Implications
- Pay‑for‑performance visibility is low at the fund level for officers like Roger Ko; compensation resides at the adviser (Flaherty & Crumrine), and adviser personnel pay structures are not disclosed in fund proxies, limiting analysis of base salary, bonus targets, and equity incentives for Mr. Ko .
- Insider selling pressure appears limited at the fund level: directors and officers collectively own less than 1% of shares outstanding, so any officer‑level transactions are immaterial relative to float; individual officer holdings (including Mr. Ko’s) are not itemized .
- Alignment is primarily via the adviser relationship: FFC’s advisory fees and continuity of services (with identical new advisory agreements post‑restructuring) point to stable operating execution; Board‑cited performance versus peers shows competitive long‑term NAV returns, though the 3‑year period underperformed the peer median, underscoring execution and market cycle exposure rather than officer‑level incentives .
- Without disclosed severance, change‑of‑control, or vesting terms for fund officers, retention risk and payout asymmetry for Mr. Ko cannot be assessed from fund documents; investors should monitor adviser disclosures and any Item 5.02 8‑Ks for future changes .