Varinder Bhathal
About Varinder Bhathal
Varinder (Vinny) Bhathal serves as Treasurer of Sprott Focus Trust, Inc. (FUND) and has held this office since August 2017. She is age 53 in the 2024 proxy and age 54 in the 2025 proxy, and concurrently serves as Chief Financial Officer of Sprott Asset Management LP (since December 2018) and Managing Partner, Corporate Finance and Investment Operations of Sprott Inc. (since October 2017) . The proxy does not disclose executive pay-for-performance metrics (e.g., TSR, revenue or EBITDA growth) tied to her role at FUND, and Section 16 compliance is affirmed for all officers for the most recent fiscal year reviewed .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sprott Inc. | Controller and Director, Finance | Jun 2007–Dec 2015 | Senior finance leadership across corporate finance and operations |
| Sprott Inc. | Vice President, Finance | Dec 2015–Oct 2017 | Oversight of finance, progressed to Managing Partner role |
| Sprott Asset Management LP | Chief Financial Officer | Dec 2018–Present | CFO of registered investment adviser; financial oversight and reporting |
| Sprott Capital Partners | Chief Financial Officer | Oct 2016–at least 2020 | CFO responsibilities for capital markets affiliate (as disclosed in 2020 proxy) |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sprott Inc. | Managing Partner, Corporate Finance and Investment Operations | Oct 2017–Present | Leads corporate finance and investment operations functions |
| Sprott Asset Management LP | Chief Financial Officer | Dec 2018–Present | Finance leadership for investment adviser to FUND |
Fixed Compensation
- The proxy provides compensation detail for directors only; there is no disclosure of officer base salaries, target/actual bonuses, RSUs/PSUs, or options for FUND officers. The table of contents and “Compensation of Directors” section confirm director compensation disclosure and list no officer compensation tables .
- As an investment company, day-to-day management resides with service providers (Sprott and affiliates), reinforcing that operating compensation structures for personnel are outside FUND’s direct payscale; however, no specific officer compensation details are disclosed for the Fund .
Performance Compensation
- No disclosure of any officer incentive plan metrics (e.g., revenue growth, EBITDA, TSR, ESG metrics), vesting schedules, or payouts tied to Bhathal’s role at FUND .
Equity Ownership & Alignment
| Metric | Q2 2024 | Q2 2025 |
|---|---|---|
| Shares beneficially owned (FUND common) | — | — |
| Ownership % of shares outstanding | — | — |
| Vested vs unvested shares | Not disclosed | Not disclosed |
| Shares pledged as collateral | Not disclosed | Not disclosed |
- Context: As of the 2024 record date, FUND had 29,805,103 shares outstanding; major beneficial ownership is concentrated with W. Whitney George (50.53%), while the Treasurer (Bhathal) reported no beneficial ownership . In 2025, the officers table still shows Bhathal with no reported holdings .
Employment Terms
- Office and tenure: Treasurer since August 2017; officers are appointed by the Board and disclosed with principal occupations and address c/o Sprott Asset Management USA Inc. .
- Officer election and service: In prior proxy disclosure applicable to FUND’s governance, officers are elected by, and serve at the pleasure of, the Board; no employment agreement terms, severance, change-of-control triggers, or non-compete provisions are disclosed for Fund officers .
- Section 16 compliance: The Fund states officers, directors, and >10% owners complied with Forms 3/4/5 filing requirements for the most recent fiscal year reviewed .
Investment Implications
- Alignment: No reported FUND share ownership by Bhathal reduces direct “skin-in-the-game” alignment with the closed-end fund’s equity; alignment likely occurs via roles at Sprott affiliates rather than FUND equity participation .
- Compensation transparency: Absence of officer compensation and incentive disclosures at the fund limits pay-for-performance assessment, typical of investment company structures where personnel are compensated by the adviser; this reduces visibility into vesting calendars and potential insider selling pressure within FUND .
- Retention risk: Tenure since 2017 and concurrent senior finance roles at Sprott affiliates suggest organizational embeddedness, but without employment contract details, severance, or change-of-control terms, formal retention economics cannot be evaluated from Fund documents .
- Trading signals: With no reported FUND share ownership or vesting schedules, there are no direct, document-based indicators of near-term insider selling pressure related to FUND shares; Section 16 compliance indicates standard governance hygiene .