Nisha Kumar
About Nisha Kumar
Independent Director of the Fund since 2019; currently Chair of the Audit Committee and member of the Nominating, Compensation, and Pricing & Valuation Committees. Birth year: 1970. Background includes CFO and senior finance roles at AOL LLC (EVP & CFO, 2007–2009), Rent the Runway (CFO/CAO, 2011), and Greenbriar Equity Group (MD, CFO & CCO, 2011–2021); member of the Council on Foreign Relations. Oversees 17 portfolios in the Franklin Templeton fund complex; other directorships include Birkenstock Holding plc (since 2023), The India Fund, Inc. (since 2016), and Stonepeak-Plus Infrastructure Fund LP (since 2025) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Greenbriar Equity Group, LP | Managing Director; Chief Financial Officer; Chief Compliance Officer | 2011–2021 | Senior finance and compliance leadership |
| Rent the Runway, Inc. | Chief Financial Officer; Chief Administrative Officer | 2011 | Operating CFO role in consumer/retail technology |
| AOL LLC (Time Warner Inc. subsidiary) | Executive Vice President; Chief Financial Officer | 2007–2009 | Corporate finance leadership at a large media/tech company |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Birkenstock Holding plc | Director | Since 2023 | Public company board service |
| The India Fund, Inc. | Director | Since 2016 | Closed-end fund board service |
| Stonepeak-Plus Infrastructure Fund LP | Director | Since 2025 | Private fund governance |
| Aberdeen Income Credit Strategies Fund | Director (former) | 2017–2018 | Closed-end fund oversight |
| The Asia Tigers Fund, Inc. | Director (former) | 2016–2018 | Closed-end fund oversight |
Board Governance
- Board composition: Eight directors; seven are Independent under NYSE standards and the 1940 Act; Eileen A. Kamerick (Independent) serves as Chair. Independent Directors meet in executive session and retain independent legal counsel .
- Attendance & meetings: FY ended 10/31/2024 had four regular meetings and one special meeting; each Director attended at least 75% of Board and committee meetings for which eligible; no Director attended the 2024 Annual Meeting (no formal policy on annual meeting attendance) .
- Audit Committee: Composed entirely of Independent Directors; Ms. Kumar serves as Chair and is designated an “audit committee financial expert”; met five times in FY2024; responsibilities include oversight of financial reporting, auditor independence, and internal audit; charter available on the Fund’s website .
- Nominating Committee: All Independent Directors; chaired by Hillary A. Sale; met seven times in FY2024; considers independence, board service limits, character/fitness, and other qualifications per bylaws .
- Compensation Committee: All Independent Directors; chaired by Peter Mason; met once in FY2024; recommends Independent Director compensation .
- Pricing & Valuation Committee: All Independent Directors; chaired by Carol L. Colman; met four times in FY2024; oversees valuation processes .
- Audit engagement: On Dec 19, 2024, the Audit Committee reviewed audited financials, discussed SAS 114 matters with PwC, received independence confirmations, and recommended inclusion of audited statements in the annual report .
Committee Assignments and Activity
| Committee | Member | Chair | FY2024 Meetings |
|---|---|---|---|
| Audit | Yes | Yes | 5 |
| Nominating | Yes | No | 7 |
| Compensation | Yes | No | 1 |
| Pricing & Valuation | Yes | No | 4 |
Fixed Compensation
| Component | Amount/Detail | Period |
|---|---|---|
| Aggregate compensation from the Fund | $10,641 | Fiscal year ended 10/31/2024 |
| Total compensation from Fund + Fund Complex | $486,000 | Calendar year ended 12/31/2024 |
| Annual retainer (cash) | Not disclosed | — |
| Committee chair fees | Not disclosed | — |
| Meeting fees | Not disclosed | — |
| Pension/retirement benefits | None provided by the Fund | FY2024 |
The compensation table aggregates service across the Fund and other investment companies advised by FTFA; each Director currently holds 17 investment company directorships within the Fund Complex .
Performance Compensation
| Performance Metric | Disclosed? | Notes |
|---|---|---|
| Cash bonus/target bonus % | Not disclosed | No performance-tied cash elements disclosed for directors |
| Stock awards (RSUs/PSUs) | Not disclosed | No equity grant details disclosed in director compensation section |
| Options (strike/vesting) | Not disclosed | No option awards disclosed for directors |
| Compensation performance metrics (TSR, NAV, ESG) | Not disclosed | No performance metric framework disclosed for director pay |
| Clawbacks / CoC provisions | Not disclosed | Not addressed for directors in proxy |
Other Directorships & Interlocks
| Company | Role | Start/End | Interlock/Conflict Note |
|---|---|---|---|
| Birkenstock Holding plc | Director | Since 2023 | No adviser/affiliate interest disclosed for non-interested Directors |
| The India Fund, Inc. | Director | Since 2016 | No adviser/affiliate interest disclosed for non-interested Directors |
| Stonepeak-Plus Infrastructure Fund LP | Director | Since 2025 | Private fund; no adviser/affiliate interest disclosed |
| Aberdeen Income Credit Strategies Fund | Director (former) | 2017–2018 | Former role; no adviser/affiliate interest disclosed |
| The Asia Tigers Fund, Inc. | Director (former) | 2016–2018 | Former role; no adviser/affiliate interest disclosed |
The Fund reports that no non-interested Director or immediate family member had any interest in the Fund’s investment adviser or affiliates as of 12/31/2024, mitigating related-party exposure .
Expertise & Qualifications
- CFO/finance leadership across technology and private equity-backed companies; experience in financial reporting and compliance .
- Designated audit committee financial expert; chairs Audit Committee overseeing reporting integrity and auditor independence .
- Board experience across multiple closed-end funds and public companies; governance exposure across regulated financial entities .
- Member of the Council on Foreign Relations, indicating external policy and global network engagement .
Equity Ownership
| Holding | Value Range | As of |
|---|---|---|
| Equity securities in GDO | “A” = None | 12/31/2024 |
| Aggregate equity securities in funds overseen (family of investment companies) | “E” = Over $100,000 | 12/31/2024 |
As of Feb 7, 2025, nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding Common Stock .
Governance Assessment
- Strengths: Financial/accounting acumen; designated audit committee financial expert; chairs Audit Committee; broad committee engagement; independent under NYSE and 1940 Act; regular executive sessions among Independent Directors with independent counsel; active Audit Committee oversight with PwC and formal reporting .
- Alignment and engagement signals: GDO-specific ownership reported as “None,” while aggregate holdings across the complex are “Over $100,000” ; Board held 5 committee meetings for Audit and 7 for Nominating in FY2024, indicating active governance cadence ; each Director met at least 75% attendance thresholds .
- Watch items: High aggregate compensation from the Fund Complex ($486,000) and service on 17 fund complex boards may increase workload across mandates; bylaws include qualification requirements with limits on service on other boards, administered by the Nominating Committee .
- Annual meeting attendance: The Fund has no formal policy, and no Director attended the 2024 annual meeting; investors often track annual meeting engagement as a signal of accessibility, though closed-end fund practices vary .