Diane Kenneally
About Diane Kenneally
Diane Kenneally, 59, serves as Chief Financial Officer and Treasurer of The New Germany Fund, Inc. (GF) since 2018. She is a Director at DWS, currently Head of Fund Administration Treasurer’s Office (since 2024), and also Treasurer, Chief Financial Officer, and Controller of DBX ETF Trust (since 2019), in addition to CFO/Treasurer roles across various DWS US registered investment companies; she previously co-led the DWS Treasurer’s Office (2018–2024) . GF is a closed-end fund with no employees, and the fund does not pay compensation to officers; her pay arrangements reside at DWS and are not disclosed in GF’s proxy . As of May 16, 2025, she beneficially owned no shares of GF (or CEE), indicating no fund-level equity alignment through direct holdings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS | Co-Head, Treasurer’s Office | 2018–2024 | Senior control and liquidity oversight across DWS registered funds; foundation for current treasurer leadership . |
| Various DWS US Registered Investment Companies | Chief Financial Officer and Treasurer | 2018–present | Primary financial stewardship and treasury functions across fund complex; standardization of financial reporting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS | Director; Head of Fund Administration Treasurer’s Office | 2024–present | Leads treasury administration; cash management and control environment for funds including GF . |
| DBX ETF Trust | Treasurer, Chief Financial Officer, Controller | 2019–present | Oversees ETF trust financials, controls, and reporting; cross-pollinates best practices to closed-end funds . |
Fixed Compensation
GF discloses that no compensation is paid by the fund to officers or to interested directors; officer compensation is borne by DWS and not presented in GF’s proxy . Accordingly, base salary, target/actual bonus, and equity award details for Kenneally are not disclosed in GF filings .
Performance Compensation
GF provides no disclosure on officer incentive frameworks (e.g., metrics, weightings, vesting, payouts) because officers are compensated by DWS rather than the fund; no RSU/PSU/option detail for Kenneally appears in the proxy .
Equity Ownership & Alignment
| Metric | GF | Source |
|---|---|---|
| Beneficial ownership (shares) | None | |
| Ownership as % of shares outstanding | Not disclosed (none reported) | |
| Vested vs. unvested shares | Not disclosed (no holdings) | |
| Options (exercisable/unexercisable) | Not disclosed (no awards from GF) | |
| Shares pledged as collateral | Not disclosed | |
| Ownership guidelines (officers) | Not disclosed by GF |
Note: GF’s proxy presents dollar ranges and holdings detail for directors, but indicates no officer compensation by the fund and provides no officer pledging/guideline disclosure; Kenneally is explicitly shown with no GF holdings .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| GF Officer role | Chief Financial Officer and Treasurer | |
| Start date in GF officer role | Since 2018 | |
| Election/term mechanics | Officers are elected annually by the Board at the meeting following the Annual Meeting of Stockholders | |
| Employment contract with GF | Not applicable; GF has no employees; officers are DWS employees | |
| Severance / Change-of-control terms | Not disclosed by GF | |
| Clawback provisions | Not disclosed by GF | |
| Section 16 compliance | No delinquent filings flagged for Kenneally; delinquencies noted for other individuals |
Performance & Track Record
- Tenure and scope: Continuous CFO/Treasurer responsibility for GF since 2018 and for DBX ETF Trust since 2019, suggesting continuity in fund financial controls and reporting .
- Governance/process indicators: Officers elected annually, and GF’s audit and valuation oversight processes are active with regular committee meetings; GF relies on DWS as Administrator and DWS International GmbH as Investment Adviser, aligning operational execution with DWS standards .
Risk Indicators & Red Flags
- Insider ownership/pledging: No GF share ownership disclosed for Kenneally; no pledging disclosures provided at officer level .
- Compensation risk: Lack of fund-level disclosure on incentive metrics/vesting implies limited visibility into pay-for-performance alignment at the officer level within GF; compensation occurs at DWS .
- Reporting compliance: No Section 16 delinquency noted for Kenneally in GF filings; other individuals had late filings corrected .
- Compensation committee: GF has no compensation committee given it has no employees, limiting direct board oversight of officer pay at the fund level .
Investment Implications
- Alignment: Absence of GF share ownership by the CFO reduces direct fund-level alignment via personal holdings, though operational oversight is anchored at DWS; investors should evaluate DWS-level incentives to understand Kenneally’s pay-for-performance drivers .
- Selling pressure: With no reported GF holdings, insider selling pressure tied to Kenneally is minimal at the fund level; watch broader Section 16 activity for other insiders or activist ownership dynamics disclosed in the proxy .
- Retention/contractual risk: GF discloses no employment, severance, or change-of-control terms for officers; retention and economics are determined by DWS employment arrangements outside GF’s proxy, creating opacity on exit economics .
- Governance/controls: Annual election of officers and active audit/valuation oversight provide process stability; continuity since 2018 suggests execution consistency across reporting cycles, but incentive metric transparency is not available at the fund level .