Joseph Andolina
About Joseph Andolina
Joseph Andolina (year of birth: 1978) serves as Chief Compliance Officer (CCO) and Vice President of The India Fund, Inc. (IFN) and has held officer roles with the Fund since 2017. He is currently Chief Risk Officer—Americas and CCO for abrdn Inc.; prior to joining abrdn’s Risk & Compliance Department, he served in abrdn Inc.’s Legal Department as U.S. Counsel beginning in 2012 . IFN does not disclose officer compensation; officers do not receive compensation directly from the Fund for their duties, limiting direct pay-for-performance alignment visibility at the Fund level . For performance context during his tenure window, IFN reported total returns (as of 6/30/2024) of 17.03% (NAV) and 2.47% (market) over 6 months, 31.19% (NAV) and 18.41% (market) over 1 year, and 10.09% (NAV) and 10.04% (market) annualized over 5 years .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| abrdn Inc. | U.S. Counsel (Legal Department) | Since 2012 | U.S. legal counsel supporting abrdn’s U.S. investment company operations |
| abrdn Inc. | Chief Risk Officer—Americas; CCO | Current (dates not specified) | Oversight of risk and compliance across the Americas; firmwide compliance leadership |
| The India Fund, Inc. (IFN) | Chief Compliance Officer; Vice President | Since 2017 | Oversees IFN’s compliance program and officer responsibilities under the 1940 Act |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| abrdn Inc. | Chief Risk Officer—Americas; CCO | Current | Executive risk and compliance leadership external to IFN’s board structure |
Fixed Compensation
- Officers of the Fund (including the CCO) “do not receive any compensation directly from the Fund” for performing their duties; they may be reimbursed for reasonable out-of-pocket Board meeting travel expenses .
Performance Compensation
- No stock, option, PSU/RSU, bonus, or performance metric-linked compensation is disclosed for Fund officers; the proxy provides no officer-level pay tables or performance metric targets for officers .
Equity Ownership & Alignment
- Officer-level beneficial ownership detail for Andolina is not presented in the proxy; as of April 1, 2025, no Director or executive officer, individually, nor Directors and executive officers as a group, held ≥1% of IFN’s outstanding common stock .
- No 5%+ beneficial owners were identified as of April 1, 2025 .
- The proxy provides director dollar-range holdings (not officer-specific); these ranges do not include Andolina .
| Ownership context | Value |
|---|---|
| Shares outstanding (6/30/2024) | 37,926,872 shares |
| ≥5% holders | None, as of 4/1/2025 |
| Directors and officers as a group ≥1% | No, as of 4/1/2025 |
Pledging/hedging: No pledging or hedging disclosures for officers (including Andolina) were identified in the 2025 proxy; ownership guidelines for officers are not discussed in the proxy .
Employment Terms
- Officers are chosen annually and serve until the next year or until successors are chosen and qualified, indicating at-will annual appointment rather than fixed-term employment contracts with the Fund .
- The 2025 proxy contains no officer-specific employment agreements, severance provisions, change-of-control (single/double-trigger) terms, accelerated vesting terms, non-compete/non-solicit, garden leave, or post-termination consulting arrangements for officers; officers are employees of abrdn Inc., the Fund’s administrator/affiliates .
Performance & Track Record
| Metric | 6 Months (to 6/30/2024) | 1 Year (to 6/30/2024) | 3 Years (to 6/30/2024) | 5 Years (to 6/30/2024) | 10 Years (to 6/30/2024) |
|---|---|---|---|---|---|
| Total return (NAV) | 17.03% | 31.19% | 8.81% | 10.09% | 9.34% |
| Total return (Market) | 2.47% | 18.41% | 7.60% | 10.04% | 9.21% |
| NAV/Market context | 12/31/2023 | 6/30/2024 |
|---|---|---|
| NAV | $17.87 | $19.93 |
| Closing market price | $18.29 | $17.86 |
| Premium(+) / Discount(-) | +2.35% | -10.39% |
Notes: As a closed-end fund, investment outcomes are driven by the portfolio team and the investment manager (abrdn Asia Limited). As CCO/Vice President, Andolina’s remit is compliance oversight rather than portfolio selection or returns attribution .
Board Governance (context, not Andolina-specific)
- The Board maintains an Audit Committee (independent directors only); in 2024 it met five times. Rahn K. Porter is Chair; members include Luis F. Rubio and Nancy Yao. Mr. Porter is designated an “audit committee financial expert” .
- Director compensation is disclosed and paid by the Fund; officers and “interested” Directors do not receive compensation directly from the Fund for officer/director duties .
Compensation Committee Analysis
- The Fund does not disclose a compensation committee for officer pay; officers are not compensated by the Fund. The proxy contains no compensation consultant disclosures or target percentile frameworks for officer pay .
Say‑on‑Pay & Shareholder Feedback
- No say‑on‑pay proposals are presented; the Fund’s 2025 proxy focuses on director elections and a continuation of a director’s term under corporate governance policies .
Fixed Compensation (Officer-Level) — Summary Table
| Component | Disclosure for Andolina at IFN |
|---|---|
| Base salary | Not paid by IFN; officers receive no compensation directly from the Fund |
| Target/actual bonus | Not disclosed at the Fund-level for officers |
| Perquisites | Not disclosed for officers |
| Pension/SERP/Deferred comp | Not disclosed for officers |
Performance Compensation (Officer-Level) — Summary Table
| Incentive type | Grant details | Metrics | Vesting | Notes |
|---|---|---|---|---|
| RSUs/PSUs | Not disclosed by IFN for officers | N/A | N/A | Officers receive no compensation directly from the Fund |
| Stock options | Not disclosed by IFN for officers | N/A | N/A | No officer equity programs disclosed |
Equity Ownership & Alignment — Summary Table
| Item | Disclosure |
|---|---|
| Officer beneficial ownership breakdown (Andolina) | Not presented; no officer (individually) or officers/directors as a group ≥1% as of 4/1/2025 |
| Pledging/hedging by officers | No pledging/hedging disclosures identified in 2025 proxy |
| Ownership guidelines (officers) | Not disclosed |
| ≥5% shareholders | None as of 4/1/2025 |
Employment Terms — Summary Table
| Term | Disclosure |
|---|---|
| Officer appointment | Officers chosen annually; serve until next year or successors are qualified |
| Employment contracts | None disclosed for officers in the 2025 proxy |
| Severance / Change‑of‑Control | None disclosed for officers in the 2025 proxy |
| Non‑compete / Non‑solicit / Garden leave | None disclosed for officers in the 2025 proxy |
Investment Implications
- Pay-for-performance linkage at the Fund level is minimal for officers: IFN explicitly states officers receive no compensation directly from the Fund; there are no disclosed bonus plans, equity programs, or performance targets for officers—reducing direct compensation alignment signals and limiting insider‑selling pressure tied to vesting events .
- Retention risk appears anchored in abrdn Inc.’s employment terms, not Fund-level arrangements; Andolina’s long tenure (officer since 2017) and current senior risk/compliance roles at abrdn suggest continuity of compliance oversight, but severance/CoC economics and non‑compete terms (if any) are not provided by IFN .
- Alignment via ownership is limited: officers as a group hold <1% of shares and no 5% holders are reported; absent officer-specific holdings, pledging/hedging prohibitions, or ownership guidelines, equity-based alignment indicators are weak at the Fund level .
- Performance has been constructive at NAV over medium horizons (e.g., 5-year NAV return 10.09% annualized), but the discount moved from a 2.35% premium at 12/31/2023 to a 10.39% discount at 6/30/2024, which can influence capital market dynamics independent of compliance leadership; as CCO, Andolina’s remit does not drive portfolio returns or discount management policy .