Luis Rubio
About Luis F. Rubio
Luis F. Rubio (Year of Birth: 1955) serves as an Independent Director of The India Fund, Inc. and is a member of the Audit and Nominating Committees; his current term as a Class II Director expires in 2026 . He has served on the Board since 1993 under current disclosures (older filings list 1999), signaling multi-decade tenure and continuity of governance oversight . Rubio is Chairman of Mexico Evalua-CIDAC and a former Chairman of the Mexican Council on Foreign Relations; he is a frequent Wall Street Journal op-ed contributor and author/editor of 51 books, indicating strong policy and analytical credentials relevant to emerging markets oversight .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The India Fund, Inc. (IFN) | Independent Director; Audit and Nominating Committee Member | Since 1993 (Class II) | Contributed to Audit Committee reports and oversight of auditor independence; Audit Committee signatory in prior years |
| The Asia Tigers Fund, Inc. | Former Director | Not disclosed | Governance experience on comparable closed-end fund platform |
| Advantage Advisers-affiliated Registered Investment Company | Director | Not disclosed | Additional investment company board experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mexico Evalua-CIDAC | Chairman | Since 2000 | Policy think tank leadership; governance and economic analysis background |
| Mexican Council on Foreign Relations | Chairman | 2017–2020 | Foreign policy network leadership |
| Coca-Cola Femsa | Director | Not disclosed | Non-U.S. public company directorship; enhances operational board perspective |
Board Governance
- Committees: Audit and Nominating; Rubio is a member, not chair (prior chair roles held by Jeswald Salacuse until his retirement on June 11, 2024) .
- Independence: Classified as Independent Director; not an “interested person” under the 1940 Act .
- Board meeting cadence and attendance: FY2023 had 4 regular meetings and 2 special meetings; all Directors attended at least 75% of Board and committee meetings (consistent disclosure in prior years) .
- Annual meeting attendance: No formal policy; no Directors attended the 2023 Annual Meeting of Stockholders, which may indicate limited shareholder engagement .
- Governance policies: Majority voting in uncontested elections and a resignation policy; Directors with extended tenure submit to annual elections after three consecutive three-year terms; Rubio’s continuation to 2026 was specifically put to shareholder consideration in 2025 .
Fixed Compensation
| Metric | FY 2017 | FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Aggregate Compensation from Fund ($) | 56,500 | 58,000 | 61,000 | 62,000 | 59,975 | 94,381.46 |
| Total Compensation from Fund and Fund Complex ($) | 68,750 | 64,458 | 61,000 | 62,000 | 59,975 | 94,381.46 |
- Structure: Director compensation is paid as cash retainers and meeting fees; officers and “interested” Directors receive no compensation from the Fund; the Fund provides no pension or retirement benefits to Directors .
- Expense reimbursement: Directors are reimbursed for reasonable out-of-pocket travel expenses .
Performance Compensation
| Component | Disclosure |
|---|---|
| Performance-based bonus | None disclosed; compensation described as cash retainer and meeting fees |
| Equity awards (RSUs/PSUs/Options) | None disclosed for Directors; tables and narrative reference cash compensation only |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable to Director compensation; no metrics disclosed |
| Clawbacks / Change-of-control / Severance | Not disclosed for Directors |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Coca-Cola Femsa | Public company | Director | No disclosed related-party transactions with IFN; IFN’s India equity focus limits overlap with KOF’s Latin American operations |
| Advantage Advisers-affiliated RIC | Investment company | Director | No disclosed conflicts; standard multi-fund governance experience |
Expertise & Qualifications
- Policy and governance expertise: Chair roles at Mexico Evalua-CIDAC and Mexican Council on Foreign Relations; extensive publication record and WSJ contributions strengthen macro and policy oversight .
- Investment company governance: Long-standing service across closed-end fund boards, including The Asia Tigers Fund experience .
- Audit oversight participation: Repeated inclusion in Audit Committee reports; familiarity with auditor independence and fee reviews .
Equity Ownership
| As-of Date | Dollar Range of IFN Equity Held by Rubio | Aggregate Dollar Range in abrdn Family Funds | Notes |
|---|---|---|---|
| Apr 28, 2017 | $10,001–$50,000 | $10,001–$50,000 | Individual and group holdings below 1% of shares outstanding |
| Apr 30, 2019 | $10,001–$50,000 | $10,001–$50,000 | Individual and group holdings below 1% of shares outstanding |
| Oct 31, 2022 | $10,001–$50,000 | $10,001–$50,000 | Latest disclosed director ranges; no 5% beneficial owners as of Apr 1, 2024 |
- Section 16 compliance: Reporting persons (including Directors) timely filed required reports for FY2023; similar timely compliance disclosures in prior years .
- Pledging/hedging: No disclosures indicating pledging or hedging of IFN stock by Rubio .
Governance Assessment
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Positive signals:
- Independence and committee membership support robust oversight; long tenure provides Fund history continuity .
- Consistent attendance threshold met across multiple years; Audit Committee work aligns with investor confidence in financial reporting .
- No disclosed related-party transactions or conflicts involving Rubio; Section 16 compliance consistently timely .
-
Potential concerns and RED FLAGS:
- Very long tenure (since 1993) may raise board refreshment and independence-through-time concerns common in closed-end fund governance .
- No formal annual meeting attendance policy, and no Directors attended the 2023 Annual Meeting—this can be viewed as weak shareholder engagement in some governance frameworks .
- Director pay increased materially in FY2024 ($94,381.46 vs. ~$60–62k in prior years); while structure remains cash-based, investors may scrutinize pay escalation relative to fund performance and discount trends .
Overall, Rubio’s profile reflects independent oversight with strong policy credentials and consistent committee engagement. Investors should weigh the benefits of experience against refreshment and engagement considerations, especially given recent compensation increases and annual meeting attendance practices .