Michael Taggart
About Michael Taggart
Michael Taggart (Year of Birth: 1970) serves as Vice President of The India Fund, Inc. (IFN) and has held an officer role since 2024. He is currently a Closed-End Fund Specialist at abrdn Inc. (since 2023) and previously served as Vice President of Investment Research and Operations at Relative Value Partners, LLC (from June 2022); he was self-employed after leaving Nuveen in November 2020, where he served as Vice President of Closed-End Fund Product Strategy since November 2013 . Executive officers are appointed annually and serve until the next year and until successors are chosen and qualified .
IFN performance context around his tenure (returns reflect fund-level outcomes):
| Metric | FY 2023 | 6M Ended 6/30/2024 |
|---|---|---|
| Total Investment Return (NAV) | 21.29% | 17.03% |
| Total Investment Return (Market Price) | 36.55% | 2.47% |
| Premium/Discount to NAV (End of Period) | +2.35% at 12/31/2023 | −10.39% at 6/30/2024 |
Past Roles
| Organization | Role | Years | Notes (as disclosed) |
|---|---|---|---|
| abrdn Inc. | Closed-End Fund Specialist | Since 2023 | Current principal occupation |
| Relative Value Partners, LLC | Vice President, Investment Research & Operations | From June 2022 | Prior role before joining abrdn |
| Self-employed | — | 11/2020–6/2022 (implied) | After leaving Nuveen in Nov 2020 |
| Nuveen | Vice President, Closed-End Fund Product Strategy | 11/2013–11/2020 | Left Nuveen in Nov 2020 |
External Roles
- None disclosed in the IFN proxy .
Fixed Compensation
Officers of the Fund do not receive compensation directly from IFN (compensation, if any, is paid by affiliates such as abrdn Inc.). They may be reimbursed for reasonable out-of-pocket travel expenses to attend Board meetings .
| Component | Fund-Paid? | Disclosure |
|---|---|---|
| Base salary | Not paid by IFN | Officers do not receive compensation directly from the Fund |
| Target/Actual bonus | Not paid by IFN | Not disclosed at Fund level |
| Equity/Option awards (Fund) | Not paid by IFN | Not disclosed at Fund level |
| Perquisites | Not paid by IFN | Not disclosed at Fund level |
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance metrics tied to officer pay (revenue, EBITDA, TSR, ESG, etc.) | Not disclosed for IFN officers; officers are compensated by affiliates rather than the Fund |
| Vesting schedules for RSUs/PSUs/options | Not disclosed at Fund level |
| Clawbacks, tax gross-ups, deferred compensation | Not disclosed at Fund level |
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Beneficial ownership (Taggart-specific) | Not separately disclosed in proxy; the number/dollar range tables cover directors and nominees (not officers) . |
| Directors and executive officers (as a group) | As of April 1, 2025, did not represent more than 1% of outstanding shares . |
| 5% holders | None, as of April 1, 2025 (no persons ≥5%) . |
| Pledging/hedging | Not disclosed in proxy |
| Section 16 compliance | Reporting persons (including officers) timely filed required reports for 2024; no delinquencies noted . |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment/term | Executive officers are chosen annually and serve until the next year and until successors are chosen and qualified . |
| Employment agreement, severance, change-of-control | Not disclosed at Fund level . |
| Non-compete, non-solicit, garden leave, post-termination consulting | Not disclosed at Fund level . |
Investment Implications
- Pay-for-performance alignment: Traditional executive pay analysis is not applicable here because IFN officers (including Taggart) do not receive compensation directly from the Fund; compensation is through abrdn Inc. and is not disclosed in IFN’s proxy . This limits visibility into salary/bonus/long-term equity incentives and their alignment to fund performance.
- Insider selling pressure: No Taggart-specific Section 16 ownership or transactions are disclosed in the proxy; the Fund reports timely Section 16 compliance in aggregate and no ≥5% holders as of April 1, 2025, implying limited direct insider influence on float/liquidity from officers .
- Retention risk: Officers are appointed annually with no Fund-level employment terms disclosed (e.g., severance/change-of-control), so retention incentives must be inferred from abrdn’s employment arrangements (not disclosed in Fund documents) .
- Execution backdrop: IFN’s recent performance shows robust NAV returns but periods of discount widening, which can influence capital market outcomes irrespective of officer compensation structures (e.g., 6M ended 6/30/2024 NAV +17.03% vs. market price +2.47%; discount moved from +2.35% premium at 12/31/2023 to −10.39% at 6/30/2024) . Discount management policies (e.g., open market repurchase program) remain a more direct trading signal than officer incentives in this structure .