Nancy Yao
About Nancy Yao
Independent Director (Class III) of The India Fund, Inc. since 2016; year of birth 1972. She chairs the Nominating Committee and serves on the Audit Committee. Background: over 25 years in Asia, finance, and governance with experience at Goldman Sachs, Yale‑China Association, and CFRA; currently assistant professor adjunct and assistant dean at the David Geffen School of Drama at Yale University teaching financial accounting and governance; MBA, Yale School of Management; AB in Diplomacy & World Affairs, Occidental College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs | Finance/Asia-focused roles (not further specified) | Not disclosed | Part of 25+ years Asia/finance background |
| Yale‑China Association | Executive/leadership experience (not further specified) | Not disclosed | Asia governance/NGO exposure |
| CFRA | Research/analysis experience | Not disclosed | Finance/governance analysis background |
| David Geffen School of Drama at Yale | Assistant professor adjunct; Assistant dean (teaches financial accounting & governance) | Current | Governance/financial expertise development |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| National Committee on U.S.-China Relations | Board Member | Current |
| Council on Foreign Relations | Member | Current |
| Other public company boards | None | No other public company directorships disclosed |
Board Governance
- Independence: Classified as an Independent Director; both Audit and Nominating Committees are comprised entirely of independent directors under NYSE standards .
- Committee roles: Audit Committee member; Nominating Committee Chair .
- Meetings and attendance: Board held 5 regular and 2 special meetings in FY2024; Nominating met 3 times; Audit met 5 times. Each Director attended at least 75% of Board and relevant committee meetings .
- Tenure and terms: Director since 2016 (Class III). If re‑elected, term runs to 2028; under Corporate Governance Policies, she will be submitted for annual stockholder consideration hereafter if elected .
- Annual meeting attendance: The Fund has no formal policy for annual meeting attendance; no Directors attended the 2024 Annual Meeting (potential investor‑relations optics consideration) .
- Workload across fund complex: Oversees 8 registrants consisting of 8 portfolios within the abrdn fund complex .
Fixed Compensation
Director compensation is paid as retainer and for meetings; the Fund provides no pension or retirement benefits to Directors .
| Metric (FY2024) | Amount |
|---|---|
| Aggregate Compensation from IFN | $100,123.22 |
| Total Compensation from Fund and Fund Complex | $408,198.22 |
Notes:
- Compensation disclosure is cash-based (retainer/meeting fees) in the proxy; no stock or option awards are presented in the director compensation table .
Performance Compensation
- The proxy does not disclose any performance-based director compensation (no bonuses, stock awards, options, or performance metrics tied to director pay are presented) .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlock/Conflict Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company boards disclosed, reducing interlock/conflict risk |
Expertise & Qualifications
- Financial/accounting and governance educator at Yale; deep Asia/finance/governance experience; research/analysis background (CFRA); MBA (Yale SOM); AB (Occidental). Board biography cites Asia expertise and world affairs experience as qualifications brought to the Board .
Equity Ownership
| Holding | Amount/Range | As-of |
|---|---|---|
| IFN common stock (beneficially owned) | $10,001 – $50,000 dollar range | April 1, 2025 |
| Aggregate holdings across abrdn family of investment companies | $50,001 – $100,000 dollar range | April 1, 2025 |
| Concentration/limits | No Director or executive officer, individually, nor Directors and executive officers as a group, represented more than 1% of IFN shares | April 1, 2025 |
| Affiliated holdings | No independent Director or immediate family owned abrdn Asia or its control affiliates | April 1, 2025 |
Alignment notes:
- Ownership is disclosed only as dollar ranges; no share counts or vesting schedules are provided. No pledging or hedging disclosures specific to directors are included in the proxy .
Governance Assessment
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Strengths:
- Independent director with relevant financial/governance and Asia expertise; chairs Nominating and serves on Audit (board effectiveness, oversight) .
- Compliance: Section 16 filings timely; Audit Committee uses pre‑approval policies and confirms auditor independence; Audit Chair designated financial expert (committee robustness) .
- Conflict controls: No independent director or immediate family ownership of the investment manager/affiliates; no other public company directorships that could create interlocks .
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Watch items / potential investor-confidence signals:
- Attendance disclosure meets the ≥75% threshold but does not specify individual attendance or 100%; board held seven meetings in FY2024 (5 regular, 2 special) .
- No Directors attended the 2024 Annual Meeting; while not a policy requirement, some investors view attendance as an engagement signal .
- Director compensation is cash-based; no equity-based director alignment mechanisms are disclosed (typical for closed‑end funds, but limits ownership alignment levers) .
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Tenure and refreshment:
- Serving since 2016; under Fund Corporate Governance Policies, after three consecutive terms she will be submitted for annual stockholder consideration (enhanced accountability through annual votes) .