Eileen Kamerick
About Eileen A. Kamerick
Independent director (birth year: 1958) serving on IGI’s board since 2013; currently Chair of the Board and a member of the Audit, Nominating, Compensation, and Pricing & Valuation Committees . Professional background includes CEO of The Governance Partners, LLC (since 2015), prior CFO roles (Press Ganey 2012–2014; Houlihan Lokey 2010–2012), and adjunct professorships at Georgetown Law, University of Chicago Law, and University of Iowa Law; NACD Board Leadership Fellow and NACD Directorship 100 honoree . She is classified as independent under NYSE standards and the 1940 Act, with the board composed predominantly of independent directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Press Ganey Associates | Chief Financial Officer | 2012–2014 | Not disclosed |
| Houlihan Lokey | Managing Director & Chief Financial Officer; President, Houlihan Lokey Foundation | 2010–2012 | Not disclosed |
| AIG Funds and Anchor Series Trust | Trustee | 2018–2021 | Not disclosed |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| VALIC Company I | Director | Since Oct 2022 | Mutual fund board |
| ACV Auctions Inc. | Director | Since 2021 | Public company |
| Associated Banc-Corp | Director | Since 2007 | Public company (financial services) |
| Hochschild Mining plc | Director | 2016–2023 | Former role |
Board Governance
- Board leadership: Chair of the Board (independent); leads executive sessions of independent directors and serves as liaison with management between meetings .
- Committee membership: Audit, Nominating, Compensation, Pricing & Valuation; all committees comprised solely of independent directors; committee chairs are independent (Audit Chair: Nisha Kumar; Nominating Chair: Hillary A. Sale; Compensation Chair: Peter Mason; Pricing & Valuation Chair: Carol L. Colman) .
- Meetings and attendance: In FY ended Nov 30, 2024, board held 4 regular meetings; each director attended at least 75% of board and eligible committee meetings; no formal policy for annual meeting attendance, and no director attended the 2024 annual meeting .
- Scope: Oversees fund operations, service provider performance, financial reporting, valuation, and compliance; independent counsel advises independent directors .
Committee Meeting Frequency (FY ended Nov 30, 2024)
| Committee | Meetings |
|---|---|
| Audit | 5 |
| Nominating | 7 |
| Pricing & Valuation | 4 |
| Compensation | 1 |
Fixed Compensation
- Compensation is paid for service on IGI and other funds in the Franklin Templeton fund complex; no pension or retirement benefits provided to directors .
IGI Aggregate Director Compensation (Fiscal Years)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from IGI ($) | $11,163 | $11,343 |
Total Compensation from Fund Complex (Calendar Years)
| Metric | CY 2023 | CY 2024 |
|---|---|---|
| Total compensation across fund complex ($) | $457,000 | $506,000 |
Performance Compensation
- Proxies disclose director cash compensation tables but do not specify any performance-linked components (bonuses, PSUs/RSUs, options) for directors; no pension or retirement benefits are provided .
- No performance metric frameworks (e.g., TSR, EBITDA, ESG) tied to director pay are disclosed .
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock Consideration |
|---|---|---|---|
| Associated Banc-Corp | Financials | Director (since 2007) | Nominating Committee factors include relationships with competing financial service organizations; no related-party interests with the adviser or affiliates disclosed |
| ACV Auctions Inc. | Industrials/Tech | Director (since 2021) | No conflicts disclosed |
| VALIC Company I | Asset Management | Director (since Oct 2022) | Fund board role; committee considers independence and interlocks broadly |
| Hochschild Mining plc | Materials | Former Director (2016–2023) | Historical; no current conflict disclosed |
Expertise & Qualifications
- Business and finance experience, including financial reporting; experience as a board member of a highly regulated financial services company .
- Governance credentials: NACD Board Leadership Fellow; NACD Directorship 100 honoree .
- Academic roles: Adjunct Professor at Georgetown University Law Center, University of Chicago Law School, and University of Iowa College of Law .
Equity Ownership
- As of Dec 31, 2024: Dollar range in IGI = “A” (None); aggregate dollar range in all funds overseen = “E” (> $100,000) .
- As of Mar 31, 2024: Dollar range in IGI = “A” (None); aggregate dollar range in family of investment companies = “E” (> $100,000) .
Director Equity Dollar Range Classifications
| Date | IGI Dollar Range | Family of Investment Companies Dollar Range |
|---|---|---|
| Dec 31, 2024 | A (None) | E (> $100,000) |
| Mar 31, 2024 | A (None) | E (> $100,000) |
Governance Assessment
- Independence and leadership: Strong independence posture; as Chair, Kamerick coordinates agendas, presides over meetings, and leads executive sessions, with independent legal counsel available to independent directors .
- Committee coverage and engagement: Membership across key oversight committees; high committee activity (Audit 5, Nominating 7, Pricing & Valuation 4, Compensation 1 in FY 2024) supports active governance .
- Ownership alignment: No disclosed IGI share ownership (“A” = none), though aggregate investments across fund family exceed $100,000—alignment with the complex rather than IGI specifically; group beneficial ownership in IGI under 1% as of Feb 7, 2025 .
- Engagement signal: No director attended the 2024 annual meeting, and the fund has no formal annual meeting attendance policy—could be perceived as lower direct stockholder engagement, common in closed-end fund practice but a consideration for investor confidence .
- Conflicts/related-party: No interests reported between independent directors and the adviser or affiliates; nominating framework explicitly screens for independence, interlocks, board service limits, and character/fitness .
- Compensation structure: Cash-only disclosure without performance linkage; total complex compensation increased year over year (2023 to 2024) per proxy tables, aligning with breadth of fund complex oversight; Compensation Committee (independent) met once and operates under a written charter .
- Board evolution: Transition from Lead Independent Director in 2024 to Chair in 2025 indicates strengthening independent leadership structure over time .
Red flags to monitor:
- No direct IGI ownership disclosed (alignment may be at the complex level rather than fund-specific) .
- No director attendance at the 2024 annual meeting and absence of a formal attendance policy (engagement optics) .
- Multiple external public company directorships; while vetted for independence, ongoing assessment of time commitment and potential interlocks remains prudent .