Nisha Kumar
About Nisha Kumar
Independent Director of the Fund since 2019; Chair of the Audit Committee and member of the Nominating, Compensation, and Pricing & Valuation Committees. The Board has designated her an “audit committee financial expert.” Birth year: 1970. Prior roles include CFO/CCO at Greenbriar Equity Group (2011–2021), CFO/CAO at Rent the Runway (2011), and EVP & CFO at AOL LLC (2007–2009). She oversees 17 portfolios in the Franklin Templeton fund complex and is a member of the Council on Foreign Relations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Greenbriar Equity Group, LP | Managing Director; Chief Financial Officer; Chief Compliance Officer | 2011–2021 | Senior finance and compliance leadership |
| Rent the Runway, Inc. | Chief Financial Officer; Chief Administrative Officer | 2011 | Senior operating/finance leadership |
| AOL LLC (Time Warner Inc. subsidiary) | Executive Vice President; Chief Financial Officer | 2007–2009 | Public-company CFO experience |
External Roles
| Organization | Role | Dates |
|---|---|---|
| Stonepeak-Plus Infrastructure Fund LP | Director | Since 2025 |
| Birkenstock Holding plc | Director | Since 2023 |
| The India Fund, Inc. | Director | Since 2016 |
| Aberdeen Income Credit Strategies Fund | Director (former) | 2017–2018 |
| The Asia Tigers Fund, Inc. | Director (former) | 2016–2018 |
Board Governance
- Independence and structure: The Board has eight directors, seven of whom are independent under the 1940 Act and NYSE standards. The Board Chair (Eileen Kamerick) is independent. Independent Directors meet in executive session and are advised by independent legal counsel .
- Attendance: In FY ended Nov 30, 2024, the Board held four regular meetings; each Director attended at least 75% of meetings of the Board and committees for which they were eligible. The Fund has no formal policy on annual meeting attendance, and no Director attended the 2024 Annual Meeting .
- Committee leadership and expertise: Kumar chairs the Audit Committee and is designated an “audit committee financial expert,” signaling deep financial oversight capability .
| Committee | Role | FY 2024 Meetings |
|---|---|---|
| Audit | Chair | 5 |
| Nominating | Member | 7 |
| Pricing & Valuation | Member | 4 |
| Compensation | Member | 1 |
Fixed Compensation
- Director compensation is disclosed at the Fund level (IGI) and for the broader “Fund Complex.” Amounts include service on all applicable committees across the complex; the Fund provides no pension or retirement benefits to directors .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from IGI ($) | 10,565 | 10,755 |
| Metric | CY 2023 | CY 2024 |
|---|---|---|
| Total compensation from Fund and Fund Complex ($) | 435,000 | 486,000 |
Notes: Compensation reflects service across the Franklin Templeton fund complex and its board committees; no remuneration is paid by the Fund to the “interested” director (not applicable to Kumar) .
Performance Compensation
The proxy discloses only aggregate director compensation and does not present any performance-based elements (bonuses, performance share units, options, or performance metrics) for directors; no pension or retirement benefits are provided .
| Performance-linked metrics tied to director pay | FY 2023 | FY 2024 |
|---|---|---|
| Disclosed metrics/targets (e.g., revenue growth, TSR, ESG) | None disclosed | None disclosed |
Other Directorships & Interlocks
- Current directorships span an international consumer brand (Birkenstock), an infrastructure investment vehicle (Stonepeak-Plus Infrastructure Fund LP), and a U.S.-listed closed-end fund (The India Fund, Inc.). These roles broaden market and governance exposure without any disclosed related-party interest with IGI’s adviser or affiliates as of Dec 31, 2024 .
Expertise & Qualifications
- Audit/finance: Board-designated audit committee financial expert; prior CFO roles at AOL, Rent the Runway, and Greenbriar Equity .
- Governance: Service across 17 portfolios in the fund complex; extensive committee work (Audit chair; member of Nominating, Compensation, Pricing & Valuation) .
- Policy network: Member, Council on Foreign Relations .
Equity Ownership
| As-of Date | Dollar Range of IGI Shares | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| Dec 31, 2023 | A = None | A = None |
| Dec 31, 2024 | A = None | E = Over $100,000 |
Dollar range codes: “A” = None; “E” = Over $100,000 .
At Feb 7, 2025, directors and officers as a group owned <1% of IGI common stock .
Governance Assessment
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Strengths
- Independent director serving since 2019 with deep CFO background; Audit Committee Chair and Board-designated financial expert—strong oversight signal for investors .
- Robust committee activity in FY 2024 (Audit 5; Nominating 7; Pricing & Valuation 4; Compensation 1), indicating active governance engagement .
- Independence reinforced by Board composition (7 of 8 independent) and use of independent counsel; no related-party interests with the adviser or affiliates disclosed for independent directors and their immediate families as of Dec 31, 2024 .
- Clear audit oversight evidenced by the Audit Committee’s report and auditor selection (PwC) .
-
Watch items
- Ownership alignment: No IGI share ownership disclosed as of Dec 31, 2024 (“A” = None), though she holds over $100,000 across the family of investment companies (“E”), which partially aligns interests at the complex level rather than at IGI specifically .
- Investor engagement optics: No directors attended the 2024 Annual Meeting (the Fund has no formal policy on meeting attendance); not uncommon for funds, but some governance-sensitive investors may prefer director presence .
- Pay trend: Total compensation from the Fund Complex increased from $435,000 (CY 2023) to $486,000 (CY 2024); while consistent with broader complex service, investors should monitor alignment with workload and outcomes .
Overall, Kumar’s profile—independence, audit leadership, and prior CFO experience—supports board effectiveness and investor confidence. The principal alignment gap is the absence of IGI-specific share ownership, partially offset by significant family-of-funds holdings .