Julian Reid
About Julian Reid
Julian Reid (born 1944) is an Independent Director and Chairman of the Board of The Korea Fund, Inc. (KF), first appointed in 2004, with over 50 years of global closed‑end fund experience across Europe, Asia, and the Americas, including leading Jardine Fleming’s closed‑end fund business and extensive licensing in the UK, Hong Kong, Singapore, and Australia . He has been based in Asia for ~25 years with direct focus on the Korean market and was named “Small Board Trustee of the Year” in 2007 by Fund Directions for his governance work as independent chairman .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jardine Fleming Investment Management | Head of Closed-End Fund Business | Not disclosed | Led a leading Asian investment manager’s closed-end fund operations (company later acquired by JPMorgan) |
| JPMorgan China Region Fund, Inc. | Director | 1997–2017 | Governance experience on Asia-focused closed-end fund |
| The Korea Fund, Inc. | Independent Chairman of the Board | Since 2004 | Recognized for governance; “Small Board Trustee of the Year” (2007) |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| The China Fund, Inc. | Independent Director and Chairman | Current | Serves concurrently; governance interlock with KF directors Silver and Hu also on The China Fund board |
| The 3a Funds Group | Director and Chairman | Current | External leadership; public email contact listed as [email protected] |
Board Governance
- Board composition: four Directors, all Independent (not “interested persons” under the 1940 Act); Independent Chairman elected by majority of independent directors .
- Meeting cadence: Board meets at least four times per year; one in‑person meeting in fiscal year ended June 30, 2025; independent directors meet in executive session without management .
- Committee structure (all committees comprised of all Independent Directors):
- Audit and Compliance Committee (Chair: Richard A. Silver); met 6 times .
- Governance, Nominating and Remuneration Committee (Chair: Julian Reid); met 3 times; sets director qualifications and compensation policy .
- Contracts Committee (Chair: Matthew J. Sippel); met 2 times .
- Executive Committee (Chair: Julian Reid); met 4 times; empowered to act when Board not in session .
- Investment Committee (Chair: Matthew J. Sippel); met 4 times; coordinates with independent consultant for quarterly performance reports .
- Discount Management Committee; met 1 time; oversees discount repurchase program .
- Valuation Committee (Chair: Richard A. Silver); charter revised Sept 7, 2022 for Rule 2a‑5 compliance .
- Election cycle: Class I Director (Julian Reid) nominated for re‑election at Oct 22, 2025 meeting, to serve until 2028; record date Aug 15, 2025 with 4,158,348 shares outstanding .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director Retainer (Independent Directors) | $57,000 | Includes $2,500 attendance fee within annual fee |
| Chairman of the Board Additional Retainer | $14,000 | Paid to Board Chair (Julian Reid) |
| Audit & Compliance Committee Chair Additional Fee | $8,000 | Paid to Audit Chair (Silver) |
| Special Directors’ Meeting Fee (in‑person) | $3,000 per meeting | For special meetings attended in person |
| Special Directors’ Meeting Fee (telephonic) | $1,000 per meeting | For special telephonic meetings |
| Special Assignments Per Diem | $2,000/day (pro‑rated if less) | Requires pre‑approval; < $5k can be approved by Committee Chair |
| Aggregate Compensation FY ended Jun 30, 2025 (Reid) | $71,000 | Matches total compensation for calendar 2024 |
Performance Compensation
- No stock awards (RSUs/PSUs), options, or performance‑linked compensation metrics disclosed for directors. The Fund does not pay retirement benefits to Directors .
- No metrics such as revenue growth, EBITDA, TSR, ESG targets tied to director compensation are disclosed .
Other Directorships & Interlocks
| Individual | Other Public Company Boards | Committee/Chair Roles | Interlock Note |
|---|---|---|---|
| Julian Reid | The China Fund, Inc. (Chairman); The 3a Funds Group (Chairman) | Governance/Nominating/Remuneration (Chair), Executive (Chair) at KF | Multiple KF directors (Silver, Hu) also serve on The China Fund, indicating board network overlap |
| Richard A. Silver | The China Fund, Inc. (Director) | Audit & Compliance (Chair), Valuation (Chair) at KF | Shared role at The China Fund |
| Yan Hu | The China Fund, Inc. (Director) | Independent Director at KF | Shared role at The China Fund |
Expertise & Qualifications
- 50+ years in financial services; extensive closed‑end fund experience; Asia focus with ~25 years based in Asia and focus on Korean equities .
- Licensed by regulators in the UK, Hong Kong, Singapore, and Australia; Affiliate of the Securities Industry of Australia .
- Governance leadership: chairs key KF committees overseeing nominations, remuneration, and executive actions .
Equity Ownership
| Holder | Dollar Range of KF Equity Owned | Aggregate Dollar Range (Fund Family) | Notes |
|---|---|---|---|
| Julian Reid | $1–$10,000 | $1–$10,000 | Directors and officers as a group own <1% of outstanding shares ; KF outstanding shares: 4,158,348 (as of Aug 15, 2025) |
| Group (All Directors, nominee, officers) | <1% of outstanding shares | N/A | Indicates limited insider ownership alignment |
Governance Assessment
- Independence and leadership: Reid is Independent Chairman, chairs Governance/Nominating/Remuneration and Executive Committees; board fully independent with regular executive sessions, which supports oversight quality .
- Attendance/engagement: Committee meeting frequency suggests active oversight (Audit 6x, Executive 4x, Investment 4x, Governance 3x, Contracts 2x, Discount 1x), but director‑specific attendance rates are not disclosed; board held one in‑person meeting in FY2025 .
- Compensation and alignment: Director pay is cash‑based with chair premiums; no equity grants or performance metrics; Reid’s aggregate FY2025 compensation was $71k; dollar‑range ownership for Reid is modest ($1–$10k), and insiders collectively own <1%, indicating limited pay‑for‑performance and alignment signals for investors .
- Interlocks: Multiple KF directors—including Reid (Chairman), Silver, and Hu—also serve on The China Fund’s board, creating a network overlap; while not necessarily a related‑party issue, concentrated interlocks can present perception risks around independence and time commitments .
- Related‑party and auditor independence: No director‑specific related‑party transactions disclosed; Audit Committee reviewed significant non‑audit fees billed by PwC to J.P. Morgan and affiliates (e.g., $11.728m in 2025) and deemed auditor independence maintained—still a monitoring point given magnitude on affiliates .
- RED FLAGS
- Low insider ownership (<1%) and modest individual holding by the Chairman ($1–$10k) may signal weaker ownership alignment with shareholders .
- Board/network interlocks with The China Fund across multiple KF directors could raise independence optics, though all are classified as independent and no transactions are disclosed .
- Heavy committee leadership concentration with Reid (Board Chair; Chair of Governance/Nominating/Remuneration and Executive) centralizes governance authority—beneficial for accountability but worth monitoring for balanced oversight .
Notes: No director stock ownership guidelines, pledging/hedging disclosures, or director‑specific attendance percentages were found in the latest DEF 14A. Section 16 compliance is affirmed for the fiscal year ended June 30, 2025 .