Matthew Sippel
About Matthew J. Sippel
Independent Director of The Korea Fund, Inc. since 2020; born 1964; CFA charterholder. Currently Chief Operating Officer of Longbow Capital Partners, L.P. (since 2025); previously Managing Director & Senior Partner at Indus Capital Partners (2004–2021); prior roles in Asia-Pacific equity sales at Merrill Lynch and Jardine Fleming, and equity research at Crosby Securities; BA (George F. Baker Scholar) from Georgetown University. Chairs the Contracts Committee and Investment Committee; classified as not an “interested person” under the 1940 Act.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Indus Capital Partners LLC | Managing Director & Senior Partner; member of Investment Committee and Management Committee; asset allocator for Indus Omni Fund | 2004–2021 | Senior leadership; investment oversight |
| Merrill Lynch | Managing Director and Head of Asia-Pacific Equity Sales | 1994–2004 | Led regional equity sales |
| Jardine Fleming | Director of Asia-Pacific Equity Sales | Pre-1994 | Regional sales leadership |
| Crosby Securities Ltd. | Equity Analyst (HK/SG real estate and conglomerates) | Early career | Sell-side research coverage |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Longbow Capital Partners, L.P. | Chief Operating Officer | Since 2025 | Operating leadership at asset manager |
| Canisius High School | Member, Board of Trustees | Not disclosed | Governance for educational institution |
| Georgetown University | Executive Committee, Board of Regents; Co-Chair, George F. Baker Scholar Program (twice) | Not disclosed | Alumni governance and program leadership |
Board Governance
- Independence: All four directors, including Sippel, are independent (not “interested persons” under the 1940 Act).
- Class and tenure: Class II Director serving until the 2026 annual meeting; first became a Director in 2020.
- Board structure: Independent Chairman; Board meets at least four times per year, with one in-person meeting in FY ended June 30, 2025; Independent Directors regularly meet outside management.
- Committee leadership and cadence (FY ended June 30, 2025): Sippel chairs Contracts (met 2x) and Investment (met 4x); member of Audit & Compliance (met 6x), Executive (met 4x), Discount Management (met 1x), and Valuation (met 4x; chaired by Silver). Charters available on the Fund’s website.
| Committee | Membership | Chair | FY2025 Meetings |
|---|---|---|---|
| Contracts Committee | All Independent Directors | Matthew J. Sippel | 2 |
| Investment Committee | All Independent Directors | Matthew J. Sippel | 4 |
| Audit & Compliance Committee | All Independent Directors | Richard A. Silver | 6 |
| Executive Committee | All Independent Directors | Julian Reid | 4 |
| Discount Management Committee | All Independent Directors | Not specified | 1 |
| Valuation Committee | All Independent Directors | Richard A. Silver | 4 |
Fixed Compensation
The proxy discloses a cash-only director compensation program with retainers and meeting/per diem fees.
| Component | Amount (USD) | Period | Notes |
|---|---|---|---|
| Annual retainer (Director) | $57,000 | Ongoing | All Directors; attendance fee of $2,500 is included in annual fee |
| Aggregate compensation (Sippel) | $57,000 | FY ended Jun 30, 2025 | From the Fund |
| Total comp (Sippel) | $57,000 | Calendar 2024 | From Fund and fund complex |
| Special Directors’ meeting (in-person) | $3,000 | Per meeting | Independent Directors |
| Special Directors’ meeting (telephonic) | $1,000 | Per meeting | Independent Directors |
| Special assignment per diem | $2,000 | Per full day | Requires pre-approval; pro-rated for partial days |
| Chairman of the Board additional retainer | $14,000 | Ongoing | Applies to Board Chair (Reid) |
| Audit & Compliance Committee Chair fee | $8,000 | Ongoing | Applies to Audit Chair (Silver) |
| Retirement benefits | None | N/A | Fund does not pay retirement benefits to Directors |
Performance Compensation
No equity-based or performance-conditioned pay is disclosed for Directors; compensation consists of cash retainers, attendance, meeting, and per diem fees, with no RSUs/PSUs/options or stated pay-for-performance metrics.
| Metric tied to compensation | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/options) | Not disclosed (none indicated) |
| Bonus/variable cash tied to performance | Not disclosed (none indicated) |
| Performance metrics (TSR, EBITDA, ESG) | Not disclosed (none indicated) |
| Clawbacks/COC/severance | Not disclosed (none indicated) |
Other Directorships & Interlocks
| Company | Public/Private | Role | Interlock/Notes |
|---|---|---|---|
| The China Fund, Inc. | Public (closed-end) | Not disclosed for Sippel | Other KF directors (Reid, Silver, Hu) serve there; Sippel not listed |
| Canisius High School | Private/non-profit | Trustee | External governance role |
- No current public company directorships disclosed for Sippel; reduces direct interlock risk with peers/customers/suppliers.
Expertise & Qualifications
- 30+ years in financial services across New York and Hong Kong; senior leadership in asset management and Asia-Pacific equities; CFA charterholder.
- Deep oversight experience via investment and management committees; equity sales leadership at Merrill Lynch and Jardine Fleming; equity research foundation.
- Academic credentials: BA (George F. Baker Scholar) Georgetown; extensive board-level governance exposure via university roles.
Equity Ownership
| Holder | Dollar Range of Equity Securities (KF) | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| Matthew J. Sippel | $10,001 – $50,000 | $10,001 – $50,000 |
- As of August 15, 2025, all Directors/officers/nominee as a group owned less than 1% of outstanding shares; no officer held shares.
- Ownership guidelines/pledging/hedging: Not disclosed; no pledging reported in proxy.
Insider Trades
| Period | Section 16 Compliance | Notes |
|---|---|---|
| FY ended Jun 30, 2025 | Compliant | Based on forms furnished to the Fund, Directors and relevant officers complied with applicable filing requirements. |
Governance Assessment
- Strengths: Fully independent board and committees; Sippel chairs Contracts and Investment, critical to manager oversight and performance monitoring; active committee cadence (Audit 6x, Investment 4x, Contracts 2x) supports engagement; charters published, enhancing transparency; cash-only director pay avoids misaligned equity incentives; Section 16 compliance supports governance hygiene.
- Watch items: Low absolute director share ownership (<1% group; Sippel’s $10k–$50k range) may be viewed as modest alignment; per diem/special meeting fees introduce small potential for fee-driven activity but are pre-approved and reported; no explicit attendance rates disclosed, though meeting cadence is robust.
- Conflicts: Sippel’s current role at Longbow Capital Partners is external; the Fund’s adviser (JPMorgan Asset Management Asia Pacific) is distinct, and no related-party transactions or loans are disclosed in the proxy; committees (Contracts/Investment) include all Independent Directors, mitigating concentration risk.
Overall, governance signals are positive: independence, committee leadership, transparent charters, and cash-only pay. The primary investor alignment consideration is modest personal stake size; continued monitoring of committee outputs (manager contract reviews and performance oversight) and any future related-party exposures is warranted.