Richard A. Silver
About Richard A. Silver
Independent director of The Korea Fund, Inc. (“KF”), born 1947, serving since 2006; currently retired and chairs the Audit and Compliance Committee and the Valuation Committee . The KF board is composed solely of independent directors under the Investment Company Act of 1940 and NYSE standards . Silver also serves as an independent director of The China Fund, Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Mutual Funds | Treasurer and CFO | 3 years (CFO) | Oversaw accounting/financial reporting for >400 mutual funds and 2,300 portfolios |
| Fidelity Investments | Executive Vice President | 5 years | Oversight of accounting, reporting, and operations |
| The Colonial Group, Inc. | Senior Vice President, Treasurer, CFO | Nearly 19 years | Led financial services group |
| Investment Company Institute | Chair, Accounting/Treasurers’ Committee | ~7 years | Industry accounting and governance leadership |
External Roles
| Organization | Role | Notes |
|---|---|---|
| The China Fund, Inc. | Independent Director | Current directorship |
Board Governance
- Independence: KF states all directors are “not interested persons” under the 1940 Act; Audit Committee members meet NYSE independence standards .
- Board leadership: Independent Chairman (Julian Reid); board meets at least four times annually; independent directors meet in executive session without management .
- Committees and FY2025 meeting cadence:
- Audit & Compliance Committee (Chair: Richard A. Silver) – 6 meetings
- Valuation Committee (Chair: Richard A. Silver) – 4 meetings
- Contracts Committee (Chair: Matthew Sippel) – 2 meetings
- Executive Committee (Chair: Julian Reid) – 4 meetings
- Governance, Nominating & Remuneration Committee (Chair: Julian Reid) – 3 meetings
- Investment Committee (Chair: Matthew Sippel) – 4 meetings
- Discount Management Committee – 1 meeting
- Attendance rate: KF emphasizes director attendance and includes an attendance fee structure, but does not disclose individual attendance rates; FY2025 included one in‑person board meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (director) | $57,000 | Includes a $2,500 attendance fee; level effective January 1, 2024 |
| Audit & Compliance Committee Chair fee | $8,000 | Annual chair fee |
| Aggregate compensation from Fund (FY2025) | $65,000 | Reported for Richard A. Silver |
| Aggregate compensation from Fund (FY2024) | $64,500 | Reported for Richard A. Silver |
| Total compensation from Fund complex (CY2024) | $65,000 | No other funds in complex; equals Fund amount |
| Total compensation from Fund complex (CY2023) | $64,000 | No other funds in complex; equals Fund amount |
| Special meeting fee (in‑person) | $3,000 | Per special meeting attended |
| Special meeting fee (telephonic) | $1,000 | Per special meeting attended |
| Special assignment per diem | $2,000/day | Requires advance approval; <$5k can be approved by Committee Chair |
| Retirement benefits | None | Fund does not pay retirement benefits to directors |
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/options), performance metrics, vesting, clawbacks | Not disclosed for directors; compensation framework is cash-based retainers/fees only |
Other Directorships & Interlocks
| Entity | Role | Interlock/Overlap |
|---|---|---|
| The China Fund, Inc. | Independent Director | KF directors Julian Reid (Chair), Yan Hu, and Richard A. Silver also serve on The China Fund board, indicating governance interlocks across Asian-focused closed-end funds |
Expertise & Qualifications
- Senior executive background in fund accounting, reporting, and operations from Fidelity and Colonial; chaired ICI’s Accounting/Treasurers’ Committee (~7 years) .
- Designated financial leadership at KF via Audit & Compliance Committee chair and Valuation Committee chair roles .
Equity Ownership
| Holder | Dollar Range (KF) | Aggregate Dollar Range (Family of Investment Companies) |
|---|---|---|
| Richard A. Silver | $50,001 – $100,000 | $50,001 – $100,000 |
| Group (all directors/officers) | <1% of outstanding shares (aggregate) | N/A |
Notes:
- There are no other funds in the same family of investment companies as KF; aggregate range equals KF holdings .
- As of Aug 15, 2025, officers owned no KF shares; directors/officers as a group owned <1% of outstanding shares .
Governance Assessment
- Board effectiveness: Silver’s deep fund operations and accounting experience aligns with his roles chairing Audit & Compliance and Valuation, supporting robust financial oversight and fair valuation practices under Rule 2a‑5 .
- Independence and oversight: All‑independent board/committees with regular executive sessions enhance governance quality; Audit Committee’s rigorous pre‑approval and reporting, and PwC independence confirmations, are positives .
- Engagement signals: High committee meeting cadence (Audit 6, Valuation 4) implies active oversight; KF highlights director commitment and attendance in its pay structure, though individual attendance rates are not disclosed .
- Ownership alignment: Silver’s personal KF stake ($50k–$100k) provides alignment, though aggregate insider ownership remains under 1%—typical for closed‑end funds but limits insider economic exposure .
- Potential conflicts/interlocks: Multiple KF directors also serve on The China Fund board. While common in the closed‑end fund ecosystem, investors should monitor any overlapping service providers or decisions that could affect fund independence; no related‑party transactions tied to Silver are disclosed in KF’s proxy .
- Auditor interactions: Significant non‑audit fees billed to J.P. Morgan and affiliates were reviewed; Audit Committee determined compatibility with PwC independence—a necessary disclosure investors should continue to track .
RED FLAGS to monitor: Board interlocks with The China Fund; concentration of large shareholders (e.g., City of London Investment Group at 31.8%) that may influence governance outcomes, even though not linked to Silver personally .