Stephen Ungerman
About Stephen Ungerman
Stephen M. Ungerman (year of birth 1953) serves as Chief Compliance Officer (CCO) of The Korea Fund, Inc. and has held this officer role since January 2021; he is a Managing Director and Chief Compliance Officer at J.P. Morgan and has been an employee of J.P. Morgan since 2000 . As CCO, he oversees compliance policies designed to minimize risk of federal securities law violations, reports directly to the Independent Directors, provides quarterly presentations and an annual compliance report to the Board, and is subject to annual Board review of his appointment and compensation . As of August 16, 2024 and August 15, 2025, no officer of the Fund owned shares of the Fund, implying zero direct equity exposure for Ungerman .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.P. Morgan | Managing Director; Chief Compliance Officer | Employee since 2000 | Senior compliance leadership; oversight of policies/procedures to minimize federal securities law violations across fund operations . |
| The Korea Fund, Inc. | Chief Compliance Officer | Since Jan 2021 | Reports directly to Independent Directors; quarterly Board presentations; annual compliance report; Board annually reviews CCO appointment and compensation . |
External Roles
No external board or committee roles for Ungerman are disclosed in KF’s proxy or shareholder reports. Skip.
Fixed Compensation
- Officers and employees of the Fund who are principals, officers, members or employees of the Manager (JPMorgan Asset Management or affiliates) are not compensated by the Fund .
- The Board annually reviews the appointment and compensation of the CCO, indicating oversight of the CCO’s compensation structure even though Fund-paid officer compensation is not applicable to Manager-affiliated officers .
Performance Compensation
No performance bonus, RSU/PSU awards, option grants, performance metric weighting (TSR, revenue growth, EBITDA, ESG), vesting schedules, clawbacks, or severance/change-of-control terms are disclosed for Ungerman in KF’s proxy materials. Skip.
Equity Ownership & Alignment
| Metric | As of Aug 16, 2024 | As of Aug 15, 2025 |
|---|---|---|
| Beneficial ownership (shares) | 0 (no officer owned Fund shares) | 0 (no officer owned Fund shares) |
| Ownership % of shares outstanding | 0% (officers held no shares; all directors, the nominee and officers as a group <1%) | 0% (officers held no shares; all directors, the nominee and officers as a group <1%) |
| Shares pledged as collateral | Not disclosed in proxy | Not disclosed in proxy |
| Stock ownership guidelines (officers) | Not disclosed in proxy | Not disclosed in proxy |
Employment Terms
| Term | Detail |
|---|---|
| Office held | Chief Compliance Officer of The Korea Fund, Inc. |
| Start date in current role | Since January 2021 |
| Appointment/tenure mechanics | Officers hold office at the pleasure of the Board until successors are appointed and qualified or earlier resignation/removal |
| Reporting line | Reports directly to the Independent Directors |
| Responsibilities | Oversees Compliance Policies to minimize risk of federal securities law violations; quarterly Board presentations; annual compliance report |
| Compensation oversight | Board annually reviews appointment and compensation of the CCO |
| Employment agreement, severance, change-of-control, non-compete | Not disclosed in proxy |
Investment Implications
- Alignment: Ungerman holds no KF shares, and officers collectively had no ownership as of August 2024 and August 2025, reducing direct equity alignment and limiting insider selling pressure signals .
- Oversight and continuity: Longstanding JPMorgan tenure (since 2000) and continuous CCO service since January 2021, with direct reporting to Independent Directors and required quarterly/annual compliance updates, suggest structured governance and continuity in the compliance function .
- Compensation transparency: The proxy states Manager-affiliated officers are not compensated by the Fund; while the Board annually reviews CCO appointment and compensation, specific pay elements (salary, bonus, equity) are not disclosed, limiting pay-for-performance analysis from Fund documents .