Yan Hu
About Yan Hu
Yan Hu (born 1961) is an Independent Director of The Korea Fund, Inc. (KF), first elected in 2021. She has 30+ years advising and managing international financial services firms across Northern Asia (China and South Korea), including senior roles in cross-border M&A and insurance. Current positions include Founder of Ink Stone Ltd. (since 2020), Investment Advisor to Vermilion (since 2016), and Director of The China Fund, Inc.; she previously pursued MBA studies in the U.S. in the late 1980s and began her career at CITIC in 1984 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vermilion Partners (Natixis affiliate) | Managing Director; Head, Financial Institutions Group | 2012–2016 | Led M&A advisory for clients incl. BUPA, Barclays Capital, American Express, Kaplan, CITIC Publishing, Fosun |
| Sun Life Financial (China) | Country Head & Chief Representative | 2007–2012 | Oversaw China strategy; JV restructuring with China Everbright; supported MFS Investment China plan |
| CITIC | Early career (advisory to multinationals) | Began 1984 | Worked with multinationals entering various sectors |
External Roles
| Organization | Role | Since/Recent | Notes |
|---|---|---|---|
| The China Fund, Inc. | Director | Current | Also on KF board biography as other public company directorship |
| Vermilion Partners | Investment Advisor | Since 2016 | China-related cross-border M&A advisory (Natixis affiliate) |
| Investment & Pensions Europe (IPE) | Advisor and partner in China | Current | Institutional investor–focused publication |
| Ink Stone Ltd. | Founder | Since 2020 | Principal occupation listed in KF proxy |
Board Governance
| Item | Details |
|---|---|
| Board independence | All KF Directors are not “interested persons” under the 1940 Act; committees composed of Independent Directors are NYSE-standards independent |
| Class/Term | Class III Director serving until the 2027 Annual Meeting (re-elected October 2024) |
| Committee memberships | Member (as an Independent Director) of: Audit & Compliance; Governance, Nominating & Remuneration; Contracts; Executive—each composed of all Independent Directors |
| Committee chairs (board-wide) | Chairs: Audit & Compliance (R. Silver); Governance/Nominating/Remuneration (J. Reid); Contracts (M. Sippel); Executive (J. Reid) |
| Committee meeting cadence | Audit & Compliance met 6 times in FY2023, FY2024, and FY2025 ; Governance/Nominating/Remuneration met 3 times in FY2024 and FY2025 ; Contracts met 2 times in FY2023 ; Executive met 4 times in FY2024 |
| Attendance disclosure | KF emphasizes attendance in remuneration policy, but individual attendance rates are not disclosed in the proxies reviewed |
Fixed Compensation
| Component | Amount/Policy | Period |
|---|---|---|
| Annual director retainer | $57,000 | As of 2025 proxy |
| Chairman of the Board retainer (additional) | +$14,000 | As of 2025 proxy |
| Audit & Compliance Committee Chair fee (additional) | +$8,000 | As of 2025 proxy |
| Attendance fee | $2,500 included in annual fee | As of 2025 proxy |
| Special meeting fee (in-person) | $3,000 per special directors’ meeting | As of 2025 proxy |
| Special meeting fee (telephonic) | $1,000 per special telephonic meeting | As of 2025 proxy |
| Special assignment per diem | $2,000 per full day (pro-rated if shorter) | As of 2025 proxy |
| Aggregate compensation – Yan Hu | $57,000 (FY ended Jun 30, 2025) | 2025 |
| Aggregate compensation – Yan Hu | $56,500 (FY ended Jun 30, 2024) | 2024 |
| Retirement benefits | None paid to Directors | 2025 |
Notes: Annual director retainer was $56,000 in the 2023 proxy; increased to $57,000 by 2025 .
Performance Compensation
| Element | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed for Directors; compensation table lists cash retainers/fees only (no equity line items) |
| Option awards | Not disclosed for Directors (no option categories shown) |
| Performance metrics tied to pay | None disclosed for Directors; compensation is fixed retainers and meeting/assignment fees |
| Clawback/CoC/Severance | Not applicable/disclosed for non-employee Directors in proxies reviewed |
Other Directorships & Interlocks
| Company | Role | Notes |
|---|---|---|
| The China Fund, Inc. | Director | Listed as other public company directorship for Yan Hu |
| Board-level shared affiliations (KF) | — | Other KF directors also linked to The China Fund: R. Silver (Director) and J. Reid (Independent Director and Chairman) |
Expertise & Qualifications
- 30+ years in financial services across Northern Asia; deep cross-border M&A and insurance market experience (Vermilion FIG leadership; Sun Life China) .
- Entrepreneur/Advisor roles (Ink Stone Ltd.; Vermilion; IPE) add network and market insights in China/South Korea .
- Board deems all Independent Directors, including Yan Hu, qualified based on experience, ability to work effectively, and mix of skills on the Board .
Equity Ownership
| Holder | Dollar Range of KF Equity | As-of Date | Notes |
|---|---|---|---|
| Yan Hu | $10,001 – $50,000 | Aug 15, 2025 | Reported dollar range in proxy |
| All Directors/nominee/officers (as a group) | < 1% of outstanding shares | Aug 15, 2025 | Group ownership percentage |
Governance Assessment
- Independence and committee breadth: Yan Hu is an Independent Director under the 1940 Act, serving on all key committees that are composed entirely of Independent Directors—supportive of robust checks and balances .
- Engagement cadence: Audit & Compliance met 6x annually (FY2023–FY2025); Governance/Nominating/Remuneration met 3x in FY2024–FY2025—reflects active oversight, particularly around financial reporting and governance .
- Compensation structure: Pure cash-based retainer/fees, no disclosed equity awards or performance metrics for Directors—minimizes pay-for-performance misalignment but offers limited direct equity alignment versus equity-linked structures used at some operating companies; however, board member ownership (Yan Hu $10k–$50k) provides some skin-in-the-game .
- Other roles and potential conflicts: External roles (Vermilion/IPE) are advisory and not related-party under disclosures reviewed; no related party transactions disclosed for Yan Hu. Shared affiliations in the fund sector (e.g., The China Fund) exist among multiple KF directors, but no conflicts are identified in the proxies .
RED FLAGS
- None disclosed: no related-party transactions, loans, or equity award repricings for Directors identified in the proxies reviewed .
- Pledging/hedging: Not disclosed for Directors in reviewed materials .
Potential Monitoring Items
- Track any changes to director compensation structure (e.g., introduction of equity retainers) and ownership ranges in future proxies to assess alignment trend .
- Continue to review committee meeting cadence and any changes in chair roles for signals on board oversight focus .