Rajeev Das
About Rajeev Das
Independent Director of The Mexico Equity and Income Fund, Inc. (MXE) since 2001; born 1968. He has 20+ years in investment management and currently serves as Head of Trading at Bulldog Investors, LLP and as a principal of Ryan Heritage, LLP. Current external fund roles include Trustee of High Income Securities Fund, Vice President of Special Opportunities Fund, Inc., and Secretary of Total Return Securities Fund; he is designated Audit Committee Chairman at MXE and is independent under NYSE closed‑end fund standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Entities formerly serving as GP of Bulldog private partnerships | Principal | Since 2004 | Leadership across Bulldog fund partnerships |
| Bulldog Investors, LLP | Head of Trading | Since 2009 | Trading oversight for Special Opportunities Fund, High Income Securities Fund, Total Return Securities Fund, and SMAs |
| Ryan Heritage, LLP | Principal | Current | Registered adviser principal; investment oversight |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| High Income Securities Fund | Trustee | Current | Disclosed as “Other Directorships” |
| Special Opportunities Fund, Inc. | Vice President | Current | Closed-end fund officer role |
| Total Return Securities Fund | Secretary | Current | Closed-end fund officer role |
| Swiss Helvetia Fund, Inc. | Secretary | Disclosed in 2024 | Secretary role noted (not a director) |
Board Governance
- Classification and tenure: Class II Independent Director; term running to the 2027 annual meeting; serving since 2001 .
- Independence: Board and committee disclosures affirm independence under NYSE closed‑end fund rules; not an “interested person” under the 1940 Act .
- Committee assignments:
- Audit Committee: Member and Audit Committee Chairman; committee met twice in FY2025; all members independent .
- Nominating Committee: Member; met once in FY2025; independent members .
- Valuation Committee: Member; did not formally meet in FY2025 but ratified fair value securities at each quarterly board meeting .
- Attendance and engagement: Each director attended at least 75% of Board and applicable committee meetings; Board met 4 times in FY2025 (5 times in FY2023) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual director fee (independent) | $30,000 | Applies to directors not affiliated with Adviser/Administrator |
| Chairman of the Board stipend | $3,750 | Additional annual compensation |
| Audit Committee Chair stipend | $2,250 | Additional annual compensation |
| Valuation Committee Chair stipend | $2,250 | Additional annual compensation |
| Nomination Committee Chair stipend | $1,500 | Additional annual compensation |
| Special telephonic meeting fee | $500 per meeting | Additional per‑meeting fee |
| Travel/out‑of‑pocket reimbursement | Actuals reimbursed | Standard reimbursement |
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Aggregate compensation from MXE (Rajeev Das) | $34,500 | $34,500 | $34,500 |
The Fund does not have a bonus, profit sharing, pension or retirement plan for directors .
Performance Compensation
| Performance-linked element | Disclosure | Notes |
|---|---|---|
| Annual/Target bonus | None | Fund states no bonus/profit sharing for directors |
| Stock awards (RSUs/PSUs) | Not disclosed | Proxy only discusses cash fees for directors |
| Option awards | Not disclosed | No option program for directors disclosed in proxy |
| Performance metrics (TSR/EBITDA/ESG) tied to pay | Not disclosed | No performance-based director pay disclosed |
| Clawbacks/change-of-control/severance | Not disclosed | No director-specific provisions disclosed |
Other Directorships & Interlocks
| Entity | Role | Overlap/Interlock |
|---|---|---|
| High Income Securities Fund | Trustee | Bulldog Investors advises HSF; multiple MXE directors have Bulldog affiliations |
| Special Opportunities Fund, Inc. | Vice President | Bulldog Investors advises SOF |
| Total Return Securities Fund | Secretary | Bulldog-affiliated fund |
| Bulldog/Ryan Heritage network | Head Trader/Principal | Shared affiliations among MXE directors and officers (e.g., CCO also GC at Bulldog) |
Related party safeguards: Independent directors and their immediate families did not own securities of the Adviser/affiliates; no transactions/relationships >$120,000 with Adviser/affiliates since beginning of last two fiscal years .
Expertise & Qualifications
- 20+ years of investment management; senior trading role overseeing closed‑end fund strategies and SMAs .
- Governance experience across multiple registered funds (trustee/officer roles) .
- Audit Committee leadership; independence under NYSE standards .
Equity Ownership
| Holder | Position | Dollar Range in MXE | Group Ownership |
|---|---|---|---|
| Rajeev Das | Independent Director; Audit Committee Chairman | $10,001 – $50,000 | Directors and officers as a group: <1% of common stock |
Codes of Ethics govern personal securities transactions and conflicts procedures for the Fund and Adviser .
Insider Trades (history)
| Date | Form | Issuer | Notes |
|---|---|---|---|
| 2007 (filed) | Form 4 | MXE | Filing shows relationship boxes checked: Director and 10% Owner |
| 2009 (filed) | Form 4 | MXE | Statement of changes in beneficial ownership (Das Rajeev P.) |
| 2015 (filed) | Form 4 | MXE | Statement of changes in beneficial ownership |
| 2021 (reported) | Form 4 | MXE | Third‑party tracker cites a filing on 10/18/2021; verify with EDGAR as needed |
Governance Assessment
-
Strengths:
- Long tenure and cross‑fund governance experience; current Audit Committee Chair supports financial oversight .
- Documented independence and compliance structures (NYSE independence, codes of ethics) reduce conflict risk .
- Consistent engagement: ≥75% attendance; Board and committees met regularly (Board: 4x in FY2025; Audit: 2x; Nominating: 1x) .
-
Potential risk indicators:
- Extensive Bulldog/Ryan Heritage network interlocks on MXE’s board and officers (e.g., CCO also Bulldog GC) may raise perceived conflicts, though proxy discloses no >$120k transactions or ownership in Adviser/affiliates for independent directors/families .
- Director equity alignment is modest (reported dollar range $10k–$50k) and group ownership <1%, typical for closed‑end funds but limits “skin in the game” .
-
Compensation structure:
- Cash‑only director pay with modest chair stipends; no performance‑based elements or equity awards disclosed, mitigating pay‑for‑performance misalignment risk but providing limited direct equity alignment .
-
RED FLAGS to monitor:
- Any future related‑party transactions with Bulldog‑affiliated entities or Adviser; current disclosures state none exceeding $120,000 and no securities of Adviser/affiliates held by independent directors/families .
- Changes to committee composition or reduced meeting cadence (e.g., Valuation Committee did not meet but ratified quarterly) could affect oversight rigor .