Mark E. Stoeckle
About Mark E. Stoeckle
Mark E. Stoeckle, 68, is a Class III “interested person” director of Adams Natural Resources Fund, Inc. (PEO), having served as CEO of PEO and ADX until April 20, 2023 and President of PEO from February 14, 2013 to January 21, 2015; he is currently also a director of ADX and a director of Nikko Asset Management, and previously was CIO, U.S. Equities and Global Sector Funds, at BNP Paribas Investment Partners . He has served on PEO’s Board since 2013 and his current term runs through the 2027 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Adams Natural Resources Fund (PEO) | CEO | Feb 14, 2013 – Apr 20, 2023 | Led the Fund; subsequently transitioned to “interested” director status . |
| Adams Natural Resources Fund (PEO) | President | Feb 14, 2013 – Jan 21, 2015 | Executive leadership of the Fund . |
| Adams Diversified Equity Fund (ADX) | CEO | Through Apr 20, 2023 | CEO of ADX in Fund Complex . |
| BNP Paribas Investment Partners | CIO, U.S. Equities & Global Sector Funds | Prior to joining PEO/ADX | Senior investment role . |
| PEO Board Committees | Compensation Committee member | 2023 | Member; committee met 6 times in 2023 . |
| PEO Board Committees | Nominating & Governance Committee member | 2023 | Member; committee met 4 times in 2023 . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Adams Diversified Equity Fund (ADX) | Director (Class III) | Since 2013; current term through 2027 | Director in Fund Complex . |
| Nikko Asset Management | Director | Current | Director at a large multi-national asset manager . |
Board Governance
- Independence: Stoeckle is an “interested person” (not independent) under the Investment Company Act due to his prior executive role; the Board’s independent Chair is Kenneth J. Dale .
- Attendance: Overall attendance for each incumbent director was 100% across Board and committee meetings in 2024; the governance highlights also note 100% attendance in 2024 .
- Executive sessions: Independent directors hold an executive session at each regular meeting .
- Years of service and term: Director since 2013; Class III term expires at the 2027 annual meeting .
Committee memberships change (governance signal):
| Committee | 2023 Membership | 2024 Membership |
|---|---|---|
| Audit | Independent-only; Stoeckle not a member | Independent-only; Stoeckle not a member . |
| Compensation | Included Stoeckle (member) | Independent-only; Stoeckle not a member . |
| Nominating & Governance | Included Stoeckle (member) | Independent-only; Stoeckle not a member . |
| Executive | Independent Chair + members; not Stoeckle | Independent Chair + members; not Stoeckle . |
Interpretation: Removal of an interested director from Compensation and Nominating & Governance in 2024 strengthens committee independence and board effectiveness compared to 2023 .
Fixed Compensation
Director compensation structure and realized pay:
| Metric | 2023 | 2024 |
|---|---|---|
| Annual Director Retainer (non-interested director schedule) | $65,000 | $65,000 |
| Board Chair Fee (if applicable) | $20,000; not applicable to Stoeckle | $20,000; not applicable to Stoeckle |
| Committee Chair Fee (if applicable) | $3,000; not applicable to Stoeckle | $3,000; not applicable to Stoeckle |
| Aggregate Compensation from PEO (Stoeckle) | $43,333 | $65,000 |
| Total Compensation from Fund Complex (PEO + ADX) (Stoeckle) | $86,667 | $130,000 |
Notes: Independent directors do not participate in employee thrift plans; the 2005 Equity Incentive Compensation Plan expired in 2015 (grants vested prior to 2019) .
Performance Compensation
- No director performance-based equity or option awards are disclosed; the 2005 Equity Incentive Compensation Plan expired in 2015 and Stoeckle is not listed with any deferred/vested units under that plan .
- Non-employee directors do not participate in employee incentive/thrift plans; compensation is primarily fixed cash retainers and any applicable chair fees .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Exposure |
|---|---|---|
| Adams Diversified Equity Fund (ADX) | Director (Fund Complex affiliate) | PEO and ADX share research, accounting, office services, and other expenses under an allocation policy; $19,514,999 shared in 2024 (ADX share $15,344,993) . |
| Nikko Asset Management | Director | No related-party transactions with PEO disclosed . |
Expertise & Qualifications
- 30+ years in asset management; prior CIO for U.S. Equities & Global Sector Funds at BNP Paribas Investment Partners .
- Leadership experience as CEO of PEO and ADX, familiarity with closed-end fund operations and governance .
- Current external directorship at a large global asset manager (Nikko AM), contributing industry perspective .
Equity Ownership
| Metric | 2023 | 2024 |
|---|---|---|
| Shares Beneficially Owned | 16,467 | 17,152 |
| Dollar Value Category | Greater than $100,000 | Greater than $100,000 |
| Ownership % of Outstanding | <1.0% | <1.0% |
| Deferred Stock Units (2005 Plan) | None held by Stoeckle | None held by Stoeckle |
| Stock Ownership Guideline | Directors must own ≥$100,000 cost basis within 5 years | Directors must own ≥$100,000 cost basis within 5 years |
| Guideline Compliance (inference from value category) | Meets (>$100k category) | Meets (>$100k category) |
Governance Assessment
- Independence and conflicts: Stoeckle is not independent (“interested person”) due to prior executive status—a potential conflict if involved in oversight of management; the Board mitigated this by keeping Audit and Compensation committees independent and removing him from Compensation and Nominating & Governance in 2024 .
- Committee independence strengthened: Transition from 2023 (Stoeckle on Compensation and Nom/Gov) to 2024 (independent-only membership) reduces perceived influence of interested directors on pay and nominations—positive governance signal .
- Attendance and engagement: 100% attendance across Board and committees in 2024 supports board effectiveness; executive sessions at each regular meeting enhance independent oversight .
- Ownership alignment: He holds “greater than $100,000” in PEO shares and meets the director ownership guideline; beneficial ownership was 17,152 shares at year-end 2024, <1% of outstanding—alignment without control risk .
- Fund-complex interlocks: Dual directorship at ADX plus shared services and expenses create structural interlock; however, a documented allocation policy and independent committee oversight are disclosed—monitor expense allocations and related-party oversight .
RED FLAGS
- Not independent: “Interested person” status—ensure continued exclusion from key committees and robust independent chair leadership .
- Prior committee roles: Participation on Compensation and Nominating & Governance in 2023 (while an interested director) presented potential conflicts; removal in 2024 is corrective but should remain in place .
- Fund-complex shared services: Overlap with ADX requires sustained transparency on allocations and governance controls to avoid related-party concerns .