Roger Ko
About Roger Ko
Roger Ko is Assistant Treasurer of PFO and related Flaherty & Crumrine closed-end funds, serving since 2014; he is age 50 and his principal occupation over the past five years has been Vice President and Trader at Flaherty & Crumrine . The proxy provides officer appointment and background but does not present executive officer performance scorecards (e.g., TSR, revenue, EBITDA) for fund officers, and notes that executive officers did not receive compensation from the funds in excess of $60,000 and do not receive pensions or retirement benefits from the funds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flaherty & Crumrine Preferred and Income Opportunity Fund (PFO) | Assistant Treasurer | Since 2014 | Not disclosed |
| Flaherty & Crumrine fund complex (PFD, FFC, FLC, DFP) | Assistant Treasurer | Since 2014 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flaherty & Crumrine Incorporated | Vice President and Trader | Past five years | Trading and portfolio-related responsibilities; further details not disclosed |
Fixed Compensation
- Officers are paid by the investment adviser; the funds do not bear compensation for adviser officers and employees. Adviser bears “compensation of and office space for its officers and employees” connected with investment research, trading, and fund administration; the funds bear other operating expenses .
- The proxy states no executive officer or person affiliated with a Fund received compensation from a Fund during FY ended Nov 30, 2024 in excess of $60,000; and directors/executive officers do not receive pension or retirement benefits from the Funds .
- Base salary, target bonus, bonus paid, and perquisites for Roger Ko are not disclosed in the fund proxy (as they are paid by the adviser, not the funds) .
Performance Compensation
| Incentive Type | Performance Metrics | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed (fund does not report adviser-paid officer awards) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
- No RSUs/PSUs/options for fund officers are disclosed in the proxy; compensation for adviser personnel is outside the fund proxy scope .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| PFO Shares Outstanding (record date Jan 16, 2025) | 13,077,326 |
| Directors and officers, as a group, ownership of each fund | Less than 1% of shares |
| Individual officer (including Roger Ko) holdings | Not disclosed in proxy; director dollar-range ownership is provided, officer-specific is not |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines for officers | Not disclosed |
Employment Terms
| Term | Disclosure |
|---|---|
| Fund officer appointment | Serves until successor is elected and qualifies, or earlier resignation/removal |
| Start date in fund officer role | Since 2014 |
| Employment contract with fund | None disclosed; officers are adviser employees and not compensated by the fund |
| Severance/change-of-control provisions | Not disclosed in fund proxy for officers |
| Non-compete/non-solicit/garden leave | Not disclosed |
Governance and Reporting Context (Fund-level)
- The adviser agreement sets fees based on managed assets; the adviser bears compensation for its officers/employees related to investment research/trading/administration, while funds bear non-adviser operating costs (custody, audit, legal, listing, etc.) .
- On the record date, Cede & Co. held the majority of shares of record; officers/directors as a group held less than 1% of shares, indicating limited fund-level equity alignment via personal ownership among insiders .
Investment Implications
- Pay-for-performance alignment at the fund officer level is limited in the proxy; officer compensation (including any equity or bonus structures) is borne by the adviser and not disclosed in fund filings, so fund-level incentives tied to TSR/revenue/EBITDA for Roger Ko are absent in the proxy .
- Insider selling pressure from vesting schedules appears minimal at the fund level given the absence of disclosed RSUs/options for officers; no pledging or hedging disclosures for officers are provided .
- Retention risk appears stable at the fund level given Ko’s long-standing tenure as Assistant Treasurer since 2014; however, employment contract terms, severance, and change-of-control economics are not disclosed for adviser-employed officers .
- Trading signals from insider transactions are constrained by the closed-end fund/adviser structure and lack of officer-specific ownership/award disclosures; portfolio and performance levers sit with adviser processes rather than fund officer compensation mechanics reported in the proxy .