Susan Schauffert-Tam
About Susan Schauffert-Tam
Independent Director of Brookfield Real Assets Income Fund Inc. (RA); born 1968; appointed November 20, 2024; standing for election as a Class III Independent Director to serve until the 2028 Annual Meeting if elected. Schauffert-Tam is a senior finance executive with over twenty years in capital structuring, credit, M&A, and debt capital markets, including infrastructure financing; previously Managing Director at BMO Capital Markets (2007–2024), having joined BMO in 1999 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BMO Capital Markets | Managing Director; Head of Debt Syndication; responsible for debt origination and bringing IG, HY, ABS, and project bonds to market | Joined 1999; MD 2007–2024 | Led syndication team; extensive infrastructure financing expertise |
| RA Fund Complex | Director/Trustee across investment companies in the Fund Complex | 2024–Present | Oversees 10 portfolios in Fund Complex |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards (outside RA Fund Complex) | None disclosed in proxy | — | Proxy lists Fund Complex directorships; no other public boards shown |
Board Governance
- Committee assignments: Audit Committee Member; Governance Committee Member; Qualified Legal Compliance Committee (QLCC) Member .
- Independence: Board determined she is independent under NYSE listing standards .
- Tenure: Appointed November 20, 2024; Class III nominee for term through 2028 Annual Meeting if elected .
- Attendance and engagement: In FY 2024, Board held 4 regular meetings; Audit Committee met 4 times; Governance Committee met 3 times; QLCC did not meet. Each Director attended at least 75% of Board and committee meetings on which they served (≥75% for Schauffert-Tam) .
- Leadership: Audit Committee chaired by William H. Wright II; Governance Committee chaired by Heather S. Goldman; independent Chair of the Board is Edward A. Kuczmarski .
| Governance Element | Detail |
|---|---|
| Audit Committee | Member; 4 meetings in FY 2024; Chair: William H. Wright II |
| Governance Committee | Member; 3 meetings in FY 2024; Chair: Heather S. Goldman |
| QLCC | Member; did not meet in FY 2024 |
| Independence Status | Independent per NYSE standards |
| Attendance | ≥75% of Board and committee meetings attended (FY 2024) |
Fixed Compensation
| Component | FY 2024 Amount | FY 2025 Amount | Notes |
|---|---|---|---|
| Aggregate Annual Retainer (Independent Directors, Fund Complex) | $250,000 | $260,000 (effective Jan 1, 2025) | Paid by Fund Complex; cash retainer |
| Additional – Independent Chair | $55,000 | $55,000 | Not applicable to Schauffert-Tam |
| Additional – Audit Committee Chair | $50,000 | $50,000 | Not applicable to Schauffert-Tam |
| Additional – Governance Committee Chair | $15,000 | $15,000 | Not applicable to Schauffert-Tam |
| Reimbursement | Actuals reimbursed | Actuals reimbursed | Meeting expense reimbursement |
| Pension/Retirement Plan | None | None | No pension plan |
| Schauffert-Tam – Compensation from RA Fund (FY 2024 partial year) | $5,600 | N/A | Appointed Nov 20, 2024 |
| Schauffert-Tam – Total Compensation from Fund Complex (FY 2024 partial year) | $28,289 | N/A | Appointed Nov 20, 2024 |
Performance Compensation
- No equity, option, or performance-linked compensation for directors is enumerated in the proxy; compensation is disclosed as cash retainers plus chair differentials and expense reimbursement .
| Performance Metric | Target | Actual | Payout Linkage |
|---|---|---|---|
| Not applicable (director compensation) | — | — | No performance-based metrics disclosed |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Notes |
|---|---|---|
| RA Fund Complex (multiple registered investment companies) | Director/Trustee across 10 portfolios | Internal fund complex roles; no external public-company interlocks disclosed |
Expertise & Qualifications
- Capital markets expertise: Senior roles in debt origination and syndication across IG, HY, ABS, and project bonds; focused on infrastructure financing .
- Board qualifications: Independent; financially literate; serves on Audit and Governance; not designated by Board as an “audit committee financial expert” (designation given to Wright, McFarland, Kuczmarski, Goldman) .
- Governance rigor: Governance Committee considers independence beyond 1940 Act criteria and evaluates board effectiveness via annual self-assessment .
Equity Ownership
| Item | Detail |
|---|---|
| Dollar Range of Equity in RA Fund (as of Dec 31, 2024) | A – None |
| Aggregate Dollar Range in Fund Complex (as of Dec 31, 2024) | A – None |
| Section 16 – Form 3 (Initial Ownership) | Filed 11/25/2024; “No securities are beneficially owned.” |
| Section 16 Compliance (FY 2024) | All required filings were complied with |
| Group Ownership (Directors/Officers as a group) | Less than 1% of outstanding shares |
Governance Assessment
- Strengths: Independent director with deep capital markets and infrastructure financing experience; active on Audit, Governance, and QLCC; Board and committees comprised entirely of independent directors; documented annual self-assessment; independent counsel engaged for Independent Directors; robust Audit Committee processes with external auditor independence oversight .
- Engagement: FY 2024 attendance at Board and committee meetings met or exceeded the 75% threshold; directors encouraged to attend continuing education programs and annual meetings (virtual) .
- Alignment considerations: As of year-end 2024, Schauffert-Tam reported no beneficial ownership in RA or the Fund Complex (Form 3 “no securities” and dollar range “A – None”), which suggests limited personal capital at risk; potential pressure point for investor alignment until ownership increases .
- Skills mix: Not designated as an “audit committee financial expert,” though serving on the Audit Committee; expertise primarily in debt markets and infrastructure financing, complementing board oversight of a real assets income strategy .
- Conflicts/related-party: Governance Committee explicitly screens independence, including non-1940 Act relationships; proxy and Code of Ethics disclosures indicate no family relationships and no orders/judgments restricting conduct; no related-party transactions are discussed in the sections reviewed .
Overall, Schauffert-Tam brings relevant financing expertise and independence to the Board and key committees; near-term alignment could be enhanced by building a personal position in RA given current “none” ownership disclosure .