C. William Maher
About C. William Maher
C. William Maher is an Independent Trustee of abrdn World Healthcare Fund (THW), serving since 2023. He is Chair of the Audit Committee and has been designated an “audit committee financial expert” under Regulation S‑K. Year of birth: 1961; current THW board term (Class C) expires in 2027. Prior roles include Co‑founder of Asymmetric Capital Management (2018–2020) and CEO of Santa Barbara Tax Products Group (2014–2016). He oversees seven registrants in the abrdn fund complex and reports no outside public company directorships beyond the funds listed below .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Asymmetric Capital Management LLC | Co‑founder | May 2018 – Sept 2020 | Investment/entrepreneurial experience |
| Santa Barbara Tax Products Group | Chief Executive Officer | Oct 2014 – Apr 2016 | Operating leadership; finance/controls exposure |
External Roles
| Organization | Role | Term Status | Committees/Responsibilities |
|---|---|---|---|
| abrdn Healthcare Investors (HQH) | Class B Trustee | Term expires 2027 | Audit Committee Chair; Nominating & Corporate Governance Committee member; PV Valuation Committee member (across Funds) |
| abrdn Healthcare Opportunities Fund (THQ) | Class B Trustee | Term expires 2025 (2028, if elected) | Audit Committee Chair; Nominating & Corporate Governance Committee member; PV Valuation Committee member |
| abrdn Life Sciences Investors (HQL) | Class A Trustee | Term expires 2026 | Audit Committee Chair; Nominating & Corporate Governance Committee member; PV Valuation Committee member |
| abrdn World Healthcare Fund (THW) | Class C Trustee | Term expires 2027 | Audit Committee Chair; Nominating & Corporate Governance Committee member; PV Valuation Committee member |
Governance transition note: Upon abrdn’s appointment as adviser effective Oct 27, 2023, Mr. Maher joined each Fund’s Board along with other new Trustees .
Board Governance
- Independence and role: Independent Trustee; Chair of the Audit Committee and designated “audit committee financial expert” by the Board .
- Committees:
- Audit Committee (Chair across each Fund): Bailey, DiMartino, Goetz, Maher, Reit; Maher designated financial expert .
- Nominating & Corporate Governance Committee: Bailey, DiMartino, Goetz, Maher, Reit; chaired by Reit .
- Private Venture Valuation Committee: Bailey (Chair), Goetz, Maher .
- Board structure: Each Fund has six Trustees; three staggered classes; for THW, Class C (Maher) expires 2027 .
- FY2024 meetings and attendance (THW and sister funds): Boards (THW/HQH/THQ) held 8 meetings; Audit Committee held 3; Nominating & Corporate Governance held 1; PV Valuation held 4. All incumbent Trustees attended at least 75% of Board and committee meetings for which they served .
| FY2024 Meetings | Count | Attendance (Incumbents) |
|---|---|---|
| THW Board | 8 | ≥75% for each incumbent Trustee |
| Audit Committee | 3 | ≥75% for each incumbent Trustee |
| Nominating & Corporate Governance | 1 | ≥75% for each incumbent Trustee |
| PV Valuation Committee | 4 | ≥75% for each incumbent Trustee |
Fixed Compensation
| Component | Amount | Period/Notes |
|---|---|---|
| Aggregate Compensation from THW | $25,208 | Fiscal year ended Sept 30, 2024 |
| Aggregate Compensation from HQH | $25,208 | Fiscal year ended Sept 30, 2024 |
| Aggregate Compensation from HQL | $25,208 | Fiscal year ended Sept 30, 2024 |
| Aggregate Compensation from THQ | $25,208 | Fiscal year ended Sept 30, 2024 |
| Total Compensation from Fund Complex | $274,495 | Fiscal year ended Sept 30, 2024 |
Structure: Proxy discloses no bonus, profit sharing, pension or retirement plans for Trustees; officers are compensated by the adviser, not the Funds .
Performance Compensation
| Plan/Instrument | Status | Source/Notes |
|---|---|---|
| Annual/Short‑Term Bonus | Not applicable to Trustees; no bonus plans disclosed | “None of the Funds have any bonus, profit sharing, pension or retirement plans.” |
| Stock Awards (RSUs/PSUs) | Not disclosed for Trustees | Compensation presented as aggregate fund and complex fees |
| Option Awards | Not disclosed for Trustees | Compensation presented as aggregate fund and complex fees |
| Performance Metrics (e.g., TSR, EBITDA) | Not applicable to Trustee pay | No performance‑linked Trustee pay disclosed |
| Clawback/COC/Severance | Not applicable to Trustees | No such terms disclosed for Trustees |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Outside public company boards | None disclosed in the proxy (“Other Directorships Held … None.”) |
| Within abrdn fund complex (public, NYSE‑listed) | Current Trustee of HQH, HQL, THQ in addition to THW (see External Roles) |
| Potential interlocks with competitors/suppliers/customers | None disclosed |
Expertise & Qualifications
- Audit and financial oversight: Board‑designated “audit committee financial expert”; chairs Audit Committee across each Fund .
- Valuation oversight: Member of the PV Valuation Committee responsible for private venture securities valuations subject to Board review .
- Leadership/operating background: Former CEO (Santa Barbara Tax Products Group) and investment firm co‑founder (Asymmetric Capital Management) .
- Independence and conflicts posture: Five of six Trustees are not “interested persons”; none of the Independent Trustees or their immediate family members owned shares of the adviser or its control affiliates as of Apr 1, 2025 .
Equity Ownership
| Holding Metric | THW | As‑of |
|---|---|---|
| Dollar range of equity securities beneficially owned (Trustee self‑reported) | $10,001 – $50,000 | Apr 1, 2025 |
| Aggregate dollar range across abrdn family of funds | Over $100,000 | Apr 1, 2025 |
| Trustees/officers aggregate ownership of each Fund | Less than 1% outstanding | Apr 1, 2025 |
| THW shares outstanding | 39,849,957.6 | Record date Apr 7, 2025 |
Insider Trades (Form 4)
| Transaction Date | Type | Shares | Price | Post‑Txn Holdings | Security | Source |
|---|---|---|---|---|---|---|
| 2024‑08‑14 | Open‑market purchase | 1,000 | $13.03 | 1,000 | THW Common | https://www.sec.gov/Archives/edgar/data/1635977/000110465924090471/0001104659-24-090471-index.htm |
Governance Assessment
-
Strengths
- Independent Trustee; no outside directorships disclosed beyond the abrdn funds (reduces conflict risk) .
- Chairs Audit Committee and is the designated financial expert; audit fees and services are pre‑approved by the Audit Committee, which annually evaluates auditor independence across funds .
- Personal open‑market share purchase in 2024 and reported THW ownership in the $10k–$50k range signal alignment with shareholders (Form 4: 1,000 shares at $13.03 on 2024‑08‑14) .
- Attendance threshold met (≥75%) amid a full committee load; Boards and committees met regularly in FY2024, indicating active oversight cadence .
-
Watch items
- Multi‑fund responsibilities across HQH/HQL/THQ/THW concentrate oversight in a small trustee group; sustained workload and bandwidth should be monitored for effectiveness over time .
- Trustee compensation is cash‑based (no performance pay disclosed), so incentive alignment relies primarily on personal share ownership rather than equity grants .
-
Conflicts and related‑party exposure
- Proxy states none of the Independent Trustees or their immediate family members owned shares of the investment adviser or its control affiliates as of Apr 1, 2025, reducing adviser‑level conflicts .
- Audit Committee pre‑approval and independence reviews were conducted; audit fees disclosed with no non‑audit fund fees, and committees concluded auditor independence was maintained .