Jeffrey Bailey
About Jeffrey A. Bailey
Independent Trustee of abrdn World Healthcare Fund (THW); year of birth 1962; Trustee since 2020 with current THW Board class and term “Class C Trustee, term expires 2027.” Background includes CEO and board leadership roles across healthcare companies and prior independent board chair experience at Tekla Funds; currently serves on the board of Aurinia Pharmaceuticals.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IllummOss Inc | Chief Executive Officer | 2018–2020 | Led company operations in medical technology; executive leadership experience in healthcare sector. |
| BioDelivery Systems, Inc. | Director and Chief Executive Officer | 2020–2022 | Combined board and executive leadership; operational oversight. |
| Tekla Funds | Independent Board Chair | 2020–2023 | Chaired boards prior to adviser transition of abrdn Funds; governance leadership. |
| Aileron Therapeutics Inc. | Board Chairman | 2017–2024 | Board leadership at a biotechnology company. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aurinia Pharmaceuticals | Director | Current | Active public company directorship reported in proxy narrative. |
| Tekla Funds | Independent Board Chair | 2020–2023 | Prior external chair position at healthcare-focused funds. |
| Aileron Therapeutics Inc. | Board Chairman | 2017–2024 | Prior public company chair role. |
Proxy table column “Other Directorships Held by Trustee” lists “None” for Mr. Bailey, while the narrative states he currently serves on Aurinia’s board. This appears to be a disclosure nuance in table formatting vs. narrative detail.
Board Governance
- Board class and term: THW Class C Trustee; term expires 2027; Trustee since 2020.
- Independence: Classified as an Independent Trustee; all committee memberships noted are composed solely of Independent Trustees.
- Committee assignments: Member, Audit Committee and Nominating & Corporate Governance Committee; Chair, Private Venture Valuation Committee (PV Valuation Committee).
- Meeting cadence FY2024: THW Board held 8 meetings; Audit Committee 3; Nominating & Corporate Governance Committee 1; PV Valuation Committee 4.
- Attendance: Each incumbent Trustee attended at least 75% of Board and assigned committee meetings in FY2024.
- Board leadership: Board Chair is Independent Trustee Todd Reit; Independent Trustees meet in executive session; independent legal counsel engaged.
Fixed Compensation
| Metric | FY 2024 | Notes |
|---|---|---|
| Aggregate Compensation from THW (cash) | $23,458 | Paid as trustee fees; proxy does not itemize retainer vs. meeting/committee fees for Mr. Bailey. |
| Aggregate Compensation from HQH | $23,458 | |
| Aggregate Compensation from HQL | $23,458 | |
| Aggregate Compensation from THQ | $23,458 | |
| Total Compensation from Fund Complex | $93,832 | Sum across HQH, HQL, THQ, THW. |
| Bonus/Profit Sharing/Pension/Retirement Plans | None | “None of the Funds have any bonus, profit sharing, pension or retirement plans.” |
- No equity-based trustee grants (RSUs/DSUs/options) disclosed for Mr. Bailey in the proxy; compensation disclosure is aggregate cash only.
Performance Compensation
| Component | FY 2024 | Performance Metric(s) | Vesting |
|---|---|---|---|
| Short-term bonus | None | N/A | N/A |
| Stock awards (RSUs/PSUs) | None disclosed | N/A | N/A |
| Option awards | None disclosed | N/A | N/A |
- No severance, change-in-control, clawbacks, tax gross-ups, deferred compensation elections, or perquisites are disclosed for Trustees in the proxy.
Other Directorships & Interlocks
| Company | Role | Potential Interlock Considerations |
|---|---|---|
| Aurinia Pharmaceuticals | Director | External directorship identified; proxy does not disclose THW portfolio holdings, so no interlock assessment can be made from this filing. |
| Tekla Funds | Independent Board Chair (past) | Historical governance link; THW and related Funds changed adviser from Tekla Capital Management to abrdn on Oct 27, 2023. |
| Aileron Therapeutics Inc. | Board Chairman (past) | External healthcare exposure; no THW holdings disclosed in proxy. |
Expertise & Qualifications
- Healthcare and life sciences leadership: CEO roles at IllummOss and BioDelivery Systems; board leadership at Aileron; independent chair at Tekla Funds; current Aurinia board service.
- Fund governance and valuation oversight: Chair of PV Valuation Committee, responsible for venture valuation procedures subject to Board review.
- Board financial oversight: Member of Audit Committee; Audit Committee composed of financially literate independent trustees, with Mr. Maher designated financial expert.
Equity Ownership
| Holding | Dollar Range (as of Apr 1, 2025) | Notes |
|---|---|---|
| THW | $10,001–$50,000 | Individual beneficial ownership per Rule 16a-1(a)(2). |
| THQ | $10,001–$50,000 | |
| HQL | $10,001–$50,000 | |
| HQH | $10,001–$50,000 | |
| Aggregate across Funds Overseen | $50,001–$100,000 | Family of Investment Companies aggregate dollar range. |
| Trustees/officers aggregate ownership | <1% of each Fund’s outstanding shares | Alignment signal across the Funds. |
| Investment Adviser share ownership (independents) | None by Independent Trustees or immediate family members | Independence support vs. adviser. |
Governance Assessment
- Strengths: Independent status; multi-committee engagement (Audit, Nominating & Corporate Governance) with chair role on PV Valuation Committee; satisfactory attendance (≥75%) and active oversight structure with executive sessions and independent counsel.
- Compensation alignment: Cash-only trustee fees with no performance-linked or equity awards disclosed; simplicity reduces pay-for-performance concerns common to operating company boards but limits equity alignment.
- Ownership alignment: Personal dollar-range holdings across all four Funds and aggregate range indicate some alignment; aggregate trustee/officer ownership remains <1% of outstanding, typical for closed-end funds.
- Potential conflicts: No ownership of the Investment Adviser by Independent Trustees or immediate family members; Mr. Pittard is an interested Trustee employed by the Adviser (context on board composition).
- Notable transition context: Prior adviser change from Tekla Capital Management to abrdn (Oct 27, 2023); Mr. Bailey previously served as Independent Board Chair of Tekla Funds before the transition.