Michael Taggart
About Michael Taggart
Michael Taggart serves as Vice President of abrdn World Healthcare Fund (THW) and other abrdn funds; year of birth 1970; officer since 2023. He is currently a Closed-End Fund Specialist at abrdn Inc.; prior roles include Vice President of Investment Research and Operations at Relative Value Partners (from June 2022), self‑employed after leaving Nuveen in November 2020 where he served as Vice President of Closed‑End Fund Product Strategy (November 2013–November 2020) . Fund documents do not disclose officer-level performance metrics or pay‑for‑performance structures; officers are employees of abrdn and receive no compensation from the Funds .
Past Roles
| Organization | Role | Years (as disclosed) | Strategic Impact / Focus |
|---|---|---|---|
| abrdn Inc. | Closed‑End Fund Specialist | Since 2023 | Product/strategy specialist for closed‑end funds; serves as Fund officer (Vice President) |
| Relative Value Partners, LLC | Vice President, Investment Research & Operations | From June 2022 | Investment research and operations leadership for fund strategies |
| Nuveen | Vice President, Closed‑End Fund Product Strategy | Nov 2013–Nov 2020 | Closed‑end fund product strategy across Nuveen’s CEF platform |
| Self‑employed | Consultant/Independent | After Nov 2020 until joining RVP (June 2022) | Independent work following Nuveen tenure |
Fixed Compensation
All officers of the Funds are employees of and are compensated by abrdn Inc. or an affiliate. None of the Funds’ executive officers who are also officers of abrdn Inc. received any compensation from any Fund for the fiscal year ended September 30, 2024. None of the Funds have any bonus, profit sharing, pension or retirement plans .
| Component | Fund-Paid Amount | Source |
|---|---|---|
| Base salary | $0 | Officers are compensated by abrdn Inc., not by THW |
| Target bonus | $0 | Funds do not have bonus/profit sharing plans |
| Pension/retirement | None | Funds do not have pension/retirement plans |
Performance Compensation
| Metric/Plan Feature | Disclosure |
|---|---|
| Incentive structure (RSUs, PSUs, options) | Not disclosed at the Fund level; officers are paid by abrdn Inc., and Fund documents do not detail abrdn’s officer incentive plans |
| Performance metrics tied to pay (e.g., TSR, EBITDA) | Not disclosed in THW proxy for officers |
| Clawbacks, tax gross‑ups | Not disclosed in THW proxy for officers |
Equity Ownership & Alignment
| Metric | As of | Amount/Status | Notes |
|---|---|---|---|
| Beneficial ownership (THW common) | Mar 11, 2025 | 0 shares | Form 3 states “No securities are beneficially owned” |
| Ownership % of shares outstanding | Mar 11, 2025 | 0% | Derived from zero shares reported |
| Options (exercisable/unexercisable) | Mar 11, 2025 | None reported | No derivative holdings disclosed on Form 3 |
| RSUs/PSUs (vested/unvested) | Mar 11, 2025 | None reported | No equity awards disclosed in Fund filings |
| Shares pledged as collateral | Mar 11, 2025 | Not disclosed | Form 3 reports no holdings |
| Ownership guidelines/compliance | FY 2024/FY 2025 | Not disclosed | Fund proxy does not set officer ownership guidelines |
Employment Terms
| Term | Disclosure |
|---|---|
| Officer title/role | Vice President (officer of THW and other funds) |
| Appointment/tenure | Officers are appointed annually at a meeting of the Fund Board; officers hold their positions until a successor is duly elected and qualifies |
| Employer | abrdn Inc. (officers are employees of abrdn Inc. or an affiliate) |
| Compensation payer | abrdn Inc.; no Fund‑paid compensation to officers |
| Severance/change‑of‑control | Not detailed in Fund proxy for officers; Fund documents focus on advisory agreement terms, not officer severance |
| Non‑compete/non‑solicit/garden leave | Not disclosed in Fund proxy for officers |
| Section 16 compliance | Taggart filed Form 3 reporting no holdings; FY 2024 proxy notes specific late filings for other individuals, with no mention of Taggart |
| Power of Attorney for SEC filings | Executed June 11, 2024 authorizing attorneys‑in‑fact to make Section 16 filings |
Investment Implications
- Pay-for-performance transparency is limited at the Fund level: officers are paid by abrdn Inc., and the Fund discloses no officer‑level cash/equity mix, targets, or payout curves; THW bears no direct officer compensation expense, reducing Fund‑level pay alignment concerns but limiting visibility into incentives .
- Alignment via ownership appears minimal at present: Taggart reported zero THW beneficial ownership on Form 3 (Mar 11, 2025), implying no current insider ownership‑driven selling pressure; continue to monitor future Forms 4/5 for any changes .
- Retention risk and incentive levers reside within abrdn’s internal employment terms, not Fund contracts; officers are appointed annually and serve until successors are elected, suggesting role continuity is Board‑driven rather than governed by Fund‑level employment agreements .
- Governance/compliance signal: execution of a standing Power of Attorney for Section 16 filings indicates procedural readiness for timely reporting; FY 2024 proxy notes late filings for other individuals but does not cite Taggart, which is neutral to positive from a compliance standpoint .