Hurley Doddy
About Hurley Doddy
Independent director (Class III; term expiring 2026) at Sixth Street Specialty Lending, Inc. (TSLX) since January 2019; birth year 1963. Managing Director, Founding Partner, and Chief Executive Officer of Emerging Capital Partners (ECP); previously Executive Director at Sumitomo Finance International in London and a 14+ year career at Salomon Brothers with assignments in New York, Tokyo, and São Paulo. Education: A.B. in Economics, Princeton University; Chartered Financial Analyst (CFA). He also serves as a trustee of Sixth Street Lending Partners; the Board has determined he is independent under NYSE and 1940 Act standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Emerging Capital Partners (ECP) | Managing Director, Founding Partner, CEO | Founding in 1999; current | Private equity fund manager focused on Africa; brings risk management and credit market insights to TSLX Board |
| Sumitomo Finance International (London) | Executive Director | Pre-1999 (exact dates not disclosed) | Investment banking/finance leadership experience |
| Salomon Brothers | Finance professional | 1984 for 14+ years | Global capital markets experience across NY, Tokyo, São Paulo |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Sixth Street Lending Partners | Trustee (board member) | 2022 | Affiliated fund within the Sixth Street platform; provides interlock exposure to platform governance |
Board Governance
- Committee memberships: Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee; not identified as chair on any committee .
- Independence: Determined independent under NYSE and 1940 Act; serves alongside a majority-independent board .
- Attendance: Board met 4 times in 2024; no incumbent director attended fewer than 75% of Board and committee meetings on which they served .
- Committee activity (2024): Audit Committee (8 meetings; Chair: Judy Slotkin), Compensation Committee (3 meetings; Chair: John Ross), Nominating & Corporate Governance Committee (1 meeting; Chair: Richard Higginbotham) .
Fixed Compensation
- Structure (Independent Directors): Annual cash retainer $110,000 (raised to $125,000 effective Jan 1, 2025); $2,500 per Board meeting; $1,500 per monthly telephonic update meeting; $1,000 per committee meeting; Chair add-ons: Audit Committee $15,000; Nominating & Corporate Governance Committee $10,000. Out-of-pocket expenses reimbursed .
| Component | Amount | Effective Period |
|---|---|---|
| Annual retainer (cash) | $110,000 | Through 2024 |
| Annual retainer (cash) | $125,000 | From Jan 1, 2025 |
| Board meeting fee (cash) | $2,500 per meeting | Ongoing |
| Telephonic update meeting fee (cash) | $1,500 per meeting | Ongoing |
| Committee meeting fee (cash) | $1,000 per meeting | Ongoing |
| Audit Committee Chair add-on | $15,000 per year | Ongoing |
| Nominating Committee Chair add-on | $10,000 per year | Ongoing |
| Year | Doddy – Fees Earned or Paid in Cash | Total |
|---|---|---|
| 2019 | $132,500 | $132,500 |
| 2020 | $160,000 | $160,000 |
| 2021 | $144,000 | $144,000 |
| 2022 | $143,500 | $143,500 |
| 2023 | $142,500 | $142,500 |
| 2024 | $140,500 | $140,500 |
Performance Compensation
- No performance-based or equity compensation is disclosed for independent directors (compensation is presented entirely as cash fees and meeting-based payments; no RSUs/PSUs/options or performance metrics tied to director pay are disclosed) .
| Performance Element | Detail |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed for independent directors |
| Options | Not disclosed for independent directors |
| Performance metrics (TSR/EBITDA/etc.) | Not applicable to independent director compensation |
| Vesting schedules | Not applicable |
| Change-in-control/severance | Not applicable to directors |
Other Directorships & Interlocks
| Company/Entity | Role | Committee Roles (if disclosed) | Interlock/Conflict Considerations |
|---|---|---|---|
| Sixth Street Lending Partners | Trustee | Not disclosed | Affiliation with Sixth Street platform; TSLX is externally managed by an Adviser affiliated with Sixth Street; independent status maintained under 1940 Act/NYSE, but platform interlocks warrant oversight |
Expertise & Qualifications
- 30+ years across finance and private equity; risk management orientation relevant to credit portfolio oversight .
- Global markets experience (NY, Tokyo, São Paulo); structured finance exposure at Sumitomo Finance International .
- A.B. in Economics (Princeton) and CFA designation, supporting audit and valuation oversight .
- Serves on all three independent committees (Audit, Compensation, Nominating & Corporate Governance), signaling broad governance engagement .
Equity Ownership
| As of | Shares Beneficially Owned | % of Outstanding | Dollar Range | Pledged as Collateral |
|---|---|---|---|---|
| March 31, 2025 | 24,903 | <0.1% (of 93,964,358 shares) | Over $100,000 | None indicated for Doddy (no footnote; pledging disclosed for certain executives, not Doddy) |
Insider Trades
| Date | Security | Transaction | Shares | Price | Notes |
|---|---|---|---|---|---|
| 2023-03-13 | TSLX Common | Purchase | 2,900 | $17.51 | Open market buy; per public insider tracker and SEC Form 4 reference |
| 2023-03-15 | TSLX Common | Dividend reinvestment | 3,264 | — | Shares acquired under dividend reinvestment plan per company Form 4 |
| 2020-03-16 | TSLX Common | Filed Form 4 | — | — | Historical filing reference |
Note: Prices and share counts are drawn from public filings/trackers linked above; the company’s 2025 proxy shows aggregate beneficial ownership but does not enumerate all transactional details .
Governance Assessment
- Board effectiveness: Doddy serves on Audit, Compensation, and Nominating committees, providing broad coverage of financial reporting, advisory agreement renewals, and board composition. Committee structures are fully independent, with active meeting cadence (Audit 8, Compensation 3, Nominating 1 in 2024), supporting robust oversight .
- Independence & attendance: He is explicitly independent under NYSE/1940 Act; Board-level attendance exceeded the 75% threshold for all incumbents in 2024, aligning with engagement expectations .
- Alignment & ownership: Beneficial ownership of 24,903 shares (<0.1%); dollar value “over $100,000.” No pledging disclosed for Doddy (contrasted with pledging by certain executives), which avoids a common red flag. The proxy does not disclose director equity grant programs, indicating pay is cash-based rather than equity-aligned for directors .
- Conflicts & related parties: TSLX’s external manager is affiliated with Sixth Street, and the platform holds 2,714,266 shares (2.9%)—structural conflicts are acknowledged, with independent committees tasked to review and renew the Investment Advisory and Administration Agreements annually and the Audit Committee reviewing related-person transactions. Doddy’s committee roles place him in the oversight path of these conflict mitigants .
- Leadership structure: The Chair is not independent and the Board has no designated Lead Independent Director; governance is mitigated through executive sessions of Independent Directors (presided by the Audit Chair) and independent committee control, but absence of a lead independent role is a governance watchpoint in externally managed BDCs .
Red Flags and Watchpoints
- Bold RED FLAGS:
- External manager conflicts inherent to Sixth Street affiliation; requires continued scrutiny of advisory fee renewals and allocation policies .
- No Lead Independent Director; concentration of board leadership in an interested Chair increases reliance on committee independence and executive sessions .
- Positive signals:
- Active independent committee engagement with clear charters and meeting cadence; Audit Committee chaired by financial expert; explicit board determinations of independence .
- No pledging disclosed for Doddy; periodic direct ownership and documented Form 4 activity .
Overall: Doddy’s risk-focused background and multi-committee roles bolster board oversight of reporting and advisory agreements. Structural conflicts from external management and lack of a Lead Independent Director remain the principal governance risks; committee independence and executive sessions are key mitigants that investors should monitor for continued rigor .