Richard Higginbotham
About Richard Higginbotham
Independent director of Sixth Street Specialty Lending, Inc. (TSLX) since 2011; currently Chair of the Nominating and Corporate Governance Committee and member of the Audit and Compensation Committees. Birth year: 1947; education: B.A. in Political Science from Brown University. Background in asset-based lending and credit, including senior roles at Bank of America and FleetBoston; retired operating executive and former board roles in specialty finance. Class I director with term expiring at the 2027 annual meeting; independent under NYSE and 1940 Act standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Healthcare Finance Group LLC | Director | Sep 2010–2013 | Board oversight during period concluding with sale |
| Tygris Commercial Finance Group, Inc. | Director; then Chairman | 2008–2010 | Served on Risk Committee; leadership in commercial finance governance |
| Bank of America | President, Asset Based Lending & Leasing | 2004–2005 | Led asset-based lending and leasing business |
| Fleet Bank / Fleet Financial Group, Inc. / FleetBoston Financial, Inc. | Various senior executive positions | ~35 years (prior to 2004) | Senior credit and banking leadership experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sixth Street Lending Partners | Trustee (Independent Director) | Since 2022 | Registered investment company within fund complex; indicates platform interlock |
Board Governance
- Independence: Board determined Higginbotham qualifies as an Independent Director under NYSE and 1940 Act (not an “interested person” of TSLX or the Adviser) .
- Committee assignments: Chair, Nominating & Corporate Governance; member, Audit; member, Compensation .
- Committee activity: Nominating & Corporate Governance Committee held 1 meeting in 2024 (Chair: Higginbotham). Compensation Committee held 3 meetings in 2024 (Chair: John Ross). Audit Committee held 8 meetings in 2024 (Chair: Judy Slotkin) .
- Board meetings and attendance: Board met 4 times in 2024; no incumbent director attended fewer than 75% of Board and committee meetings on which they served .
- Risk Management Committee: Higginbotham is not listed as a voting member; voting members are Easterly, Ross, Tanemura (non-voting: Simmonds, Pluss) .
- Tenure and classification: Class I Director; elected March 2011; term expires at the 2027 annual meeting .
Fixed Compensation
- Independent director pay structure (2024): $110,000 annual retainer; $2,500 per Board meeting; $1,500 per monthly telephonic update meeting; $1,000 per committee meeting; plus $10,000 per year for Chair of Nominating & Corporate Governance Committee (Higginbotham is Chair). Retainer increased to $125,000 beginning January 1, 2025 .
- Total cash fees (trend): | Metric | 2023 | 2024 | |---|---|---| | Fees Earned or Paid in Cash | $153,500 | $151,500 |
Performance Compensation
- No stock awards, options, or performance-based compensation disclosed for independent directors; company reports it does not have equity compensation plans, and director compensation table shows cash-only fees for 2024 .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlock/Related Note |
|---|---|---|---|
| Sixth Street Lending Partners | Trustee | Not disclosed | Affiliated fund complex overseen by same Adviser; common platform with TSLX (interlock within Sixth Street) |
Expertise & Qualifications
- Core credentials: Senior executive experience in asset-based lending and specialty finance; governance experience including chairmanship and risk committee service .
- Education: B.A., Political Science, Brown University .
- Board-relevant skills: Credit sector insight, underwriting and risk oversight perspective; enhances board’s credit and governance acumen .
Equity Ownership
| Item | Value |
|---|---|
| Common shares beneficially owned | 29,000 |
| Ownership as % of shares outstanding | ~0.03% (29,000 / 93,964,358) |
| Dollar range of beneficial ownership | Over $100,000 |
| Pledged shares | None disclosed for Higginbotham; pledging footnotes provided for other individuals only |
Governance Assessment
- Strengths: Long-tenured independent director with deep credit experience; chairs Nominating & Corporate Governance Committee; consistent attendance threshold compliance; participates on Audit and Compensation Committees (key oversight functions) .
- Alignment: Holds 29,000 shares (over $100,000 dollar range), with no pledging disclosed; director pay is cash-only and meeting-based, limiting earnings-linked conflicts .
- Conflicts and mitigants: Interlock as trustee of Sixth Street Lending Partners (affiliated fund complex). Mitigated by independence status and governance structures: independent committees oversee advisory and administration agreement renewals; Board conducts quarterly reviews of related party transactions; Audit Committee pre-approves auditor services and affirms independence .
- Engagement signals: Active committee activity in 2024 (Audit: 8; Compensation: 3; Nominating: 1), and Board met 4 times; Audit Committee report includes his name among members recommending inclusion of audited financial statements and auditor selection .
RED FLAGS
- Interlock within the Sixth Street fund complex (Trustee, Sixth Street Lending Partners) may raise perception of related-party exposure; however, he is classified as independent and the Board has formal processes for monitoring conflicts and related transactions .
- No director-specific hedging/pledging policies disclosed in proxy; pledging disclosed for certain other individuals, but no pledging indicated for Higginbotham .