Anthony S. Clark
About Anthony S. Clark
Independent Director of The Taiwan Fund, Inc. since 2017; age 72, CFA charterholder. Background includes Managing Member at Innovation Capital Management (2016–present), former CIO of the Pennsylvania State Employees’ Retirement System (2010–2013), Deputy CIO at PBGC (2009–2011), and Director of Global Equities at the Howard Hughes Medical Institute (1995–2008). He is designated an Independent Director (not an “interested person”) under the Investment Company Act and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Pennsylvania State Employees’ Retirement System | Chief Investment Officer | 2010–2013 | Institutional investment leadership |
| Pension Benefit Guaranty Corporation (PBGC) | Deputy Chief Investment Officer | 2009–2011 | Federal pension risk oversight |
| Howard Hughes Medical Institute | Director of Global Equities | 1995–2008 | Global equity portfolio management |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Innovation Capital Management, LLC | Managing Member | 2016–present | Investment management leadership |
| Aberdeen Japan Equity Fund, Inc. | Director | Current | Public company directorship |
Board Governance
| Governance Area | Details |
|---|---|
| Independence | All directors, including Clark, are Independent under the 1940 Act and NYSE standards . |
| Board Attendance (FY2024) | Board held 4 regular and 1 special meeting; each Director attended at least 75% of Board/committee meetings; all directors attended the 2024 Annual Meeting . |
| Committee Memberships (FY2024) | Audit Committee member (Chair: Olsen); held 4 regular meetings . Nominating Committee member (Chair: Rigger); met 2 times . Valuation Committee Chair; met 1 time . Discount Management Committee member (Chair: Kirby); met 2 times . |
| Board Leadership | Board Chair is Independent (William C. Kirby) . |
Fixed Compensation
| Fee Component | Amount (USD) | Notes |
|---|---|---|
| Annual Director Fee | $30,000 | Applies to directors not affiliated with the Adviser . |
| Annual Chair Fee (Board, Audit) | $40,000 | For Chairman of the Board and Chairman of the Audit Committee . |
| Quarterly Board/Committee Meeting Fee | $6,000 | Per quarterly meeting attended . |
| Separate Meeting Fee | $2,000 | For meetings held on days separate from quarterly meetings . |
| Fiscal Year | Aggregate Compensation (USD) | Pension/Retirement Benefits | Total Compensation (Fund + Complex) |
|---|---|---|---|
| FY2024 (ended Aug 31, 2024) | $56,000 | — (none) | $56,000 |
| FY2023 (ended Aug 31, 2023) | $58,000 | — (none) | $58,000 |
The aggregate remuneration paid in cash to independent Directors was $273,924 in FY2024; no pension or retirement benefits are provided to Directors .
Performance Compensation
- Proxy disclosures list only cash director fees; there are no equity awards, stock options, or bonus/performance-based incentives disclosed for Directors. No pension or retirement benefits are provided .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict Assessment |
|---|---|---|
| Aberdeen Japan Equity Fund, Inc. | Public company directorship | TWN’s Adviser is Nomura Asset Management U.S.A. Inc.; proxy states no Director or immediate family owned securities in the Adviser or its affiliates, mitigating related-party concerns . |
Expertise & Qualifications
- Institutional investment and portfolio management expertise (public pension CIO, PBGC Deputy CIO, global equities leadership), plus CFA credential .
- Valuation oversight experience as Chair of the Valuation Committee; committee ensures appropriate and timely valuation policies with Adviser designated as Valuation Designee .
- Active participation across Audit, Nominating, Valuation, and Discount Management committees, indicating broad governance engagement .
Equity Ownership
| As of Date | Dollar Range of Equity Securities in TWN | Aggregate Dollar Range Across Fund Complex |
|---|---|---|
| Jan 31, 2025 | Over $100,000 | Over $100,000 |
| Jan 31, 2024 | $50,001–$100,000 | $50,001–$100,000 |
No Director or immediate family member owned securities in the Fund’s Adviser or its affiliates, supporting independence and reducing related-party exposure .
Governance Assessment
- Independence and oversight: Clark is an Independent Director with multi-committee roles (Audit member; Nominating member; Valuation Chair; Discount Management member), supporting strong board coverage of financial reporting, director nominations, valuation, and market discount management .
- Engagement: Board and committees met regularly in FY2024; Clark’s committees met 1–4 times; Directors achieved ≥75% attendance and attended the 2024 Annual Meeting, signaling commitment .
- Compensation alignment: Modest, fee-based compensation without equity or performance incentives, reducing pay-related conflicts; aggregate compensation stable ($56k FY2024 vs. $58k FY2023) .
- Ownership alignment: Clark holds a meaningful personal stake in TWN (over $100,000 as of Jan 31, 2025), increasing from $50k–$100k in 2024, a positive alignment signal for investors .
- Conflicts and related-party risk: Proxy discloses no Director ownership in the Adviser or its affiliates; no related-party transactions involving Directors are disclosed, and committee independence adheres to NYSE rules .
RED FLAGS
- None disclosed regarding related-party transactions, hedging/pledging, attendance shortfalls, or compensation anomalies for Clark in the latest proxy filings .