Monique Labbe

About Monique Labbe

Monique Labbe is the Treasurer and Principal Financial Officer of The Taiwan Fund, Inc. (TWN), serving since 2017; she is age 51 per the 2025 proxy and signs the Fund’s financial certifications, including SOX 302/906 and N-CEN, evidencing responsibility for disclosure controls and financial reporting integrity . Labbe is employed by Foreside Management Services, LLC and serves as Director and Fund Principal Financial Officer at Foreside since 2014; as an officer provided by a service provider, she receives no compensation directly from the Fund and does not set investment policy . Fund performance during her tenure is shown below to contextualize TSR: NAV total return was 49.63% (FY2020), 66.88% (FY2021), -24.42% (FY2022), 32.61% (FY2023), 37.11% (FY2024), and 1.14% for the six months ended Feb 28, 2025; market price returns were 43.31%, 69.95%, -24.01%, 23.41%, 45.68%, and -0.96%, respectively .

Past Roles

External Roles

Fixed Compensation

• Officers provided by Foreside (including Treasurer) “receive no compensation from the Fund” during their terms of office .
• Compensation elements such as base salary, target bonus, bonus paid, equity awards, options, pension, and perquisites are not disclosed by TWN because officers are compensated by Foreside, not the Fund .

Performance Compensation

• No Fund-paid incentive compensation (RSUs, PSUs, options) or performance metric-linked payouts are disclosed for the Treasurer; as a service provider officer, compensation is not paid by the Fund and therefore no Fund-linked vesting schedules or payout metrics apply .

Equity Ownership & Alignment

• Beneficial ownership disclosures in the proxy cover directors; officer share ownership (including Monique Labbe) is not disclosed. No pledging/hedging, ownership guidelines, or compliance status for officers are disclosed .
• Discount management and buyback policies to manage the market/NAV discount (see below) are the primary capital alignment tools impacting shareholder value, rather than officer equity programs .

Employment Terms

• Role and start date: Treasurer since 2017; Principal Financial Officer capacity confirmed in N-CSR certifications and N-CEN signature .
• Employer: Foreside Management Services, LLC provides the Treasurer; officers from Foreside do not set investment policies .
• Contract term, severance, change-of-control, non-compete, non-solicit, garden leave, and clawback provisions: Not disclosed for service provider officers .

Performance & Track Record

Fund performance (NAV and market price total return) across Labbe’s tenure:

Balance sheet scale (Net Assets) and discount management actions:

Operational and governance notes:

• Labbe certifies the Fund’s N-CSR under SOX 302 (as Treasurer/PFO) and 906 (as CFO), confirming effective disclosure controls and fair presentation of financials; this supports execution quality in financial reporting .
• Buybacks under the Discount Management Program and conditional tender policy are overseen by the Board; 2025 repurchases at an 18.22% average discount added $0.48 NAV accretion per share .
• The Fund underperformed the TAIEX TR benchmark by 22 bps on NAV in 6M FY2025 (1.14% vs 1.36%) and outperformed materially in 6M FY2024 (23.34% vs 15.38%), indicating variable relative TSR across periods .

Board Governance

• Labbe is an officer, not a director; director committee memberships, attendance, and compensation are disclosed separately and not applicable to her role .

Say-on-Pay & Shareholder Feedback

• No say-on-pay proposals for officers; proxies disclose director compensation only and do not include officer compensation votes .

Compensation Peer Group

• Not applicable; no officer compensation benchmarking is disclosed for service provider officers .

Fixed Compensation (Detail Table)

Performance Compensation (Detail Table)

Equity Ownership & Alignment

• Officer beneficial ownership, pledged shares, and compliance with ownership guidelines are not disclosed; director ownership ranges are provided, but officer holdings are not enumerated in the proxy .

Employment Terms

Investment Implications

• Compensation alignment: As a service provider officer, Labbe has no Fund-paid cash or equity compensation, eliminating typical pay-for-performance levers and equity-based alignment signals; monitoring shifts in Foreside’s engagement or officer structure is more relevant than incentive plan changes .
• Insider selling pressure: With no disclosed officer equity ownership at TWN, traditional Form 4 selling pressure signals may be limited; instead, watch board-directed discount management actions (buybacks/tender policy) that directly impact NAV/market discount .
• Retention risk: Officer continuity depends on the service provider; absence of disclosed employment/severance terms means transition risk would likely surface via 8-K/Proxy changes or report certifications; no recent 5.02 8-Ks indicating officer changes were found –.
• Execution quality: Repeated SOX certifications and N-CEN signatory role suggest stable financial reporting controls; any disruption in certifying officers around reporting dates would be a governance red flag .
• Trading signals: Discount Management Program repurchases at sizable discounts (18.22% in 6M FY2025) and conditional tender policy into YE 2025 are actionable catalysts for discount narrowing and NAV accretion; monitor weekly website reports and upcoming five-year benchmark test for potential tender trigger .