Patrick Keniston

About Patrick Keniston

Patrick J. Keniston (61) serves as Chief Compliance Officer (CCO) of The Taiwan Fund, Inc. (TWN) and has held this officer role since 2015 . He is employed by Fund Officer Services, LLC (Foreside/ACA Group), where he has been a Director/Senior Principal Consultant and Fund Chief Compliance Officer since 2008 . The Fund’s Board has appointed a chief compliance officer to implement and test the Fund’s compliance program as part of broader risk oversight of third‑party service providers (Adviser, Administrator, etc.) . The proxy statements do not disclose education or officer‑level performance metrics (e.g., TSR, revenue, EBITDA) specific to Mr. Keniston .

Past Roles

External Roles

No public company board directorships or committee roles for Mr. Keniston are disclosed in TWN’s proxy statements; officer disclosures list principal occupation only .

Fixed Compensation

• TWN proxy statements disclose cash compensation for independent Directors only; officer compensation (including base salary, bonus, equity) is not presented. The FY2024 director cash compensation totaled $273,924; individual director fees included $30,000 annual retainer ($40,000 for Board and Audit Chairs) plus $6,000 per quarterly meeting and $2,000 for other meetings . For FY2023, aggregate director remuneration was $310,000 with the same fee schedule . No officer compensation amounts are provided in these filings .

Performance Compensation

• The proxy statements do not disclose performance‑based incentive structures, metrics, or equity awards for officers of the Fund (no RSUs/PSUs/options, targets, or payout curves reported for officers) .

Equity Ownership & Alignment

• Officer beneficial ownership in TWN is not disclosed in the proxies; ownership tables cover nominees for Director, not officers .
• The proxies report major beneficial owners (institutional holders) and note that no Director or immediate family member owned securities in the Fund’s Adviser or its control affiliates .
• No pledging, hedging, or officer stock ownership guidelines are disclosed for officers in the proxy statements .

Employment Terms

• Role and tenure: Mr. Keniston has been CCO of TWN since 2015 .
• Employer: Fund Officer Services, LLC (Foreside/ACA Group), performing the CCO function for TWN .
• Operating model: The Fund’s day‑to‑day operations—including risk management—are executed by third‑party service providers (Adviser, Administrator), with the Board overseeing these providers and the CCO reporting on compliance matters .
• Contracts/severance/change‑of‑control: The proxy statements do not disclose employment agreement terms, severance multiples, change‑of‑control triggers, accelerated vesting, clawbacks, or tax gross‑ups for officers .

Investment Implications

• Pay‑for‑performance alignment: Lack of disclosed officer cash/equity compensation and absence of TWN‑linked equity awards for officers suggest limited direct pay‑for‑performance linkage at the Fund officer level; governance emphasis is on independent directors and third‑party service oversight .
• Retention risk: Mr. Keniston’s role is provided via Fund Officer Services (Foreside/ACA), implying retention is largely a function of the service provider’s engagement with TWN rather than Fund‑granted incentives; no severance or change‑of‑control terms are disclosed for officers .
• Trading signals/insider selling pressure: With no disclosed officer equity grants or ownership, insider selling pressure from officer award vesting is likely minimal; proxies do not report officer holdings or sales .
• Governance: Board committees (Audit, Nominating, Valuation, Discount Management) and the appointed CCO structure indicate robust oversight of service providers and compliance processes, reducing execution risk tied to internal management turnover .