Warren J. Olsen
About Warren J. Olsen
Independent Director (since 2018) and Chairman of the Audit Committee of The Taiwan Fund, Inc. (TWN); age 68 as of the 2025 proxy. Prior roles include CIO and senior leadership across asset management, and he is designated by the Board as the Audit Committee financial expert, signaling deep accounting and oversight expertise . All TWN Directors are independent (not “interested persons” under the 1940 Act) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SCB Global Capital Management | Chairman & Chief Investment Officer | 2014–present | Investment leadership; relevant expertise for fund oversight |
| First Western Financial Inc. | Vice Chairman & Chief Investment Officer | 2002–2014 | Senior investment oversight |
| IBJ Whitehall Asset Management | President & CEO | 1999–2002 | Asset management leadership |
| Morgan Stanley Funds | President | 1988–1997 | Mutual funds leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Aetos Multi-Strategy Arbitrage Fund, LLC | Director | Not disclosed | Listed as other directorship |
| Aetos Distressed Investment Strategies Fund, LLC | Director | Not disclosed | Listed as other directorship |
| Aetos Long/Short Strategies Fund, LLC | Director | Not disclosed | Listed as other directorship |
Board Governance
- Independence: TWN’s Board comprises independent directors; Olsen is independent and serves as Audit Committee Chair and audit committee financial expert .
- Committee assignments:
- Audit Committee: Chair (members: Clark, Kirby, Olsen, Rigger); 4 regular meetings in FY ended Aug 31, 2024 .
- Nominating Committee: Member; 2 meetings in FY2024 .
- Valuation Committee: Member; 1 meeting in FY2024 .
- Discount Management Committee: Member; 2 meetings in FY2024 .
- Attendance: The Board held 4 regular and 1 special meeting in FY2024; each Director attended at least 75% of Board and committee meetings, and all Directors attended the 2024 Annual Meeting .
- Leadership: William C. Kirby serves as Independent Chairman of the Board .
Fixed Compensation
- Structure (FY ended Aug 31, 2024): Annual fee $30,000; $40,000 for Chairman of the Board and Chairman of the Audit Committee; $6,000 per quarterly Board and Committee meeting; $2,000 for meetings on days separate from quarterly Board meetings .
- No pension or retirement benefits for Directors .
| Item | FY2023 Amount | FY2024 Amount | Notes |
|---|---|---|---|
| Aggregate compensation (Olsen) | $58,000 | $59,750 | Increase aligns with serving as Audit Chair in FY2024 |
| Annual Director fee | $30,000 | $30,000 | Standard |
| Audit Committee Chair premium | $40,000 | $40,000 | Applies to committee chair |
| Meeting fee (quarterly) | $6,000 per quarterly Board and Committee meeting | $6,000 per quarterly Board and Committee meeting | Per meeting |
| Other meeting fee | $2,000 per non-quarterly meeting day | $2,000 per non-quarterly meeting day | Per meeting |
Performance Compensation
- The proxy discloses cash retainers and meeting fees; no bonuses, equity awards, options, or performance-based compensation metrics for Directors are disclosed .
| Performance Element | Disclosed? | Details |
|---|---|---|
| Annual/target bonus | No | Not disclosed in proxy |
| Stock awards (RSUs/PSUs) | No | Not disclosed in proxy |
| Option awards | No | Not disclosed in proxy |
| Performance metrics (TSR/EBITDA/ESG) | No | Not disclosed in proxy |
Other Directorships & Interlocks
| Company | Relationship to TWN | Potential Interlock/Conflict |
|---|---|---|
| Aetos Multi-Strategy Arbitrage Fund, LLC | Unrelated fund | No TWN adviser/admin link disclosed |
| Aetos Distressed Investment Strategies Fund, LLC | Unrelated fund | No TWN adviser/admin link disclosed |
| Aetos Long/Short Strategies Fund, LLC | Unrelated fund | No TWN adviser/admin link disclosed |
- No Director or immediate family owned securities in the Fund’s Adviser (Nomura) or affiliates, reducing related-party concerns .
Expertise & Qualifications
- Designated audit committee financial expert by the Board .
- Senior investment leadership across asset managers and funds (Morgan Stanley Funds President; IBJ Whitehall Asset Management President & CEO; First Western Financial Vice Chairman & CIO; SCB Global Capital Management Chairman & CIO) .
- Governance experience across valuation, discount management, and nominating functions .
Equity Ownership
| As of | Dollar Range of TWN Equity Securities (Olsen) | Fund Complex Aggregate Dollar Range |
|---|---|---|
| Jan 31, 2025 | $10,001–$50,000 | $10,001–$50,000 |
| Jan 31, 2024 | $10,001–$50,000 | $10,001–$50,000 |
- Shares outstanding at record date: 6,393,874 (Feb 18, 2025) — percent ownership for Olsen not disclosed due to dollar-range reporting .
- No disclosure of shares pledged or hedging policies for Directors .
Governance Assessment
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Strengths:
- Independence and financial expertise: Olsen chairs the Audit Committee and is designated the audit committee financial expert, a positive for financial reporting oversight .
- Engagement: Board and committees were active in FY2024; Olsen’s committee leadership and general attendance standards were met; all Directors attended the 2024 Annual Meeting .
- Conflict mitigation: No Director (including Olsen) or immediate family owned securities in Nomura (Adviser) or its affiliates, and audit fees/tax fees were pre-approved per charter; minimal related-party exposure disclosed .
-
Compensation & alignment:
- Cash-based director pay with chair premium; Olsen’s aggregate compensation rose modestly from $58,000 (FY2023) to $59,750 (FY2024), consistent with audit chair responsibilities and standard meeting fees .
- Equity alignment via personal share ownership reported in dollar range ($10,001–$50,000), but exact share count and percent ownership not disclosed; no equity grants as compensation are disclosed .
-
RED FLAGS:
- None disclosed regarding pledging/hedging, related-party transactions, tax gross-ups, or option repricing .
- Attendance: Only aggregate ≥75% disclosure; individual attendance rates not provided, which limits precision in assessing individual engagement but is standard for closed-end fund proxies .
-
Notable changes:
- Transition in Audit Committee leadership: Olsen moved from Vice Chair (FY2023) to Chair (FY2024), enhancing direct oversight role and signaling increased board reliance on his financial expertise .