Ali Bouzarif - Director | AlTi Global (ALTI) Executive Profile & Compensation

About Ali Bouzarif

Ali Bouzarif (age 46) has served on AlTi Global’s Board since 2023. He is currently CEO of IlWaddi Advisors and has worked with IlWaddi Group since 2017; previously he was a Supervisory Board member and Partner at Alvarium Investments Limited. He holds a Master’s degree in business engineering from Solvay Brussels School of Economics & Management and is a CFA charterholder. His background includes serving as Head of M&A at the Qatar Investment Authority (QIA) from 2007–2017, with board roles at Heathrow Airport, American Express Global Business Travel (NYSE: GBTG), AccorHotels, and Canary Wharf Group .

Past Roles

Organization	Role	Tenure	Committees/Impact
Qatar Investment Authority (QIA)	Head of M&A	2007–2017	Member of management investment committee; instrumental in Harrods acquisition and Fairmont Raffles–AccorHotels merger
Alvarium Investments Limited	Supervisory Board member; Partner	Previously (pre-2023)	Served on Finance and Compensation Committee
Heathrow Airport	Board director; Remuneration Committee member	During QIA tenure	Oversight of remuneration
American Express Global Business Travel (GBTG)	Board director; Remuneration Committee member	During QIA tenure	Board/comp oversight
AccorHotels	Board director; Commitment Committee member	During QIA tenure	Transaction commitment oversight
Canary Wharf Group	Board director	During QIA tenure	Board oversight

External Roles

Organization	Role	Tenure	Notes
IlWaddi Advisors	Chief Executive Officer	Current	Leads advisory arm affiliated with IlWaddi Group
IlWaddi Group	Senior leader/affiliation	Since 2017	Global private investment group

Board Governance

Independence status: Not independent. The Board’s independence review lists independent directors but excludes Bouzarif; the director table marks him “Independent: No” .
Investor Rights Agreement linkage (potential conflict): IlWaddi Holdings has the right to designate one Board nominee; Ali Bouzarif is the Shareholder Designee. The IRA grants the designee observer rights on committees where independence is required, and Voting Parties agree to support his election/re‑election .
Committee assignments: Member, Transaction Committee (TC). TC composition: Bouzarif, Cetin, Furlong (Chair), Tiedemann . He is not on the Audit or Compensation Committees .
Attendance and engagement: The Board held 14 meetings in FY2024; all directors attended at least 75% of Board and committee meetings during their service periods. Committee meetings in 2024: Audit 13, Compensation 9, ESG&N 4, Transaction 1 .
Board leadership: Chair of the Board is Timothy Keaney (independent) .
Executive sessions: Independent directors meet in executive session regularly .

Fixed Compensation

Component	FY2024 Amount
Fees Earned or Paid in Cash ($)	$101,250
Total Cash Retainer Structure (reference)	Board member retainer: $100,000; Transaction Committee member: $5,000; (Committee chair/member schedules: Audit $20,000/$10,000; Compensation $10,000/$5,000; ESG&N $10,000/$5,000; Transaction $10,000/$5,000)

Note: AlTi uses a retainer-only approach (no per-meeting fees) for non-employee directors .

Performance Compensation

Component	FY2024 Amount	Vesting/Notes
Stock Awards ($)	$217,350	Non-employee directors typically receive annual RSU grants that vest at the earlier of the business day immediately prior to the next annual meeting or June 30 of the year following grant .
Unvested RSUs (#) at 12/31/2024	22,312.37	Time-based vesting per director policy .

No performance metrics are disclosed for director RSU grants; awards are time-based rather than tied to financial/ESG performance .

Other Directorships & Interlocks

Company	Public/Private	Role	Committee/Function
American Express Global Business Travel (GBTG)	Public (NYSE: GBTG)	Board member	Remuneration Committee
Heathrow Airport	Private	Board member	Remuneration Committee
AccorHotels	Public	Board member	Commitment Committee
Canary Wharf Group	Private	Board member	Board oversight

Shareholder interlock: IlWaddi Holdings is a significant shareholder in AlTi (see Equity Ownership). Bouzarif serves as IlWaddi’s Shareholder Designee under the Investor Rights Agreement, creating a governance linkage between the Board and a major owner .

Expertise & Qualifications

Core expertise: M&A leadership, investment management, board governance across large, complex enterprises; significant international transaction experience (Harrods acquisition; Fairmont Raffles–AccorHotels merger) .
Education: Master’s in business engineering (Solvay Brussels School), CFA charterholder .
Board skills matrix alignment: Asset management, banking, compensation, M&A, strategy development, risk—skills in line with Board needs (see Board Skills & Experience matrix) .

Equity Ownership

Holder	Class A Shares Beneficially Owned	% Ownership	Notes
Ali Bouzarif (individual)	802,085 (aggregate)	<1%	Includes 31,475 shares held directly and 748,298 via Mercyah B.V., an entity he controls .
IlWaddi Holdings (major holder linked via IRA)	18,117,850 Class A shares	12.6% of voting securities	IlWaddi’s owner is H.E. Sheikh Jassim Abdulaziz J.H. Al‑Thani .
Director equity outstanding (company-wide context)	5,877,253 RSUs and 1,304,054 PSUs unvested as of Record Date (company total)	—	No stock options outstanding under the 2023 Plan as of Record Date .

Hedging/pledging: Company policy prohibits hedging, short sales, and pledging by directors/officers/employees .
Section 16 compliance: One late Form 4 filing by IlWaddi in 2024 (among several late filings by insiders) .

Governance Assessment

Strengths:
- Deep M&A and investment governance experience across global assets; past oversight of complex, high-profile transactions (Harrods; Fairmont Raffles–AccorHotels) enhances Board transactional acumen .
- Active engagement: Board met 14 times in 2024; all directors met at least the 75% attendance threshold; Transaction Committee met in 2024, indicating activation of deal oversight processes .
- Ownership alignment through meaningful personal holdings and time-based RSU grants; director equity has near-term vesting aligned with annual meeting cadence .
Concerns/RED FLAGS:
- Non‑independent status combined with Shareholder Designee role for IlWaddi (12.6% holder) increases potential for conflicts, especially given membership on the Transaction Committee that reviews M&A/investments; Committee chair is independent (Furlong), but oversight rigor should monitor recusals and IRA observer provisions for independence-required committees .
- Late Section 16 filing by IlWaddi (a >10% holder) in 2024; while administrative, such lapses can affect investor confidence in compliance culture .
- AlTi is an emerging growth company and does not conduct advisory say‑on‑pay votes; while permitted under the JOBS Act, the absence of shareholder feedback mechanisms can be perceived as a governance gap by some investors .
Compensation mix and alignment:
- 2024 director compensation skewed toward equity (Stock Awards $217,350 vs Cash $101,250), supporting long‑term alignment; the mix implies majority equity-based compensation in FY2024 .
- Clear retainer schedule with no meeting fees simplifies incentives and emphasizes ongoing engagement; annual director RSUs vest around the next annual meeting, reinforcing continuity .
Additional controls:
- Non‑employee director compensation capped at $500,000 annually under the Amended 2023 Plan (Administrator may make exceptions in extraordinary circumstances without the beneficiary’s participation), constraining excess director pay .
- Comprehensive related‑party transaction policy with Audit Committee review/approval requirements; Code of Ethics restricts conflicts and requires public disclosure of waivers .

Overall: Bouzarif brings valuable transactional expertise but his non‑independence and Shareholder Designee status, paired with TC membership, require disciplined conflict management (recusal protocols, transparent minutes, and robust Audit/ESG&N oversight) to preserve investor confidence .