Lisa Iglesias
About Lisa G. Iglesias
Lisa G. Iglesias (age 59) has served as an independent director of Ambac Financial Group since August 4, 2021. She is Executive Vice President and General Counsel of Unum Group (Jan 2015–present), overseeing legal, Internal Audit, Aviation, and Information Security. She holds B.S. and M.S. in accounting from the University of South Florida and a J.D. from the University of Miami; honors include the 2025 Legends in Law Award and recognition by Latino Leaders magazine (2022, 2020, 2018). Tenure on Ambac’s board has featured committee leadership and audit oversight credentials (Audit Committee Financial Expert).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| WellCare Health Plans, Inc. | SVP, General Counsel & Secretary; previously VP, Securities & Assistant GC | VP role from Feb 2010; SVP GC & Secretary Feb 2012–Dec 2014 | Led legal, governance, SEC reporting and regulatory matters |
| Nordstrom, Inc. | General Counsel & Corporate Secretary | 2007–2008 | Corporate governance and SEC/legal oversight |
| Spherion Corporation | General Counsel & Secretary | 1999–2007 | Oversaw legal and governance for staffing company |
| Greenberg Traurig | SEC & M&A Attorney | 1994–1998 | Capital markets/M&A legal practice |
| KPMG Peat Marwick | Tax CPA | 1989–1991 | Tax/accounting background |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Unum Group (NYSE: UNM) | EVP, General Counsel | Jan 2015–present | Leads legal; oversees Internal Audit, Aviation, Information Security |
| Public Education Foundation of Chattanooga | Board Member | Current | Non-profit board service |
Board Governance
- Committee assignments: Audit Committee member and Audit Committee Financial Expert; Chair of the Governance & Nominating Committee. Strategy Committee membership not listed for Iglesias.
- Independence: Board determined Ms. Iglesias is independent under NYSE rules.
- Board/committee activity and attendance: Board met 18 times in 2024; each director attended at least 97% of Board and committee meetings on which they served. Audit Committee met 5 times; Governance & Nominating Committee met 5 times.
- Leadership structure: Independent Chair (Jeffrey S. Stein) with separate CEO; six of seven directors are independent. Executive sessions of independent directors are held at each regularly scheduled Board meeting.
- Director elections/engagement: Directors elected annually; Governance & Nominating oversees board evaluations and director qualifications.
Fixed Compensation (Non-Employee Director) – 2024
| Component | Amount ($) | Notes |
|---|---|---|
| Annual cash retainer | 100,000 | Paid monthly |
| Committee chair fee (Governance & Nominating) | 15,000 | Chair fee level for Governance & Nominating Committee |
| Total fees earned (2024) – Iglesias | 115,000 | Reported in Director Compensation Table |
Performance Compensation (Equity) – 2024 RSUs
- RSUs granted quarterly; one-year vesting from grant; settlement deferred until separation from the Board; change-in-control and other acceleration provisions per plan.
- Grant-date fair values computed under ASC 718; RSU counts based on 20-day average closing price pre-grant.
| Metric | Jan 1, 2024 | Apr 1, 2024 | Jul 1, 2024 | Oct 1, 2024 |
|---|---|---|---|---|
| RSUs Granted (#) | 3,147 | 3,299 | 3,699 | 4,497 |
| Grant-date Fair Value ($) | 51,862 | 51,101 | 46,274 | 50,411 |
| Vesting | 1 year | 1 year | 1 year | 1 year |
- Total stock awards (2024) – Iglesias: $199,648.
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Iglesias in Ambac’s proxy. |
| Compensation Committee interlocks | None; no officer/employee service by Comp Committee members and no reciprocal interlocks disclosed. |
Expertise & Qualifications
- Legal, governance, regulatory, compliance, privacy, government affairs, and litigation expertise; finance and risk management exposure.
- Audit Committee Financial Expert designation; financially literate under SEC/NYSE standards.
- Oversees Internal Audit and Information Security at Unum; governance credentials reinforced by service as Ambac’s Governance & Nominating Committee Chair.
- Recognitions: 2025 Legends in Law Award; Latino Leaders magazine honors (2022, 2020, 2018).
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 69,546 (as of Apr 3, 2025) |
| % of outstanding | <1% (based on 51,091,190 shares outstanding) |
| RSUs included in beneficial ownership | 54,996 RSUs included; director RSUs do not settle until Board service ends; RSUs vesting >60 days after record date excluded. |
| Director stock ownership guideline | Hold lesser of $800,000 in value or 40,000 shares within five years; all directors meet requirement except Ms. Matus. |
| Compliance status (Iglesias) | Meets guideline (per proxy statement’s aggregate compliance note). |
Related-Party Exposure and Conflicts
- Related-party transaction oversight resides with the Governance & Nominating Committee (which Iglesias chairs); policy requires review/approval and recusal when conflicted.
- 2024 vendor relationships with >5% holders approved: The Vanguard Group administered Ambac’s 401(k) ($29,890 fees); BlackRock Financial Management provided accounting/ops/risk services ($866,000; contracts expired July 31, 2024). No other related-party transactions identified.
- Independence affirmed for Iglesias by Board; no disclosed business dealings between Ambac and Unum Group.
Shareholder Signals and Engagement
- Say-on-Pay support ~95% at 2024 annual meeting; ongoing investor outreach highlighted.
- Board structure favors independent oversight (separate Chair/CEO; 6 of 7 independent; no classified board; no poison pill).
Governance Assessment
- Strengths: Independent director with deep legal/compliance and risk background; Audit Committee Financial Expert; chairs Governance & Nominating; high attendance culture (≥97% in 2024); board holds executive sessions regularly; equity-heavy director pay supports alignment; stock ownership guideline met.
- Potential watchouts: As Governance & Nominating Chair, Iglesias oversees related-party policy while the committee approved services with >5% holders (Vanguard, BlackRock); however, policy-driven review and disclosure mitigate conflict risk; no other related-party dealings disclosed.
- Bottom line: Profile supports investor confidence on governance effectiveness—independence, committee leadership, audit literacy, and ownership alignment are evident, with no red flags disclosed in the latest proxy.