Jin-Yong Cai
AonAbout Jin‑Yong Cai
Independent director of Aon since 2016; age 65. Partner at Global Infrastructure Partners (GIP), a global infrastructure private equity firm and wholly‑owned subsidiary of BlackRock; previously Partner at TPG Capital, CEO of the International Finance Corporation (2012–2016), and 12 years at Goldman Sachs as Partner and its top executive in China; began career at the World Bank Group. Current Aon committee assignments: Finance Committee and Organization & Compensation Committee; the Board lists him as an independent director .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| International Finance Corporation (World Bank Group) | Chief Executive Officer | 2012–2016 | Led largest global development institution focused on private sector; global finance and emerging markets expertise |
| Goldman Sachs | Partner; top executive in China | 12 years | Investment banking leadership; Asia-Pacific market insights |
| World Bank Group | Early career | Not disclosed | Development finance grounding |
| TPG Capital | Partner | Prior to GIP role (dates not disclosed) | Private equity investing experience |
| PetroChina Company Limited | Director (former) | Not disclosed | Energy sector oversight (former) |
| Syngenta Group | Director (former) | Not disclosed | Global agriscience oversight (former) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Global Infrastructure Partners (BlackRock subsidiary) | Partner | Current | GIP is wholly‑owned by BlackRock |
| Current public company boards | — | — | Aon director roster shows 0 current other public boards for Cai |
Board Governance
- Independence: The Board affirmatively determined all non‑management directors, including Cai, are independent under NYSE standards; independence review considered ordinary‑course transactions with employers of certain directors (including Cai) below materiality thresholds (greater of $1 million or 2% of counterparty revenue) .
- Attendance and engagement: Board met five times in 2024; all nominees serving in 2024 attended at least 75% of Board and relevant committee/sub‑committee meetings; directors are expected to attend the AGM (11 of 12 attended in 2024) .
- Committees served by Cai in 2024: Finance Committee (5 meetings) and Compensation Committee (6 meetings). Cai is not a committee chair .
- Governance policies: Directors subject to robust share ownership guidelines and prohibitions on hedging and pledging; regular executive sessions of independent directors .
Fixed Compensation (Non‑Management Director)
| Element | 2024 Program Value | 2025 Program Value | Cai 2024 Actual |
|---|---|---|---|
| Annual cash retainer | $145,000 | No change | $145,000 fees earned |
| Committee chair retainer (Audit) | $35,000 | $35,000 | Not applicable (not a chair) |
| Committee chair retainer (other committees) | $30,000 | $30,000 | Not applicable (not a chair) |
- Other cash: Matching contribution up to $10,000 via Aon Foundation; Cai received $10,000 in 2024 .
Performance Compensation (Director Equity)
| Element | Structure | 2024 Program Value | Cai 2024 Grant (ASC 718 FV) |
|---|---|---|---|
| Annual equity grant | Fully‑vested Class A Ordinary Shares; number determined by grant date value/closing price | $225,000 per director (plus $225,000 for non‑executive Chair) | $225,112 stock awards |
Directors do not receive performance‑based equity (no PSUs/TSR metrics); awards are fully‑vested shares or granted via the Non‑Employee Directors’ Deferred Stock Unit Plan .
Other Compensation Details (2024)
| Component | Amount | Notes |
|---|---|---|
| Estimated tax equalization | $146,861 | Payments for estimated U.S. income taxes on 2024 compensation under updated director tax equalization policy |
| Matching gifts | $10,000 | Aon Foundation Directors Matching Gift Program |
| Total “All Other Compensation” | $156,861 | Sum of components above |
- Policy caps: Annual tax equalization maximum $150,000 for non‑executive directors (and $250,000 for non‑executive Chair); total annual cash+equity cap $600,000 for directors ($900,000 Chair); other benefits cap $25,000 .
Director Compensation Summary (2024)
| Fees Earned ($) | Stock Awards ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|
| 145,000 | 225,112 | 156,861 | 526,972 |
Other Directorships & Interlocks
| Entity | Relationship | Potential Interlock/Conflict Consideration |
|---|---|---|
| BlackRock, Inc. | Parent of GIP (Cai’s employer); also a 6.22% beneficial owner of Aon shares | Board independence review considered ordinary‑course services with director‑affiliated entities (including Cai’s) immaterial; no related‑party transactions requiring disclosure in 2024 beyond those enumerated (none involving Cai) |
Expertise & Qualifications
- Global finance, investment banking, private equity, and Asia‑Pacific markets expertise; financial literacy and risk management perspective relevant to Aon’s international activities and growth strategies .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Jin‑Yong Cai | 7,418 | * | No shares pledged; directors subject to 5x annual retainer ownership guideline; all non‑management directors were in compliance for 2024 |
- Aon Class A shares outstanding: 216,034,583 as of April 11, 2025; “*” indicates <1% of outstanding shares .
Governance Assessment
- Strengths: Independent status; service on Finance and Compensation Committees supports board effectiveness in capital allocation and pay oversight; strong attendance benchmarks; robust share ownership guidelines; prohibitions on hedging/pledging; structured director pay reviewed by an independent consultant (Meridian) using the executive peer group; compensation program caps mitigate pay inflation .
- Potential conflicts: Employment at GIP (BlackRock subsidiary) alongside BlackRock’s 6.22% stake in Aon; Board explicitly reviewed director‑affiliated transactions and deemed them immaterial; no related‑party transactions involving Cai required disclosure in 2024, reducing conflict risk .
- Pay design signals: Director pay mix tilted to equity via fully‑vested share grants and clear ownership guidelines; 2024 tax equalization payment near policy cap but within limits; overall program aligned with governance best practices and monitored by Compensation Committee; no meeting fees or discretionary elements evident .
Overall, Cai brings deep international finance and private equity expertise without current public‑company interlocks, is independent and in compliance with ownership guidelines, and serves on financially consequential committees—supporting investor confidence while exhibiting low conflict risk based on disclosed policies and reviews .