Saloni S. Multani

About Saloni S. Multani

Saloni S. Multani (age 46) is an Independent Director of Artisan Partners Asset Management Inc. (APAM) and currently serves as Chair of the Audit Committee; she joined APAM’s Board in August 2021 and has been determined independent under NYSE standards . She is a partner at Galvanize Climate Solutions, with prior finance and investing roles spanning Blackstone, SPO Partners, Hellman & Friedman, and service as CFO of the Joe Biden presidential campaign; the Board identifies her as having extensive financial/accounting experience and as an Audit Committee Financial Expert, strengthening oversight of reporting and internal controls .

Past Roles

External Roles

Board Governance

• Independence: Determined independent; five of seven directors are independent post-Annual Meeting .
• Committee assignments: Chair, Audit Committee; not listed as member of Compensation or Governance & Sustainability Committees .
• Audit Committee composition: Multani (Chair), Barger, Joerres; all independent, financially literate, each qualifies as an “audit committee financial expert” .
• Meetings/attendance: Board held 5; Audit 7; Compensation 4; Governance & Sustainability 4; each director attended at least 75% of combined Board/committee meetings; all seven directors attended the 2024 Annual Meeting .
• Executive sessions: Held with independent Chair presiding before her later transition to Lead Independent Director .

Committee Structure and Responsibilities

Fixed Compensation

• Standard director cash retainer: $75,000 (paid quarterly); Audit Chair additional cash retainer: $50,000; standard equity RSU grant: $125,000 under the 2023 Non‑Employee Director Compensation Plan .
• Election into equity: Multani elected to receive cash retainers in RSUs; additional RSUs granted January 2024, with one‑quarter vesting each quarter of 2024; RSUs deliver on the earlier of change‑in‑control or termination of Board service; RSUs carry dividend equivalent rights .

Performance Compensation

• Equity structure: All director equity in RSUs (not options); RSUs deliver at change‑in‑control or upon Board service termination; quarterly vesting for RSUs issued in lieu of cash; dividend equivalent rights on RSUs .
• No performance metrics are disclosed for director compensation (director awards are not tied to financial KPIs) .

Other Directorships & Interlocks

• Public company boards: None disclosed for Multani in APAM’s proxy .
• Interlocks: Compensation Committee interlocks note no executive officer reciprocal board relationships; Multani not cited in interlock or IPO‑related agreements; investments-in-funds disclosures pertain to others, not to Multani –.

Expertise & Qualifications

• Financial/accounting and reporting expertise; identified as Audit Committee Financial Expert, bringing strong internal controls and regulatory understanding .
• Sustainability and climate-focused investing experience, reinforcing ESG oversight within Governance & Sustainability remit of the Board .

Equity Ownership

• Beneficial ownership: 24,726 Class A RSUs (no voting rights until delivery); less than 1% of Class A shares outstanding; RSUs deliver upon change‑in‑control or termination of Board service .
• RSUs outstanding at year-end: 19,053 RSUs outstanding as of December 31, 2024 .

Governance Assessment

• Strengths:

  • Audit leadership and financial expertise, with formal Audit Committee Financial Expert designation and oversight of auditor independence and reporting integrity—supports investor confidence in controls and reporting quality .
  • High equity alignment: full election to receive cash retainers as RSUs, increasing long-duration alignment; RSUs carry dividend equivalents and deferred delivery, reinforcing long-term orientation .
  • Independence affirmed; no Item 404 related‑party transactions involving Multani disclosed; attendance at least 75% and participation in a Board with regular executive sessions of independent directors –.
  • Firm-level shareholder support: 2024 say‑on‑pay approval ~96%, indicating positive engagement and confidence in compensation governance (contextual signal) .

• Watch items / potential risks:

  • No specific director ownership guidelines disclosed for directors (executive ownership guidelines are disclosed, but not director‑specific), though her practice of electing equity suggests alignment .
  • Broader APAM stockholders agreement concentrates voting of employee‑granted shares via a committee (not a Multani-specific item), an APAM structural feature investors should understand for governance context .

• Red flags:

  • None identified related to Multani in proxy disclosures: no pledging/hedging, no options repricing, no related-party transactions, no low attendance issues, no disclosed conflicts –.

Summary Implications for Investors

• Multani’s audit leadership and financial expertise, coupled with equity-heavy director compensation, support strong board oversight of financial reporting and align her interests with long-term shareholder value .
• Absence of related-party exposure and confirmed independence reduce conflict risk; attendance standards and independent executive sessions indicate engaged governance processes –.