Anthony Malkin
APi GroupAbout Anthony E. Malkin
Anthony E. Malkin (age 62) is an independent director of APi Group Corporation (APG) since October 2019; he is Chairman and CEO of Empire State Realty Trust, Inc. (ESRT), with decades of public company leadership and real estate investment experience focused on energy efficiency and sustainability initiatives . The Board has affirmatively determined Malkin is “independent” under SEC and NYSE listing standards and APG’s Governance Guidelines .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Empire State Realty Trust, Inc. (ESRT) | Chairman & CEO | 2013–present | Led energy efficiency programs; extensive public company leadership |
| ESRT predecessor entities | Leadership roles | 1989–2013 | Real estate investment and operations experience |
| Malkin Holdings L.L.C. | Chair | Not disclosed | Strategic oversight of real estate holdings |
| Tacombi Holding, N.A. (private) | Director | 2021–2024 | Governance oversight at QSR company |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Real Estate Roundtable | Member; Chair, Sustainability Policy Advisory Committee | Industry sustainability policy leadership |
| Urban Land Institute | Member | Industry best-practice engagement |
| Real Estate Board of New York | Board of Governors | NYC real estate governance experience |
| NYC Dept. of Buildings | Former member, Climate Mobilization Advisory Board | Advisory role on climate policy for buildings |
Board Governance
- Committee memberships: Nominating and Corporate Governance Committee member; not a chair .
- Independence: Affirmed independent per SEC/NYSE standards and APG Governance Guidelines; Lead Independent Director is Thomas V. Milroy .
- Attendance: In 2024, Board held 7 meetings; each incumbent director attended at least 75% of Board and applicable committee meetings. Nominating and Corporate Governance Committee held 2 meetings in 2024 .
- Executive sessions: Regular executive sessions held at Board and committee level; Nominating and Corporate Governance executive sessions presided over by Cyrus D. Walker (Chair) .
- Board composition: 78% independent; diversity noted across gender, BIPOC representation, and nationalities .
- Anti-hedging policy: Directors prohibited from hedging or monetization transactions in APG equity .
Fixed Compensation
| Component | Policy Detail | 2024 Actual – Anthony E. Malkin |
|---|---|---|
| Annual Cash Retainer | $85,000, payable quarterly | $0 – elected equity in lieu of cash |
| Committee Member Fee | $10,000 per committee per year | Included in equity election |
| Committee Chair Fee | $20,000 (Comp & Nominating) / $25,000 (Audit) | Not applicable (not a chair) |
| Annual Equity Award (RSUs) | $145,000 grant-date value; vests/settles in shares at 1-year anniversary; option to receive cash fees as equity | $240,006 stock awards; total $240,006 (no cash) |
| RSUs outstanding (12/31/2024) | Aggregate RSUs per director disclosed | 6,306 RSUs outstanding |
Performance Compensation
| Element | Structure | Performance Metrics |
|---|---|---|
| Director equity | Annual RSUs; 1-year vest; directors may elect to receive cash fees in equity | None disclosed for directors (no PSUs/options indicated for directors) |
| Clawback/hedging | SEC/NYSE-compliant clawback (officers); anti-hedging applies to directors | Not performance-linked for directors |
Emphasis: Director equity is time-based RSUs; APG does not disclose performance-conditioned awards (PSUs/options) for non-employee directors .
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflict Notes |
|---|---|---|
| Empire State Realty Trust, Inc. (NYSE: ESRT) | Chairman & CEO | APG discloses no related-party transactions involving Malkin; none noted with ESRT |
- No APG-disclosed shared directorships creating competitive interlocks for Malkin; APG’s related party section lists advisory and investor arrangements unrelated to Malkin (Mariposa Capital advisory; Viking/Blackstone transactions) .
Expertise & Qualifications
- Real estate investment, energy efficiency, and public company leadership; service on external industry bodies (sustainability, policy, governance) .
- Public company CEO experience (ESRT); board governance experience aligned with APG’s strategic and ESG oversight needs .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (3/21/2025) | 198,810 shares | <1% of common stock outstanding (asterisk indicates <1%) |
| Ownership breakdown | 87,610 direct; 83,400 via LLC (manager Malkin); 27,800 via another LLC (manager Malkin) | Footnote (11) breakdown |
| RSUs outstanding (12/31/2024) | 6,306 | Aggregate RSUs per director |
| Stock ownership guidelines | 5× annual board retainer for independent directors; 4-year compliance window | All directors in compliance |
| Anti-pledging/hedging | Hedging prohibited; pledging not disclosed as applicable | Anti-hedging policy ; no pledging disclosure for Malkin |
Governance Assessment
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Strengths:
- Independence affirmed; service on Nominating & Corporate Governance Committee enhances board composition, governance guidelines, and director selection oversight .
- High engagement: Board/committee meeting cadence; at least 75% attendance for incumbents in 2024; executive sessions held regularly .
- Ownership alignment: Elected to receive all 2024 director fees in equity (cash $0; stock awards $240,006), signaling skin-in-the-game; compliant with 5× retainer stock ownership guideline; RSU balance maintained .
- Shareholder confidence context: Say-on-Pay support 98.5% in 2024; >95% over three years (reflects broader governance/pay-for-performance alignment at APG) .
-
Watch items / potential red flags:
- APG-related party arrangements: Advisory Services Agreement with Mariposa Capital (affiliated with Co-Chair Sir Martin E. Franklin) means one Co-Chair is not independent; monitor oversight of related-party items via Audit Committee processes .
- Capital structure flexibility/anti-takeover considerations: Proposal to increase authorized common shares may introduce dilution/anti-takeover effects; governance processes should continue to ensure shareholder-friendly use of equity capacity .
- No APG-disclosed related-party transactions involving Malkin; continue monitoring for any ESRT/APG business interactions (none disclosed) .
Overall signal: Malkin’s independent status, governance committee role, and full equity election for director compensation are positives for alignment and board effectiveness, with no disclosed related-party conflicts tied to him; broader board context includes one non-independent Co-Chair with a paid advisory relationship, appropriately overseen via committee policies .