David Crane
About David Crane
David Crane, age 60, is an independent Class I director of Binah Capital Group, Inc. (BCG) since 2024; he is Principal at Bose Public Affairs Group with 25+ years in legislative and public policy work focused on financial services, energy, IP, pharma and tax issues . He previously founded Quadripoint Strategies and TGC Group and served as Senior Domestic Policy Advisor to Senate Majority Leader Trent Lott and senior advisor to Senator John McCain (including Senate Commerce Committee staff and presidential campaigns), and Legislative Director for Senator Dan Coats; he holds a political science degree from Ball State University . The Board has determined Crane meets Nasdaq independence standards .
Past Roles
| Organization | Role | Tenure/Notes | Committees/Impact |
|---|---|---|---|
| Bose Public Affairs Group | Principal; manages government relations practice | Focused on financial services, energy, IP, pharma, tax; 25+ years experience | Represents major financial institutions and trade associations (e.g., Bank of America, RBS, Citizens Financial Group, State Farm, Financial Services Roundtable, The Clearing House Association, Banks Policy Institute, Securities Industry and Fund Manager’s Association) |
| Quadripoint Strategies | Founder; sole proprietor lobbying firm | Founded prior to Bose; lobbying focus | Industry coalitions and financial services policy |
| TGC Group | Co-founder/Partner lobbying firm | Prior to Bose; lobbying focus | Legislative strategy for financial services clients |
| U.S. Senate (Trent Lott) | Senior Domestic Policy Advisor to Senate Majority Leader | National-level policy; Capitol Hill leadership | Oversight of domestic policy agenda |
| U.S. Senate (John McCain) | Senior advisor; Senate Commerce Committee Professional Staff; Domestic Policy Advisor to 2000 & 2008 presidential campaigns | Legislative and campaign policy | Commerce Committee policy development |
| U.S. Senate (Dan Coats) | Legislative Director | Senate office leadership | Legislative management |
| National Republican Senatorial Committee | Opposition research (early career) | Under then-Chairman Sen. Phil Gramm | Research function |
External Roles
| Organization | Role | Status |
|---|---|---|
| Bose Public Affairs Group | Principal | Current |
| Quadripoint Strategies | Founder | Prior |
| TGC Group | Partner/Co-founder | Prior |
Board Governance
- Board classification and tenure: Class I (Crane and Joel Marks) up for election in 2025 to serve through 2028; Class II (Daniel Hynes) through 2026; Class III (Craig Gould and David Shane) through 2027 .
- Independence: Board determined Crane, Hynes, and Marks are independent under Nasdaq rules; independent directors hold regularly scheduled executive sessions .
- Committees:
- Audit Committee: Members—Marks (Chair), Crane, Hynes; all independent and financially literate .
- Compensation Committee: Members—Crane, Hynes; Hynes is Chair; both satisfy Nasdaq independence and Rule 16b-3 non-employee criteria .
- Nominating & Corporate Governance Committee: Members—Crane (Chair), Marks; both independent .
- Risk oversight: Audit Committee oversees risk management process; other committees consider risks in their remits; Board oversees strategic and capital structure risks .
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Annual cash retainer ($) | $60,417 | $75,000 |
| Committee chair/member fees ($) | Not disclosed | Not disclosed |
| Meeting fees ($) | Not disclosed | Not disclosed |
- 2024 director compensation was entirely cash; no stock or option awards .
- 2025 non-employee director program adds equity via options in addition to a higher cash retainer .
Performance Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Option awards (number of options) | — (none) | 7,500 options (program level) |
| Performance metrics tied to director equity | Not disclosed | Not disclosed |
- Vesting schedule, strike price, and fair value for 2025 director options are not disclosed in the proxy .
Other Directorships & Interlocks
- No other public company directorships for Crane are disclosed in the proxy; external affiliations are lobbying firms and Senate roles (see Past/External Roles) .
Expertise & Qualifications
- Financial services policy specialist representing major banks, insurers, and trade associations; deep regulatory and legislative expertise .
- Senior Capitol Hill experience and national campaign policy leadership (Lott, McCain, Coats) .
- Political science degree (Ball State University) .
- Board rationale: knowledge of financial services industries, trade associations, and financial regulation .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| David Crane | 0 | — | No reported ownership or options outstanding as of June 2, 2025; anti-hedging/anti-pledging policy applies to directors |
- Anti-hedging/anti-pledging policy prohibits short-sales, options/derivatives, hedging, and pledging of company stock for directors and their family members .
Governance Assessment
- Committee assignments and leadership: Crane chairs Nominating & Corporate Governance and serves on Audit and Compensation, positioning him at the core of board selection, oversight, and pay decisions—supportive of board effectiveness given his regulatory expertise .
- Independence and engagement: Board-designated independent; independent directors hold regular executive sessions—positive for oversight quality .
- Director compensation mix and alignment: 2024 pay was 100% cash; 2025 adds 7,500 options, improving equity alignment. However, Crane currently reports zero share ownership—an alignment gap until options are granted/vested .
- Potential conflicts and related-party exposure: Crane’s active lobbying practice for major financial institutions and trade associations presents potential perceived conflicts given BCG’s financial services operations; company has formal Related Party Transaction policy requiring Audit Committee review and non-participation of interested directors, and an anti-hedging/anti-pledging policy—mitigants, but monitoring advisable. No related-party transactions involving Crane are disclosed .
- Say-on-pay and shareholder feedback: As an emerging growth company, BCG is exempt from advisory say-on-pay votes—reduces direct investor feedback on compensation policies; underscores importance of committee independence and disclosure rigor .
- Risk indicators: No delinquent Section 16(a) reports noted for Crane; Audit Committee reports appropriate auditor independence oversight; change in auditor from Marcum to FGMK aligned with business combination history—neutral governance signal .
RED FLAGS
- Zero current beneficial ownership (no shares or options outstanding as of record date) reduces immediate skin-in-the-game; options planned for 2025 may partially address alignment once granted/vested .
- Active lobbying for financial institutions and trade associations with potential ecosystem overlap creates perceived conflict risk; strong enforcement of related-party review and recusal protocols is essential .
Additional Notes
- Director compensation for 2025 includes options but performance conditions for director equity are not disclosed; committee chair fees/meeting fees are not specified .
- Board attendance rates and lead independent director designation are not disclosed in the proxy; independent director executive sessions are noted .