Patrick Donegan
About Patrick J. Donegan
Independent director since 2024; age 69. Brings nearly 30 years in banking, legal, and capital markets compliance, currently Senior Adviser at Premier Consulting Partners; previously Global Chief Compliance Officer at OKX Group (Aug 2023–Jan 2024) and senior compliance roles at Signature Bank (2015–2023). Holds a B.S. in Accounting and a J.D. from St. John’s University; has 11 FINRA licenses and two ABA certifications (including CRCM). The Board has determined he is independent under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Premier Consulting Partners, Inc. | Senior Adviser | Current | Operational risk evaluation and compliance advisory |
| OKX Group | Global Chief Compliance Officer | Aug 2023–Jan 2024 | Led global compliance program |
| Signature Bank | Chief Compliance Officer; SVP; Sanctions Compliance Officer | 2015–2023 | Regulatory compliance leadership |
| Cantor Fitzgerald; RBC; Guggenheim; BNP Paribas; NatWest | Various investment banking roles | Not disclosed | Capital markets exposure |
| Mitsubishi UFJ; Hudson City Bancorp | Compliance roles | Not disclosed | Bank compliance execution |
External Roles
| Entity | Role | Public Company? | Notes |
|---|---|---|---|
| Premier Consulting Partners, Inc. | Senior Adviser | No | Consulting focused on operational risk and compliance |
Board Governance
- Committee memberships: Audit Committee (independent member), Credit Committee, Enterprise Risk Committee, Products and Related Party Transactions Committee (evaluates related-party conflicts and liquidity transactions). No disclosed chair roles.
- Attendance and engagement: In FY2024, the Board met 6 times; each director attended at least 75% of Board and committee meetings.
- Independence and board structure: Donegan is independent; Beneficient is a “controlled company” with Class B holders able to elect a majority of directors and designate committee compositions/chairs.
- Shareholder voting signal (2025 Annual Meeting): Donegan, as a Class A Director nominee, received 4,275,526 votes for, 420,111 withheld; the slate and auditor ratification passed.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | $150,000 | Standard program post-Conversion (FY2024 basis) |
| Audit Committee member | $35,000 (additional) | Member retainer; chair receives $15,000 additional |
| Credit Committee member | $15,000 (additional) | Chair receives $15,000 additional |
| Enterprise Risk Committee member | $10,000 (additional) | Member retainer |
| Community Reinvestment Committee member | $5,000 (additional) | Member retainer |
| Equity (annual director grant) | $150,000 fair value | Non-employee director equity program |
Note: Donegan’s appointment occurred after FY2024; equity awards specific to his appointment are detailed below.
Performance Compensation
| Grant Type | Grant Date | Quantity/Terms | Vesting | Strike/Value |
|---|---|---|---|---|
| RSUs (Class A) | Sep 30, 2024 | 138,212 | Vest in 4 equal quarterly installments over 1 year, service-based | Grant disclosed; value not separately stated beyond quantity |
| Non-qualified Stock Options | Sep 30, 2024 | 100,000 | Vest in 8 equal quarterly installments over 2 years, service-based | $1.23 per share |
- Performance metrics: None disclosed for director equity awards; awards vest based on service time, not financial/ESG targets.
Other Directorships & Interlocks
| Company/Organization | Role | Committee Roles Elsewhere | Notes |
|---|---|---|---|
| None disclosed | — | — | DEF 14A lists career roles but no current public company directorships beyond BENF |
Expertise & Qualifications
- Regulatory compliance leadership across banking and fintech; experienced in sanctions, BSA/AML, and enterprise compliance design.
- Legal and accounting training (J.D.; B.S. Accounting) with broad capital markets exposure across multiple investment banks.
- Strengthens Board oversight of risk and related-party evaluations via roles on Enterprise Risk, Credit, and Products & Related Party Transactions Committees.
Equity Ownership
| Metric | Amount | Detail |
|---|---|---|
| Beneficial ownership (Class A) | 188,212 shares | Includes RSUs and options exercisable within 60 days of record date |
| Components of beneficial ownership | 138,212 RSUs; 50,000 options | Footnote: 100,000 options total; 50,000 vested or vest within 60 days of record date |
| Ownership % of Class A | <1% | Asterisk indicates less than 1% |
| Hedging/pledging | Hedging prohibited by insider trading policy; no pledging disclosed | Policy applies to directors; no pledging mentioned for Donegan |
Governance Assessment
- Positives:
- Independence and strong compliance background enhance oversight of Audit, Risk, Credit, and Related Party Transactions—areas central to investor confidence for BENF.
- Active engagement signaled by committee memberships and meeting attendance thresholds; shareholder support in 2025 election.
- Service-based equity awards with transparent vesting; presence of clawback policy at the company level for incentive compensation.
- Watch items / red flags (company context he oversees):
- Controlled company status concentrates influence with Class B holders, including committee compositions/chairs. Oversight burden on independent members like Donegan is elevated.
- Extensive related-party arrangements (e.g., Bradley Capital services and aircraft sublease; HCLP/HH-BDH credit agreements) pose ongoing conflict risks—mitigated by the Products & Related Party Transactions Committee, on which Donegan serves.
- Ongoing litigation settlements/insurance-dependent resolutions (e.g., GWG matters) underscore enterprise risk; Donegan’s risk and audit committee roles are relevant to monitoring.
Overall: Donegan’s independence and compliance expertise are well-aligned to BENF’s risk profile and governance needs, particularly around related-party oversight and audit/risk controls. The controlled company structure and breadth of related-party transactions warrant continued scrutiny, with committee rigor a key investor confidence lever.