Steven White
About Steven White
Steven G. White (65) serves as an independent director of Business First Bancshares, Inc. and b1BANK. He is a retired executive with a petroleum engineering degree (BS, Louisiana Tech University, 1985) and prior leadership roles as President, Senior Vice President, COO, and CAO across U.S. and international logistics and home health/hospice businesses; he is Chairman of the William A. Robinson Foundation and Substitute Trustee for the William A. Robinson Trust . He was nominated for re‑election to BFST’s 16‑member board in 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various U.S. and international logistics businesses | President; Senior Vice President; other executive roles | Not disclosed | Executive leadership in logistics operations |
| Home health & hospice (industry) | Chief Operations Officer; Chief Administrative Officer | Not disclosed | Operational and administrative leadership in healthcare services |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| William A. Robinson Foundation | Chairman | Not disclosed | Shares voting/investment power over foundation’s BFST holdings; disclaims beneficial ownership except to pecuniary interest |
| William A. Robinson Trust | Substitute Trustee | Not disclosed | Governance role for trust assets |
| Private Oil & Gas service company | Director | Not disclosed | Board role at privately held company (not public) |
Board Governance
- Independence: The board affirmatively determined all directors except the CEO (Melville) are independent; White is independent .
- Committee assignments:
- Audit Committee member (12 scheduled and 4 special meetings in 2024) .
- Nominating/Corporate Governance Committee Chair (2 scheduled meetings in 2024) .
- Attendance: Board held 8 scheduled meetings in 2024; all directors attended at least 75% of their board/committee meetings and attended the 2024 annual meeting .
- Board leadership: Lead Independent Director is Rolfe H. McCollister, Jr.; CEO also serves as Chairman .
- Mandatory retirement age: 75 (adopted March 27, 2025), with limited exceptions; White at 65 is below threshold .
Committee Roles
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Audit | Member | 12 scheduled; 4 special | All members independent; one “financial expert” designated (Montgomery) |
| Nominating/Corporate Governance | Chair | 2 scheduled | Oversees board composition, governance policies, annual board/committee reviews |
Fixed Compensation
- BFST’s director pay structure: Annual cash retainer $25,000 for directors; Lead Director $65,000; additional monthly retainer for committee service/chair responsibilities; annual equity retainer valued at $25,000 (one‑year vest) .
| Component (2024) | Amount ($) |
|---|---|
| Fees earned or paid in cash | $43,674 |
| Stock awards (grant‑date fair value) | $25,014 |
| Total | $68,688 |
Performance Compensation
- Non‑employee directors receive time‑based equity retainers (one‑year vest); no performance‑linked metrics apply to director equity grants .
| Equity Feature | Term |
|---|---|
| Annual equity retainer | $25,000 grant‑date value; one‑year vest |
| Performance conditions | None for director equity; time‑based vesting only |
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Private Oil & Gas service company | Private | Director | No BFST‑specific conflict disclosed |
| William A. Robinson Foundation | Non‑profit/foundation | Chairman | Shares voting/investment power over BFST shares; disclosure mitigates with pecuniary interest disclaimer |
Expertise & Qualifications
- Technical and industry: Petroleum engineering; oil & gas, logistics, healthcare operations .
- Governance: Chair of Nominating/Corporate Governance Committee; Audit Committee member; foundation/trust governance experience .
- Board skills highlighted by BFST (general criteria include ethics, time commitment, leadership, independence) through committee oversight responsibilities .
Equity Ownership
| Ownership Detail | Amount |
|---|---|
| Total beneficial ownership (common stock) | 43,663 shares; <1% of outstanding |
| Included foundation holdings | 29,749 shares (shared voting/investment power; disclaims beneficial ownership except to pecuniary interest) |
| Unvested restricted stock (vesting 4/26/2025) | 1,149 shares |
| Estimated ownership value at $25.70 YE 2024 price | ≈ $1.12 million (43,663 × $25.70) |
- Stock ownership guidelines: Non‑employee directors must hold stock equal to 3× base cash retainer (i.e., $75,000 for standard director); guidelines adopted January 2024 . Based on disclosed holdings and YE price, White’s ownership appears well above guideline minimum .
Governance Assessment
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Strengths:
- Independent director with dual committee roles—Audit member and Chair of Nominating/Corporate Governance—supporting board oversight quality .
- Meets attendance expectations; board/committee engagement evidenced by meeting activity; participated in annual meeting .
- Strong ownership alignment: substantial beneficial holdings; director ownership guidelines in place (3× retainer); hedging/pledging discouraged and requires preclearance .
- Board adopted age‑based refreshment policy; enhanced governance rigor .
- Shareholder sentiment improved: Say‑on‑Pay support increased to 92.4% in 2024 after outreach and program changes (signals constructive governance environment) .
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Potential watch items:
- Foundation‑related holdings: White shares voting/investment power over 29,749 BFST shares via the William A. Robinson Foundation; while he disclaims beneficial ownership beyond pecuniary interest, concentrated influence via affiliated entity warrants monitoring for voting alignment (no related‑party transactions disclosed) .
- Committee fee transparency: BFST pays monthly retainers for committee service/chair roles but does not break out per‑committee fee amounts in proxy (standard for small/mid cap banks; not a red flag per se) .
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Red flags: None disclosed regarding related‑party transactions, pledging of BFST stock by White, legal proceedings, or Section 16(a) delinquencies; company reports timely filings and no material related‑party transactions beyond ordinary banking relationships at market terms .
Overall, White’s profile suggests solid governance contribution and alignment through meaningful equity exposure, independence, and active committee leadership, with limited conflict risk based on current disclosures .