Sanjiv Sobti
BankUnitedAbout Sanjiv Sobti
Independent director of BankUnited, Inc. since May 2014; age 63. Dr. Sobti chairs the Audit Committee and serves on the Risk Committee. He holds a B.A. from St. Stephen's College (University of Delhi) and an M.B.A. and Ph.D. in Finance from The Wharton School, University of Pennsylvania. His 35+ year Wall Street career spans Goldman Sachs, Lehman Brothers (MD/co-head of Financial Institutions M&A), J.P. Morgan (MD/head of FI M&A), and Bear Stearns (Senior MD); he later founded FIRE Capital Fund Management (Chairman), advised Credit Suisse (2008–2021), and is currently a Venture Partner at Altai Ventures Fund II and Key1Capital, and co-chairs UPenn’s CASI International Advisory Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman, Sachs & Co. | Various roles | 1986–1989 | Early investment banking experience |
| Lehman Brothers Inc. | Managing Director; Co-head of FI M&A | 1989–1999 | Led M&A for financial institutions |
| J.P. Morgan & Co. | Managing Director; Head of FI M&A | 1999–2001 | Recruited to lead FI M&A |
| Bear, Stearns & Co. Inc. | Senior Managing Director | 2001–2008 | President’s Advisory Council; Fairness Opinion Committee |
| FIRE Capital Fund Mgmt (Mauritius) | Co-founder; Chairman of Board | 2006–2011 | Managed private equity fund; governance leadership |
| Credit Suisse | Senior Advisor | 2008–2021 | Strategic advisory to global IB |
| Independent Consulting | Principal | Since 2007 | Ongoing advisory in capital markets |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Altai Ventures Fund II (FinTech VC) | Venture Partner | Current | Investment oversight in FinTech |
| Key1Capital (Tel Aviv VC) | Venture Partner | Current | Generalist VC perspective |
| UPenn CASI (Center for the Advanced Study of India) | International Advisory Board Co-Chair | Current | Academic advisory and governance |
Board Governance
- Independence: Board determined in March 2025 that all directors except the CEO are independent; Dr. Sobti is independent under NYSE standards and the company’s Director Independence Standards .
- Committees: Audit Committee (Chair) and Risk Committee member; Board views him as financially literate; all Audit members qualify as “audit committee financial experts” per SEC .
- Attendance: In 2024 the Board held 6 meetings and took action by written consent 5 times; each director attended 75% or more of Board and committee meetings, and all directors attended the 2024 annual meeting .
- Executive sessions: Non-management directors met in executive session 4 times in 2024; Lead Independent Director (Douglas Pauls) presided .
- Audit Committee report: Signed by Sobti as Chairman; committee recommended inclusion of audited financials in the 2024 Form 10-K and affirmed auditor independence .
| Committee | Role | 2024 Meetings Held | Members | Independence/Qualifications |
|---|---|---|---|---|
| Audit | Chair | 11 | Sobti; DiGiacomo; Wines | All independent; financially literate; SEC “audit committee financial experts” |
| Risk | Member | 4 | Pauls (Chair); Rubenstein; Sobti | All independent; meet Fed risk expertise requirements |
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Annual Director Cash Retainer | 70,000 | Paid monthly/quarterly; no meeting fees; reasonable expenses reimbursed |
| Audit Committee Chair Retainer | 60,000 | Applies to Audit Chair |
| Risk Committee Member Retainer | 25,000 | Non-Chair member retainer |
| Total Cash (Fees Earned) | 155,000 | Matches 70k + 60k + 25k for Sobti |
Performance Compensation
| Equity Award Type | Grant Date | Shares (#) | Grant Date Fair Value ($) | Vesting | Unvested at 12/31/24 (#) |
|---|---|---|---|---|---|
| Restricted Common Stock | May 15, 2024 | 2,320 | 70,018 (at $30.18/share) | Vests in full on earlier of first anniversary or next annual meeting; accelerated on death/disability and certain change-in-control circumstances | 2,320 |
- Directors held no other outstanding equity awards as of 12/31/24 (no options/PSUs for non-management directors) .
- Director compensation uses time-based equity; no director-specific performance metrics disclosed for equity vesting .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Not disclosed | U.S. public company board | None disclosed for Dr. Sobti in the proxy’s biography and director tables | None noted |
Expertise & Qualifications
- Extensive finance and capital markets experience; expertise in valuation, capital markets transactions, and complex financial instruments .
- Audit Committee financial expert; strong governance and risk oversight credentials from Audit and Risk committee roles .
- Strategic planning and M&A leadership across top-tier banks; advanced academic credentials (Wharton Ph.D.) .
Equity Ownership
| Name | Shares Beneficially Owned (Number) | % Ownership | Unvested Restricted Shares (#) |
|---|---|---|---|
| Sanjiv Sobti, Ph.D. | 21,782 | * (<1%) | 2,320 |
- Stock retention requirement: non-management directors must retain equity valued at least 5× the $70,000 annual retainer; all are in compliance (newer directors have a 3-year compliance window) .
- Hedging and pledging are prohibited by policy .
Insider Trades
| Date | Transaction Type | Shares | Price | Notes |
|---|---|---|---|---|
| Not disclosed in proxy | — | — | — | Company states all Section 16(a) reports required in 2024 were timely filed |
Governance Assessment
- Strengths: Independent status; Audit Chair with SEC “financial expert” designation; high engagement (Audit 11 meetings; Board-wide 75%+ attendance; 4 executive sessions) supporting effective oversight of reporting, controls, and risk .
- Alignment: Transparent director pay structure; moderate equity component with annual RS grants; robust retention (≥5× retainer), and explicit prohibition of hedging/pledging enhance shareholder alignment .
- Conflicts/Related Parties: No reportable related party transactions in FY2024/YTD 2025; independence reaffirmed in 2025; no interlocks or external engagements flagged as material .
- RED FLAGS: None identified—no attendance shortfall, no related-party exposure, no options repricing, no pledging/hedging; meeting fees not paid (limits per-meeting incentives) .
Implication: Dr. Sobti’s deep FI/M&A background and role as Audit Chair are positives for investor confidence in financial reporting integrity and risk oversight; compensation and ownership policies indicate alignment with shareholders while avoiding common governance pitfalls .