John Sievwright
About John Sievwright
Independent Non‑Executive Chair of the Board and Chair of the Compensation Committee, serving since May 2020; age 70; MA in accountancy and economics from the University of Aberdeen. Former Chief Operating Officer, International at Merrill Lynch with 20 years in global leadership roles; earlier finance and audit roles at Bankers Trust, Bank of Tokyo, and Ernst & Young (Chartered Accountant). Expected to serve until the 2027 AGM, at which time he will retire; succession plan anticipates the Vice Chair, Christopher Halmy, becoming Chair .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merrill Lynch | COO, International; COO, Global Markets & Investment Banking; President & COO, Merrill Lynch Japan; Head of Global Futures & Options | ~20 years | Led global operations and risk management; President of the Futures Industry Association during tenure heading Futures & Options |
| Bankers Trust; Bank of Tokyo | Finance & accounting roles | Not disclosed | Financial management roles preceding Merrill Lynch leadership |
| Ernst & Young LLP | Auditor; qualified as Chartered Accountant | Early career | Accounting, controls, audit expertise foundation |
| ICAP plc (now NEX Group plc) | Senior Independent Director; Chair, Audit & Risk Committee | Prior | Oversight of financial reporting and risk; board independence leadership |
| FirstGroup plc | Senior Independent Director; Chair, Audit Committee | Prior | Audit oversight in transportation sector |
External Roles
| Organization | Role | Current/Prior | Committee/Function |
|---|---|---|---|
| Abrdn closed‑end funds and an Abrdn open‑end fund | Trustee; Chair, Audit Committee | Current | Audit oversight across multiple investment funds |
| Revolut Group Holdings Ltd (Revolut) | Non‑Executive Director; Chair, Risk Committee | Current | Risk governance at global fintech/neobank |
| Buyside Trading Solutions | Chair of the Board | Current | Governance and strategy oversight in financial services |
| NatWest Group plc; Citizens Financial Group Inc.; Ashurst LLP; Boat Race Company Ltd.; Somerset House Trust; Durham University Council | Various non‑executive and chair roles | Prior | Remuneration, audit, risk, governance leadership; public sector advisory (UK Export Finance) |
Board Governance
- Structure, roles, independence: Independent Non‑Executive Chair; Chair of the Compensation Committee; Board determined him independent under SEC and NYSE standards; all non‑CEO directors are independent .
- Committee assignments: Compensation Committee (Chair; members: Sievwright, Baruti Dames, Halmy) – 2 meetings in 2024. Audit Committee (Halmy Chair; Corrie, Gillespie) – 8 meetings in 2024. Nominating & Corporate Governance Committee (Gillespie Chair; Baruti Dames, Corrie) – 2 meetings in 2024 .
- Attendance and engagement: Quarterly board held four in‑person meetings in 2024; all directors attended; Sievwright attended one via teleconference following surgery; executive sessions of independent directors held each quarterly meeting .
- Leadership & succession: Board leadership formally separates Chair and CEO roles; Sievwright appointed independent Chair following the 2024 AGM; expected retirement at the 2027 AGM with Vice Chair Halmy anticipated to succeed .
- Shareholder oversight: Annual one‑year director terms; majority vote standard; active shareholder engagement; executive sessions; robust governance guidelines and anti‑hedging/pledging policies .
Fixed Compensation
| Component (FY2024) | Amount (USD) | Notes |
|---|---|---|
| Fees earned or paid in cash | $127,500 | Quarterly, converted at payment; reflects base and role fees; deferral options via NQDC |
| Stock awards (grant‑date fair value) | $82,336 | Under NED Plan; restricted ordinary shares with transfer/sale restrictions |
| Total | $209,836 | Aggregate 2024 director compensation |
| Role‑based Cash Fee Policy | Amount (USD) | Payment Terms |
|---|---|---|
| Base annual cash fee (non‑exec director) | $90,000 | Quarterly in arrears; pro‑rated if partial service period |
| Chair of the Board (additional) | $50,000 | Quarterly, pro‑rated |
| Vice Chair (additional) | $15,000 | Quarterly |
| Audit Committee Chair (additional) | $20,000 | Quarterly |
| Compensation Committee Chair (additional) | $10,000 | Quarterly |
| Equity (NED Plan) | Amount (USD) | Vesting/Restrictions |
|---|---|---|
| Annual restricted ordinary shares (base) | $35,000 | Transfer/sale restricted until earlier of 3rd anniversary or end of board service |
| Chair of the Board (additional) | $75,000 | Same restrictions as base equity |
| Vice Chair (additional) | $40,000 | Same restrictions |
Performance Compensation
- No performance‑linked metrics apply to non‑executive director pay; equity grants are restricted shares based on service (NED Plan). Directors are not eligible for options or PSUs under the NED Plan; awards carry transfer/sale restrictions until the earlier of 3 years from grant or cessation of board service .
| Equity Grant Details (Structure) | Plan | Award Type | Vesting/Restriction |
|---|---|---|---|
| Annual director equity (base + role premiums) | NED Plan | Restricted Ordinary Shares | Transfer/sale restricted until earlier of 3rd anniversary or end of board service |
Other Directorships & Interlocks
| Company/Entity | Nature | Potential Interlock/Conflict Consideration |
|---|---|---|
| Abrdn investment funds (trustee; audit chair) | Financial institutions; some public funds | Oversight of funds; no Burford RPTs disclosed involving these entities |
| Revolut | Private fintech/neobank | Risk governance; no Burford RPTs disclosed |
| Buyside Trading Solutions | Private financial services | Board chair; no Burford RPTs disclosed |
Expertise & Qualifications
- Deep financial, operational and risk experience across global markets; prior COO roles; audit committee leadership; Chartered Accountant; university‑level finance/economics education .
- Governance qualifications include prior senior independent director roles, multiple audit/risk committee chairs, and public sector finance advisory positions .
Equity Ownership
| Item | Amount/Status | Notes |
|---|---|---|
| Beneficial ownership of Burford ordinary shares (as of Mar 3, 2025) | 23,601 | <1% of outstanding; beneficial ownership per SEC rules |
| NED Plan shares held (as of Dec 31, 2024) | 13,601 | Restricted ordinary shares under NED Plan |
| Non‑exec director stock ownership guideline | ≥4x base cash retainer | 5‑year compliance window; includes unvested/restricted shares in calculation |
| Anti‑hedging and anti‑pledging policy | Prohibits hedging, short‑sales, margining, pledging by directors | Strengthens alignment; compliance required |
Related‑Party and Financial Interests
| Transaction/Interest | Detail | Comment |
|---|---|---|
| Company debt securities held | $250,000 of 6.250% senior notes due 2028; $250,000 of 9.250% senior notes due 2031 | Disclosed director holdings of Burford debt; approved policy oversight by Audit Committee |
| Commitments to Burford private funds | None in 2024 for non‑exec directors | Reduces related‑party exposure; exception only for former director Wilson |
Governance Assessment
- Board effectiveness and independence: Strong independent Chair model; majority‑independent board; clear committee separation; independent sessions each quarter strengthen oversight .
- Committee leadership: As Compensation Committee Chair, Sievwright oversees pay philosophy, incentive plans, clawbacks, ownership guidelines, and anti‑hedging/pledging policies; committee met twice in 2024; independent compensation consultant engaged (Semler Brossy) for NEO program .
- Attendance and engagement: Full attendance at quarterly meetings (one via teleconference post‑surgery), and active executive sessions underpin engagement quality .
- Alignment and incentives: Director equity via NED Plan with meaningful ownership guideline (≥4x retainer) and strict anti‑hedging/pledging; no option grants; compensation is cash + time‑based equity, avoiding high‑risk structures .
- Potential conflicts/RED FLAGS: Personal holdings of company debt securities ($500k aggregate) introduce a modest alignment to creditor interests; oversight by Audit Committee mitigates but remains a watch‑item; no related‑party fund commitments in 2024 reduces conflict risk .
- Transition risk: Announced retirement at 2027 AGM necessitates continued succession planning (Vice Chair to Chair) to preserve governance continuity .
- RPT and controls quality: Formal Related Party Transactions Policy administered by Audit Committee; strong clawback policy (NYSE‑compliant) and trading restrictions reinforce governance .
Overall signal: Independent leadership, strong governance architecture and policies, and full attendance support investor confidence; monitor debt security holdings and 2027 succession execution .