Ann Kono
CATHAY GENERAL BANCORPAbout Ann Kono
Independent director of Cathay General Bancorp (CATY) since 2024; age 49. Founder and CEO of Leda Advisory Group with 25+ years in finance focused on operational scale and digital transformation. Former Chief Information and Risk Officer at Ares Management; previously CTO and Head of Operations. Serves on CATY’s Audit Committee and is Vice Chair of the Risk Committee; designated an “audit committee financial expert.” MBA in Finance.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ares Management Corporation | Chief Information and Risk Officer; previously CTO & Head of Operations | 11 years | Oversaw operational, investment, and enterprise risks; led technology and operations functions |
| Leda Advisory Group | Founder & CEO | Since 2019 | Advises asset managers on growth and scale |
External Roles
| Organization | Role | Start | Committee/Notes |
|---|---|---|---|
| Sabra Health Care REIT | Independent Director | Dec 2020 | Audit Committee member since Jun 2021 |
| Siepe, LLC | Independent Director | Jul 2022 | Asset management enterprise software firm |
| Stable Road Acquisition Company | Director (prior) | 2019–2021 | SPAC experience |
Board Governance
- Independence: Board determined Kono is independent under Nasdaq rules; all Audit, Compensation, and Nomination & Governance Committee members are independent and receive no consulting/advisory fees beyond director compensation.
- Committee assignments and roles (2024): Audit Committee member (joined May 2024); Risk Committee member (joined July 2024); Vice Chair of the Risk Committee (appointed Sep 2024).
- Audit Committee: Kono designated an “audit committee financial expert.”
- Attendance: In 2024, the Board held 7 meetings; each director attended >75% of aggregate Board and committee meetings; independent directors met in executive session six times.
| Committee | 2024 Meetings | Kono Role | Notes |
|---|---|---|---|
| Audit | 10 | Member (from May 2024) | Financial expert designation |
| Risk | 5 | Vice Chair (from Sep 2024); Member (from Jul 2024) | Oversees enterprise risk framework |
| Board | 7 | Director (Class I) | >75% attendance by all directors |
Fixed Compensation
- Director compensation framework (2024): Annual cash retainer $55,000; $750 per committee/special meeting or independent director executive session; incremental annual retainers: Lead Independent Director $35,000; Audit Chair $15,000; other committee chairs $10,000. Directors also typically receive an annual common-stock grant with target value $85,000 (granted based on Apr 12, 2024 closing price).
- Kono’s 2024 director compensation (partial-year service): $49,863 in cash; no stock award recorded for 2024 (elected May 13, 2024 after April grant).
| Component | Amount (USD) | Period/Detail |
|---|---|---|
| Annual cash retainer (policy) | $55,000 | Paid monthly |
| Committee/special mtg fee (policy) | $750 per meeting | Includes independent director exec sessions |
| Lead Independent Director retainer (policy) | $35,000 | Annual |
| Audit Committee Chair retainer (policy) | $15,000 | Annual |
| Other committee Chair retainer (policy) | $10,000 | Annual |
| Annual equity grant (policy) | $85,000 target value (common stock) | Based on Apr 12, 2024 closing price |
| Kono—Cash fees earned (2024) | $49,863 | Director since May 13, 2024 |
| Kono—Stock awards (2024) | $0 | Post-April election date |
Performance Compensation
- Directors do not receive performance-based bonuses; equity is delivered as common stock grants (time-based). 2024 non-employee director equity grants targeted $85,000; vesting for director awards may be to the earlier of one year from grant or next annual meeting (≥50 weeks after prior year’s meeting). No performance metrics apply to director equity.
| Equity Element | Metric/Condition | Vesting/Limit |
|---|---|---|
| Non-employee director stock grant (policy) | Time-based; no performance goal | Vest by earlier of 1-year or next annual meeting (≥50 weeks) |
| Non-employee director annual award cap | Cash + equity ≤ $500,000 grant date fair value | Plan limit per fiscal year |
| Kono—2024 director equity award | Not granted (joined after Apr 12 grant) | $0 stock award in 2024 |
Other Directorships & Interlocks
| Company | Sector | Role | Committee | Potential Interlock/Exposure |
|---|---|---|---|---|
| Sabra Health Care REIT | Healthcare REIT | Independent Director | Audit | Unrelated to CATY’s banking operations; audit oversight experience benefits CATY; low conflict risk disclosed |
| Siepe, LLC | Fintech/Software | Independent Director | — | Technology governance expertise; no CATY-related transaction disclosed |
| Stable Road Acquisition Co. | SPAC | Prior Director | — | Transactional/markets experience; no ongoing tie |
No related-party transactions disclosed involving Kono; policy requires Audit Committee review of related-party transactions; explicit office lease disclosure pertains to a different director (Richard Sun), not Kono.
Expertise & Qualifications
- Audit committee financial expert; risk management, technology/systems, business operations, finance; real estate experience listed in board skills matrix.
- Public board audit oversight experience (Sabra); fintech software board role (Siepe).
Equity Ownership
| Holder | Beneficial Shares | % of Shares Outstanding | Notes |
|---|---|---|---|
| Ann Yee Kono | 0 | 0.00% | As of Mar 20, 2025 |
| Director ownership guideline | 3× annual cash retainer (raised Jan 18, 2024) | — | All directors meet or are within 5-year grace period |
| Hedging/pledging policy | Prohibited absent Board pre-approval; no approvals granted | — | Alignment safeguard |
Governance Assessment
- Board effectiveness: Kono brings capital markets, operations, risk, and technology expertise; designated audit financial expert; serves as Risk Committee Vice Chair and Audit member—enhancing risk oversight and financial reporting integrity.
- Independence and engagement: Independent under Nasdaq rules; Board and committee attendance thresholds met in 2024; independent directors held six executive sessions, supporting robust oversight.
- Compensation and alignment: Director pay structure is modest and balanced (cash retainer + equity grants); although Kono had no 2024 equity grant due to post-April election, CATY’s ownership guidelines (3× retainer) and hedging/pledging prohibitions promote alignment; Kono is within the 5-year compliance window. Potential near-term alignment watchpoint: 0 beneficial shares as of March 20, 2025, though permitted by grace period.
- Conflicts/related parties: No Kono-related transactions disclosed; related-party oversight is centralized in the Audit Committee with formal policies.
- Shareholder confidence signals: Strong election mandate—Kono received 55,110,327 votes “For” at her 2024 election; company’s 2025 say-on-pay passed (46.5M For), supporting overall governance credibility.
Shareholder Vote Reference
| Matter | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|
| Election—Ann Yee Kono (2024 Class I) | 55,110,327 | 60,060 | 12,734 | 6,111,760 |
| Say-on-Pay (2025) | 46,513,416 | 4,637,322 | 116,071 | 6,208,877 |
RED FLAGS
- Current beneficial ownership: 0 shares as of Mar 20, 2025—monitor for progress toward ownership guideline compliance within the five-year window.
- None disclosed for pledging/hedging or related-party transactions involving Kono; policy prohibits pledging/hedging without approval, and no approvals have been granted.
Appendix: Director Compensation Detail (2024)
| Name | Cash Fees (USD) | Stock Awards (USD) | Total (USD) |
|---|---|---|---|
| Ann Yee Kono | $49,863 | $0 | $49,863 |
Notes:
- Director since May 13, 2024; annual equity grant made April 12, 2024 to then-serving directors (target value $85,000).
Policies Cited
- Director independence and committee independence standards; attendance; risk oversight roles and meeting cadence.
- Director ownership guidelines (3× retainer); hedging/pledging prohibition; related-party transaction review.