Anthony Tang
CATHAY GENERAL BANCORPAbout Anthony M. Tang
Anthony M. Tang, age 71, serves as Vice Chairman of the Board of Cathay General Bancorp and Cathay Bank. He is a long-tenured executive and director with over 30 years of banking experience, having been CFO and Treasurer of Bancorp (1990–2003), Chief Lending Officer of Cathay Bank (1985–2013), Senior Executive Vice President of Cathay Bank (1998–2013), Executive Vice Chairman (2013–2014), and Vice Chairman since 2014. He has been a director of Cathay Bank since 1986 and of Bancorp since 1990. He holds an MBA. Note: The Board classifies Tang as a “Dependent Director” (not independent) and he holds no committee assignments .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cathay Bank | Chief Lending Officer | 1985–2013 | Led lending; deep operating knowledge |
| Cathay Bank | Senior Executive Vice President | 1998–2013 | Senior management responsibilities |
| Cathay General Bancorp | Executive Vice President | 1994–2013 | Holding company leadership |
| Cathay General Bancorp & Cathay Bank | Executive Vice Chairman | 2013–2014 | Board-level executive oversight |
| Cathay General Bancorp & Cathay Bank | Vice Chairman (current) | 2014–present | Board leadership (no board committees) |
| Cathay General Bancorp | CFO & Treasurer | 1990–2003 | Finance and accounting expertise |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | — | — | None disclosed in the proxy |
Board Governance
- Independence status: Dependent (not independent) .
- Committee assignments: None .
- Board and committee attendance: In 2024, the Board held 7 meetings; each director attended >75% of the aggregate of Board and applicable committee meetings .
- Years of service: Bancorp director since 1990; Cathay Bank director since 1986 .
- Lead Independent Director: Nelson Chung; independent directors met in executive session at least quarterly (six sessions in 2024) .
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Base salary (Vice Chairman) | $180,000 | Employee director exception under Guidelines |
| Annual director retainer (cash) | $55,000 | Standard non-officer director cash retainer |
| Committee chair fees (Bank Board Credit Committee) | $15,000 | Chair of Bank Board Credit Committee (bank-level) |
| Meeting fees | $42,000 | $750 per committee/special/executive session; accumulated fees |
| 401(k) employer contributions | $9,000 | Plan contributions |
| Total cash and other | $301,000 | Sum of cash components incl. 401(k) |
| Total director compensation | $385,999 | Includes equity award below |
Performance Compensation
| Equity Component (2024) | Grant Date | Type | Fair Value (USD) | Terms |
|---|---|---|---|---|
| Annual director equity award | April 12, 2024 | Shares of common stock (not RSUs) | $84,999 | Target value $85,000 based on closing price; additional compensation for Board service |
No performance metrics (EPS/ROA/TSR) are attached to director equity awards; performance metrics apply to executive officer long-term RSUs, not to non-employee director grants .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlocks/Notes |
|---|---|---|---|
| — | — | — | No other public company boards disclosed; no interlocks noted for Tang . |
Expertise & Qualifications
- Finance and accounting; prior CFO/Treasurer roles .
- Leadership and business operations across bank functions .
- Risk management experience; lending and credit oversight .
- Real estate exposure within banking operations .
Equity Ownership
| Ownership Detail | Amount |
|---|---|
| Total beneficial ownership | 968,941 shares; 1.38% of common stock |
| Spousal holdings (included above) | ~665,738 shares |
| ESOPT allocation (included above) | ~114,411 shares |
| Director ownership guideline | 3x annual cash retainer for directors (as of Jan 18, 2024) |
| Guideline compliance | All current directors meet or are within 5-year grace period |
| Pledging/hedging policy | Prohibited absent Board pre-approval; no approvals granted |
Governance Assessment
- Independence and committees: Tang is a dependent (non-independent) director and holds no Board committee roles—limiting formal oversight touchpoints and raising a governance alignment question for investors seeking board independence in audit/compensation oversight roles .
- Compensation structure: Receives a base salary as Vice Chairman plus director retainer and meeting fees—unusual for many boards and may be viewed as an entrenchment risk if not counterbalanced by robust independent committee leadership elsewhere; however, this is disclosed and permitted as an exception in Corporate Governance Guidelines .
- Alignment: Significant beneficial ownership (1.38%), plus strict prohibitions on pledging/hedging and director stock ownership guidelines, support alignment with shareholders .
- Engagement: Attendance requirements met (>75%); Board held seven meetings; independent directors met six times in executive session in 2024, mitigating some risks from dependent directors via independent oversight channels .
- Conflicts/related party transactions: No related-party transactions disclosed for Tang; general banking transactions for directors occur on market terms; one office lease involves a different director (Richard Sun), not Tang .
- Shareholder signals: 2024 say-on-pay approval was 94.22%, indicating broad investor acceptance of executive compensation program design (not directly a director pay vote but reflects confidence in Compensation Committee oversight) .
RED FLAGS
- Not independent; salaried Vice Chairman with no committee membership, which may reduce direct involvement in key governance committees and could be perceived as an entrenchment factor .
- Role concentration among long-tenured insiders across the Board could warrant ongoing monitoring of board refreshment and independent representation, though the company has added new independent directors in 2024–2025 .
Positive Signals
- Material share ownership and prohibition on pledging/hedging; compliance with director ownership guidelines .
- Independent directors’ robust executive session cadence enhances oversight quality .