Maria Dreyfus
About Maria Dreyfus
Independent director since June 2023; age 45. CEO/Founder of Ardinall Investment Management; 15-year Goldman Sachs veteran (MD/Portfolio Manager, GSIP). Credentials include CFA (since 2004) and dual degree in economics and management science from MIT; recognized expertise in capital markets, audit/accounting, technology and energy, corporate governance, sustainability, and risk management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Investment Partners (GSIP) | Managing Director & Portfolio Manager | ~15 years (prior to 2017) | Capital markets, risk management |
| Ardinall Investment Management | CEO & Founder | 2017–present | Focused on sustainable investing, electrification, digitization, resilient infrastructure |
| Eni SpA (Eni Next) | Advisory Board Member | Not disclosed | Energy technology venture advisory |
| CDPQ (Caisse de dépôt et placement du Québec) | Director | 2019–2024 | Large pension governance experience |
| Nabors Energy Transition Corp (NYSE: NETC) | Independent Director | 2021–2023 | Energy transition SPAC oversight |
| Macquarie Infrastructure Corp (NYSE: MIC) | Director | 2018–2022 | Infrastructure/operator governance |
| Pioneer Natural Resources (NYSE: PXD) | Director | 2021–2024 | Upstream energy governance |
Additional civic/academic roles: Vice Chair, Advisory Board at Columbia University’s Center on Global Energy Policy (co-chair, Women in Energy); MIT Corporation Development Committee and MIT Economics Visiting Committee; non-profit board work (Global Carbon Management Foundation/New America Alliance/Breakthrough NY/Girls Inc. NYC) .
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Exxon Mobil Corporation (NYSE: XOM) | Director | Current | Large-cap energy oversight; committee roles not disclosed in CDZI proxy |
Interlocks: Current XOM directorship; prior PXD/MIC/NETC/CDPQ. No related-party transactions disclosed between CDZI and entities tied to Dreyfus; CDZI’s related-party section lists financing arrangements with Heerema Group only .
Board Governance
- Independence: Affirmatively determined “independent” under NASDAQ/SEC standards; all committee members are independent .
- Committee assignments at CDZI: Audit & Risk; Corporate Governance & Nominating (not chair) .
- Lead Independent Director: Winston H. Hickox (appointed 2021) .
- Executive sessions: Independent directors met in executive session at each regularly scheduled board meeting in 2024 .
- Board meetings (2024): Five meetings; all incumbents present except one director (Webb de Macías) who missed one; Dreyfus attended all board meetings .
Attendance detail:
| Body | 2024 Meetings | Attendance | Notes |
|---|---|---|---|
| Board of Directors | 5 | 5/5 (100%) | All incumbents present except Webb de Macías; Dreyfus not listed among exceptions |
| Audit & Risk Committee | 7 | 6/7 | Missed one meeting; committee chaired by Courter |
| Corporate Governance & Nominating | 1 | 1/1 | All members present; chaired by Echaveste |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual Director Cash Retainer | $75,000 (policy) | $75,000 (policy) |
| Equity (Deferred Stock/RSUs, annual) | $25,000 (policy) | $25,000 (policy) |
| Actual Fees Earned (Cash) | $0 (elected equity-only) | $0 (elected equity-only) |
| Actual Stock Awards (Grant-date fair value) | $75,000 | $100,000 |
| Total Director Compensation | $75,000 | $100,000 |
- Policy mechanics: Non-employee directors receive $75,000 annual cash (quarterly installments) and $25,000 in deferred stock; cash may be elected in shares; RSUs vest/deliver per policy schedule .
- Observation: Dreyfus elected 100% equity compensation in both 2023 and 2024 (strong alignment signal) .
Performance Compensation
- Director compensation is retainer-based; no performance metrics, options, or PSUs for directors disclosed. Equity awards to directors are fixed-value grants with standard vesting; no TSR/operational hurdles apply to director grants .
Other Directorships & Interlocks
| Company | Type | Role | Tenure |
|---|---|---|---|
| Exxon Mobil (XOM) | Public | Director | Current |
| Pioneer Natural Resources (PXD) | Public | Director | 2021–2024 |
| Macquarie Infrastructure (MIC) | Public | Director | 2018–2022 |
| Nabors Energy Transition Corp (NETC) | Public | Independent Director | 2021–2023 |
| CDPQ (Pension) | Public/Crown corp | Director | 2019–2024 |
| Eni Next (Eni SpA) | Advisory | Advisory Board | Not disclosed |
- Interlock risk assessment: No CDZI disclosures of transactions with XOM/PXD/MIC/NETC/CDPQ; related-party review lists Heerema financing only, mitigating direct conflict risk .
Expertise & Qualifications
- Skill matrix: Finance/capital markets; audit/accounting; technology and energy; corporate governance/sustainability; risk management .
- Education & credentials: CFA (since 2004); dual degree in economics and management science from MIT; leadership roles with Columbia CGEP and MIT governance bodies .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | As-of |
|---|---|---|---|
| Maria Dreyfus | 160,383 | <1% (of 81,864,926) | Apr 17, 2025 |
| Prior year reference | 123,015 | <1% (of 67,468,609) | Apr 18, 2024 |
- Ownership guidelines: Company encourages stock ownership for directors; equity is part of director compensation; no explicit multiple-of-retainer guideline disclosed .
- Hedging/pledging: Prohibited for directors unless approved; insider trading policy requires pre-clearance .
Governance Assessment
- Committee assignments & effectiveness: Service on Audit & Risk and Corporate Governance & Nominating aligns with her technical strengths (finance/risk/governance). Minor audit committee attendance gap (1 absence of 7) but full attendance at board and governance committee meetings indicates strong engagement .
- Independence & oversight: Clear independent status; robust executive-session practices enhance oversight quality; presence of Lead Independent Director supports board effectiveness .
- Compensation alignment: Electing equity-only compensation consistently demonstrates alignment; CDZI director policy caps director equity value at fixed amounts; no performance-embedded director pay reduces short-term incentive risk .
- Ownership “skin-in-the-game”: 160,383 shares beneficially owned; incremental increase vs. prior year; anti-hedging/pledging policy reduces misalignment/loan risk .
- Conflicts/related-party exposure: No related-party transactions disclosed involving Dreyfus; CDZI’s key financing is with Heerema Group (unrelated to Dreyfus), limiting conflict risk .
- Committee infrastructure: Independent committees; written charters; Audit & Risk chaired by an “financial expert” (Courter); Compensation Committee independent and uses external consultants (Coda Advisors; Aon) for benchmarking—supporting governance rigor .
- RED FLAGS: None material disclosed. Minor attendance gap at Audit & Risk (1 of 7); no delinquent Section 16 filings for Dreyfus noted; no pledging/hedging exceptions; no related-party ties .
Overall signal: Strong governance credentials and equity alignment, low conflict exposure, and high engagement at board level. Conservative director pay structure and independent committee framework bolster investor confidence .