Afsaneh Beschloss
Director at CG
Board
About Afsaneh Beschloss
Afsaneh Beschloss (age 69) is an independent director of The Carlyle Group Inc. (CG), appointed May 1, 2024; she is a Class III director with a term expiring at the 2026 Annual Meeting . An economist and leader in sustainable and inclusive investing, she is founder and CEO of RockCreek; earlier she was a Managing Director and partner at Carlyle (2001–2003), and the World Bank’s Treasurer and Chief Investment Officer, with prior corporate finance roles at J.P. Morgan. She holds an MPhil (Honors) in Economics from the University of Oxford, where she taught international trade and development .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Carlyle Group | Managing Director and Partner | 2001–2003 | Senior investment leadership |
| World Bank | Treasurer & Chief Investment Officer; earlier led renewable energy/power/infrastructure investing | 1990s–2000s (not fully specified) | Led investments, balance sheet, ratings, borrowings; pioneered investments in natural gas, wind, solar |
| J.P. Morgan | Corporate Finance | Prior to World Bank | Corporate finance experience |
External Roles
| Organization | Role | Type |
|---|---|---|
| RockCreek | Founder & CEO | Private investment firm |
| Council on Foreign Relations | Board of Trustees | Non-profit |
| Rockefeller Foundation | Board of Trustees; Chair of Investment Committee | Non-profit |
| Bretton Woods Committee | Co-Chair, Future of Finance Working Group | Non-profit/policy |
| Georgetown University | Board of Trustees | Academic/non-profit |
| PBS Foundation | Chair | Non-profit |
Board Governance
- Independence: The Board affirmatively determined Beschloss is independent under Nasdaq/SEC rules and CG’s Governance Policy. In making this determination, the Board considered her prior employment at Carlyle over two decades ago and certain philanthropic/social overlaps; it concluded these do not impair independence .
- Committees: None (not currently serving on Audit, Compensation, or Nominating & Corporate Governance Committees) .
- Attendance and engagement: In 2024 the Board met 7 times; Audit 10; Compensation 6; Nominating & Corporate Governance 3. Each incumbent director attended at least 75% of meetings of the Board/committees on which they served; all incumbent directors attended the 2024 Annual Meeting except one due to a preexisting conflict .
Fixed Compensation
| Component | 2024 Annual Rate | Beschloss 2024 Actual | Notes |
|---|---|---|---|
| Cash-based retainer | $140,000 | $93,334 | Prorated from May 1, 2024 appointment |
| RSU-based retainer | $205,000 | $198,859 (grant-date fair value) | RSUs granted May 1, 2024; vest May 1, 2025 |
| Additional retainers (Lead Independent, Chairs) | $65,000 (Lead); $40,000 (Audit Chair); $25,000 (Comp Chair); $25,000 (NCG Chair) | N/A | Not applicable—no chair roles |
- Director Deferral Program: Approved October 2024; non-employee directors can elect to defer RSU settlements and/or receive cash fees in shares or deferred RSUs, with settlement at retirement/date certain. Dividend equivalents accrue on vested deferred RSUs .
Performance Compensation
Directors do not receive performance-based equity or cash bonuses at CG; director equity is time-vesting RSUs granted as part of the annual retainer .
| Equity Award Feature | Beschloss Details | Vesting/Timing |
|---|---|---|
| Annual Director RSUs (2024) | 5,004 RSUs outstanding at 12/31/2024 (unvested); grant-date fair value $198,859 | Granted May 1, 2024; vest May 1, 2025 |
| Deferral election (if any) | Not disclosed | Director Deferral Program available from Oct 2024 |
Other Directorships & Interlocks
- Current public company boards: None disclosed for Beschloss in CG’s proxy .
- Non-profit boards: Council on Foreign Relations; Rockefeller Foundation (Investment Committee Chair); Bretton Woods Committee (co-chairs working group); Georgetown University; PBS Foundation (Chair) .
- Potential interlocks/conflicts: The Board reviewed philanthropic/social overlaps and prior Carlyle employment and concluded independence is not impaired; no related-party transactions involving Beschloss are disclosed .
Expertise & Qualifications
- Skills & experience: Financial Services; Global Perspective; Government, Public Policy & Regulatory Affairs; Senior Executive & Corporate Governance; Succession Planning & Human Capital; Sustainability; Technology/Cybersecurity .
- Education: MPhil (Honors) in Economics, University of Oxford; teaching in international trade/economic development at Oxford .
- Recognition: RFK Human Rights Ripple of Hope Award; Institutional Investor Lifetime Achievement Award; “Most Powerful Women in Banking” (American Banker) .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 5,004 |
| Ownership as % of shares outstanding | <1% |
| Unvested RSUs outstanding (12/31/2024) | 5,004 |
| Pledged shares | None (CG discloses no other executive officer or Board member has pledged shares; Rubenstein holds pledged shares; not Beschloss) |
| Director stock ownership guideline | 5× base annual cash retainer (within 5 years of appointment) |
| Compliance status | In phase-in period; guideline applies over five years for recent appointees |
Governance Assessment
- Board effectiveness: Beschloss brings deep sovereign/institutional investment and sustainability expertise, complementing CG’s global asset management and policy/regulatory oversight needs .
- Independence and conflicts: Board’s explicit review of prior Carlyle employment and philanthropic overlaps, with an affirmative independence determination, reduces conflict risk; no related-party transactions disclosed for Beschloss .
- Committee engagement: No current committee assignments may limit direct influence over audit/compensation/governance levers; potential future committee service would increase oversight impact .
- Ownership alignment: Current ownership is modest given recent appointment and guideline phase-in; RSU retainer and the Director Deferral Program support alignment, with guideline target over five years .
- Director pay structure: Market-based cash and RSU retainer; no meeting fees; no performance pay or tax gross-ups; structure aligns with best practices and avoids shareholder-unfriendly features .
RED FLAGS to monitor:
- Limited committee involvement at present (none), reducing direct governance influence; monitor for future committee assignments .
- Early-stage equity ownership relative to guideline given 2024 appointment; monitor progression to guideline compliance over phase-in period .