Reena Aggarwal
COHEN & STEERSAbout Reena Aggarwal
Independent director since November 2016 (age 67), Dr. Aggarwal is the Robert E. McDonough Professor of Finance and Director of the Psaros Center for Financial Markets & Policy at Georgetown University. Her expertise spans corporate governance, capital raising, IPOs, institutional investors, private equity, digital assets, global markets, and securities regulation; education includes a Ph.D. in Finance (University of Maryland) and Master of Management Studies (BITS Pilani, India) . The Board reaffirmed her independence under NYSE rules on February 20, 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Georgetown University, McDonough School of Business | Robert E. McDonough Professor of Finance; Director, Psaros Center for Financial Markets & Policy | Faculty since 1986 | Leadership in governance and capital markets policy |
| Georgetown University | Vice Provost for Faculty | Until July 2020 | Senior academic administration oversight |
| Georgetown University, McDonough School of Business | Interim Dean; Deputy Dean | Not disclosed | School leadership roles |
External Roles
| Organization | Type | Role | Committees |
|---|---|---|---|
| Dimensional Fund Advisors U.S. mutual funds and ETFs (five investment companies) | Investment companies | Director | Audit; Nominating |
| Nuveen Churchill BDC | Public BDC | Director | Audit; Nominating |
| NYLIM IndexIQ | Investment manager | Former Director | Not disclosed |
| Brightwood Capital Advisors, L.P. | Private credit | Former Director | Not disclosed |
Board Governance
- Committee assignments: Audit Committee member (Audit Committee financial expert); Compensation Committee member; Nominating & Corporate Governance Committee chair .
- Independence: Board determined Dr. Aggarwal is independent under NYSE and SEC rules (Feb 20, 2025) .
- Attendance and engagement: In 2024, Board met 6 times; committees met Audit (8), Compensation (3), Nominating (3). Each director attended at least 75% of applicable meetings; all directors at the 2024 annual meeting .
- Executive sessions: Non-management director sessions each quarterly meeting; independent-only sessions at least annually; chaired by the non-executive chairman for all non-management, and rotated among independents for independent-only .
- Board leadership: Separate Chair/CEO roles since 2014; no Lead Independent Director due to majority-independent composition and perceived effectiveness of current structure .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (cash portion) | $100,000 | Paid quarterly |
| Committee membership fees | Audit: $15,000; Compensation: $7,500; Nominating: $5,000 | Paid quarterly |
| Committee chair fee | Nominating Chair: $5,000 | Paid quarterly |
| 2024 cash fees actually paid | $132,667 | Reflects proration/timing; reported “Fees Earned or Paid in Cash” |
| 2024 stock awards (RSUs) | $109,860 | Aggregate grant-date fair value |
| 2024 total director compensation | $242,527 | Sum of cash + stock awards |
Performance Compensation
- Directors receive quarterly RSU grants; RSUs are 100% vested at grant and delivered on the third anniversary; dividends are paid in cash to directors when the company pays dividends .
| Grant Date (2024) | RSUs (#) | Grant Date Fair Value ($) | Vesting | Delivery |
|---|---|---|---|---|
| Jan 2, 2024 | 365 | $27,467 | 100% at grant | Third anniversary |
| Apr 1, 2024 | 362 | $27,454 | 100% at grant | Third anniversary |
| Jul 1, 2024 | 383 | $27,482 | 100% at grant | Third anniversary |
| Oct 1, 2024 | 291 | $27,457 | 100% at grant | Third anniversary |
No performance-conditioned metrics are used in director compensation; RSUs function as time-based equity with delayed delivery .
Other Directorships & Interlocks
| Relationship | Potential Interlock/Conflict Consideration |
|---|---|
| Service on boards of Dimensional funds and Nuveen Churchill BDC | Industry adjacency; Board determined Dr. Aggarwal is independent; no Item 404 related-party transactions disclosed regarding these roles . |
| Co-investment opportunity in CNS-managed vehicles | Directors and officers may co-invest without fees/carry; Audit Committee reviews related-party transactions; Board considered director investments in company-managed funds and did not deem them material to independence . |
Expertise & Qualifications
- Recognized scholar and practitioner in corporate governance, capital raising/IPO markets, institutional investor behavior, private equity, digital assets, global markets, and securities regulation; recipient of BlackRock–NACD Global Challenge for Innovation in Corporate Governance Award (2015) .
- Audit Committee financial expert designation under SEC rules .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | RSUs Held (non-voting) | Notes |
|---|---|---|---|---|
| Reena Aggarwal | 10,735 | <1% | 4,326 | Includes 315 shares scheduled to be delivered on Apr 1, 2025 upon RSU settlement |
Governance Assessment
- Strengths: Independent director with deep governance and capital markets expertise; chairs Nominating Committee and designated Audit Committee financial expert—enhancing board oversight quality . Strong engagement with meeting attendance thresholds; board/committee cadence supports active oversight .
- Compensation alignment: Balanced mix of cash and equity; RSUs delivered after three years, reinforcing longer-term alignment, though awards are fully vested at grant and not performance-conditioned (typical for non-employee directors) .
- Ownership alignment: Personal ownership of 10,735 shares plus RSUs; company does not maintain formal stock ownership guidelines (Board cites meaningful collective ownership), but prohibits hedging; clawback policy adopted for executive incentive compensation (positive governance signal) .
- Risks/Red flags to monitor:
- Concentrated founder ownership (Steers ~23.3%, Cohen ~17.8%) can influence outcomes and board elections; continued vigilance on independent oversight is warranted .
- Absence of a Lead Independent Director may reduce independent agenda-setting; mitigated by majority-independent board and structured executive sessions .
- Co-investment opportunities in CNS-advised vehicles could create perceived conflicts; mitigated by Audit Committee oversight and independence determinations .
- Shareholder sentiment: Prior say-on-pay support strong (93.55%), suggesting broad investor confidence in compensation governance .