Edward Bousa
About Edward Bousa
Independent director of Corebridge Financial, Inc. (CRBG); age 66; joined the Board in 2024; serves on the Audit Committee and is designated an “audit committee financial expert.” Former partner and Team Leader of Quality Value Equity strategies at Wellington Management; prior portfolio management and research roles at Putnam and Fidelity. Current public board: Omnicell, Inc.; former public board: Azenta, Inc.; nonprofit boards include the Iacocca Family Foundation and the V Foundation. Independence affirmed by the Board under NYSE standards; appointed in Q3 2024 as part of Corebridge’s governance transition to a majority-independent board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management Company LLC | Partner; Team Leader, Quality Value Equity Investment Strategies | 2005–2020 | Led investment strategy; crisis/risk management experience |
| Wellington Management Company LLC | Senior roles | 2000–2005 | Leadership in investments |
| Putnam Investments, LLC | Mutual Fund Manager | 1992–2000 | Portfolio management |
| Fidelity Investments, Inc. | Equity Research Analyst & Portfolio Manager | 1983–1992 | Research/PM; financial analysis |
External Roles
| Organization | Role | Start | Status |
|---|---|---|---|
| Omnicell, Inc. | Director | 2021 | Current |
| Azenta, Inc. | Director | 2024 | Former (ended 2025) |
| Iacocca Family Foundation | Trustee (non-profit) | 2005 | Current |
| V Foundation | Board member (non-profit) | 2024 | Current |
Board Governance
- Committee assignments: Audit Committee member; designated “audit committee financial expert” alongside Lynch and Leone. The Audit Committee held 10 meetings in 2024 with 98% average attendance.
- Independence status: Determined independent by the Board under NYSE rules. The Board moved to 62% independent members, adding Bousa in Q3 2024 as part of governance enhancements.
- Attendance and engagement: Each director attended at least 75% of Board and committee meetings in 2024; overall group attendance ~99%.
- Leadership context: Alan Colberg appointed first independent Chair in Dec 2024; independent directors meet in regular executive sessions without management.
| Governance Detail | 2024/2025 Data |
|---|---|
| Audit Committee meetings (2024) | 10; 98% avg attendance |
| Board meetings (2024) | 4; all directors ≥75% attendance; ~99% overall |
| Board independence | >62% independent; Bousa added Q3 2024 |
| Independence determination (Bousa) | Independent per NYSE standards |
Fixed Compensation
- Director program structure: Non-employee directors receive $120,000 annual cash retainer; additional cash retainers only for Board Chair ($200k), Lead Independent Director ($100k), and committee chairs (Audit $35k; Nominating & Governance $25k; Compensation & Management Development $25k; Risk $25k). Equity retainer of $165,000 in DSUs annually; DSUs vest immediately but settle within 90 days after Board service ends; dividend equivalents paid when DSUs settle; no meeting fees; no perquisites beyond matching grants program.
- 2024 compensation (prorated due to Q3 appointment): Cash fees $42,198; stock awards $152,039; all other compensation $10,000; total $204,237.
| Component (2024) | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $42,198 |
| Stock Awards (DSUs) | $152,039 |
| All Other Compensation | $10,000 |
| Total | $204,237 |
Additional program facts:
- DSU grant sizing: Annual DSUs fixed value; initial equity retainer prorated upon appointment (Bousa received 5,292 DSUs at appointment on Aug 24, 2024; annual 2024 grant includes 5,563 DSUs).
- Matching Grants Program: Company matches eligible charitable donations up to $10,000 per director per year.
Performance Compensation
- Directors do not receive performance-based equity awards; director equity grants are DSUs with immediate vesting and deferred settlement upon termination of Board service.
| Performance Metric | Application to Directors |
|---|---|
| TSR / ROAE / Operating EPS goals | Not applicable to directors (no performance-based awards) |
| DSU settlement mechanics | Settled within 90 days after service ends; accrue dividend equivalents paid upon settlement |
Other Directorships & Interlocks
- Current public company board: Omnicell, Inc. (healthcare/medtech) – no disclosed supplier/customer ties to Corebridge in proxy.
- Former public company board: Azenta, Inc. (ended 2025).
- Nonprofit roles: Iacocca Family Foundation; V Foundation.
- No director-specific related party transactions identified for Bousa in the proxy’s related party transactions section (which details AIG, Blackstone, Nippon arrangements at the company level).
Expertise & Qualifications
- Investment leadership and value-equity strategy lead; extensive experience across market cycles, crisis and risk management, capital strategy, and financial analysis; ESG perspective noted.
- Audit committee financial expertise designation indicates deep accounting/financial literacy.
Equity Ownership
- Beneficial ownership: 5,292 shares (fully vested DSUs; delivery deferred until end of Board service); less than 1% ownership.
- Director stock ownership guideline: Must hold 5x annual cash retainer ($600,000) in Common Stock/DSUs over time; compliance assessed via DSU retention; hedging and pledging prohibited for directors.
- Insider trading compliance: One late Form 4 for Bousa (transaction dated Aug 24, 2024; filed Jan 23, 2025) due to administrative error; company disclosed late filings for several individuals.
| Ownership Detail | Data |
|---|---|
| Shares owned (incl. DSUs) | 5,292 |
| Percent of class | <1% |
| DSU settlement | Within 90 days post-service end; dividend equivalents paid on settlement |
| Ownership guideline | 5x $120k = $600k in stock/DSUs |
| Hedging/Pledging policy | Prohibited for directors |
Governance Assessment
- Strengths:
- Independent director with deep investment and risk oversight background; Audit Committee “financial expert” designation bolsters financial reporting oversight.
- Equity alignment via DSUs with deferred settlement until end of service; robust ownership guidelines; anti-hedging/pledging policies.
- Board has transitioned to majority-independent with independent Chair, established Compensation, Nominating & Governance, and Risk Committees; regular executive sessions.
- Strong meeting attendance (Board ~99%; Audit Committee 98%).
- Potential red flags / watch items:
- Administrative late Section 16 filing for Bousa in Jan 2025; minor process issue rather than substantive trading concern.
- Company-level related party complexity (AIG/Nippon/Blackstone rights and transactions) warrants ongoing conflict oversight; Bousa not named in related party sections, but Board oversight via Audit Committee critical.
- Investor confidence signals:
- Say-on-Pay support of 99% in 2024 indicates broad shareholder endorsement of compensation governance.
- Director compensation emphasizes equity with deferred settlement; no performance-based equity avoids metric gaming for directors.