Gilles Dellaert
About Gilles Dellaert
Gilles Dellaert (age 46) is a non‑independent director of Corebridge Financial (CRBG), appointed in Q4 2024 as Blackstone’s designee under the Blackstone Stockholder’s Agreement; he currently serves on no Board committees. He is Global Head of Blackstone Credit & Insurance (since 2023) and previously led Blackstone Insurance Solutions (2020–2023), with prior senior investment roles at Global Atlantic and Goldman Sachs, bringing deep insurance investment and financial services expertise. Tenure on CRBG’s Board: director since 2024 (less than one year as of the 2025 proxy) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blackstone | Global Head, Blackstone Credit & Insurance | 2023–present | Senior leadership overseeing insurance and credit investing; perspective as strategic partner to CRBG . |
| Blackstone | Global Head, Blackstone Insurance Solutions | 2020–2023 | Led insurance-focused investment platform . |
| Global Atlantic Financial Group | Co‑President and Chief Investment Officer | 2017–2019 | Life & annuity investing leadership . |
| Global Atlantic Financial Group | Chief Investment Officer | 2013–2017 | CIO responsibilities across insurance portfolios . |
| Goldman Sachs | Reinsurance Group & Credit Trading Business | 2003–2013 | Trading and reinsurance experience . |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| Resolution Life US Holdings Inc. | Director | 2023 | Current other directorship; no other current U.S. public company directorships disclosed for Dellaert . |
Board Governance
- Independence: Non‑independent (Blackstone designee under Blackstone Stockholder’s Agreement) .
- Committee assignments: None .
- Appointment: Q4 2024; replaced departing Blackstone director Jonathan Gray .
- Board composition and leadership: Majority‑independent Board; independent Chair (Alan Colberg); regular executive sessions of independent directors .
- Attendance: In 2024, each director attended at least 75% of Board/Committee meetings; overall attendance ~99% for current and former directors as a group (no per‑director rate disclosed) .
- Designation rights: Blackstone may designate one director while ownership thresholds persist; designee is entitled to serve on each committee subject to NYSE/SEC rules .
Fixed Compensation
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Policy: Only independent directors are entitled to compensation for service; non‑employee director compensation mix emphasizes equity; annual DSUs vest immediately but settle at termination; no perquisites; chair retainers differentiated by workload .
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Dellaert’s 2024 Director Compensation (CRBG): | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) | |---|---:|---:|---:|---:| | Gilles Dellaert | — | — | — | — |
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Program Retainers (effective 2024–2025): | Role | Annual Cash Retainer ($) | |---|---:| | Non‑employee Director | 120,000 | | Board Chair | 200,000 | | Lead Independent Director | 100,000 | | Audit Committee Chair | 35,000 | | Nominating & Corporate Governance Chair | 25,000 | | Compensation & Management Development Chair | 25,000 | | Risk Committee Chair | 25,000 |
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Equity retainer: $165,000 DSUs annually at the annual meeting; prorated DSUs upon mid‑cycle appointment; DSUs vest immediately, settle upon director’s termination .
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance‑based equity for directors | None; CRBG directors do not receive performance‑based equity awards . |
| DSU vesting/settlement mechanics | Vests immediately; settlement deferred until termination of Board service . |
Other Directorships & Interlocks
| Relationship | Nature | Key Terms/Exposure |
|---|---|---|
| Blackstone Stockholder’s Agreement | Governance & rights | Blackstone can designate one director while ownership thresholds persist; designee entitled to serve on committees subject to rules; Blackstone/Argon waived voting/consent on shares; consent rights on certain actions until fall‑away events . |
| Investment Management with Blackstone IM | Related‑party services | Blackstone IM manages $68.8B of CRBG assets as of Dec. 31, 2024, rising to $92.5B by Q3 2027; fees 0.30% on initial $50B, increasing to 0.45% for additional assets and as the $50B is re‑invested; fee obligations persist even if delivery deadlines missed; six‑year SMA terms with automatic two‑year extensions . |
Expertise & Qualifications
- Deep insurance and financial services investment expertise; perspective as Global Head of Blackstone Credit & Insurance; prior CIO roles and reinsurance/credit trading experience .
Equity Ownership
| Holder | Shares Owned | Percent of Class | Notes |
|---|---|---|---|
| Gilles Dellaert | — | * (<1%) | No DSUs listed for Dellaert; DSUs noted for certain other directors only . |
| Policy on hedging/pledging | — | — | No hedging, pledging, or short sales permitted for directors, officers, employees . |
Governance Assessment
- Alignment and incentives: As a non‑independent, stockholder‑designated director, Dellaert receives no CRBG director fees/DSUs; he also shows no disclosed CRBG share ownership or DSUs, which limits direct “skin‑in‑the‑game” alignment relative to independent directors whose compensation emphasizes equity .
- Board effectiveness: Majority‑independent Board with independent Chair and established Compensation, Nominating & Governance, Risk, and Audit committees; strong attendance culture (~99% overall in 2024) .
- Conflicts/related‑party exposure:
- Blackstone’s extensive investment management role (tens of billions AUM, fee‑bearing SMAs) is a material related‑party relationship that may pose real/perceived conflicts given Dellaert’s senior Blackstone role and Board designation. Board oversight of related‑party transactions and Audit Committee review are therefore critical .
- Blackstone retains certain governance and consent rights until fall‑away thresholds, potentially influencing corporate actions; however, Blackstone/Argon waived voting/consent on their CRBG shares, partially mitigating influence through share voting .
- Committee participation: Dellaert is not currently on Board committees; while Blackstone’s designee is entitled to serve subject to rules, non‑participation limits direct influence over compensation, audit, or risk processes .
- Shareholder sentiment: 2025 Say‑on‑Pay passed with strong support (457,874,479 for vs. 7,947,607 against), signaling broader investor comfort with CRBG’s executive pay program and governance trajectory, though not specific to Dellaert .
RED FLAGS
• Material related‑party exposure with Blackstone investment management fees while Dellaert is Blackstone’s designee and a senior Blackstone executive .
• No disclosed CRBG share ownership/DSUs for Dellaert, reducing visible alignment versus independent directors compensated in equity .
• Continuing Blackstone consent/registration/information rights until fall‑away events, which can influence governance dynamics .
Monitoring priorities for investors:
• Audit Committee oversight of related‑party transactions and fee arrangements with Blackstone IM .
• Any future committee assignments for Dellaert (especially Risk or Audit), which could heighten conflict scrutiny .
• Changes to Blackstone’s ownership thresholds or fall‑away events affecting designation and consent rights .