Annette D. Alvarez-Peters
About Annette D. Alvarez-Peters
Independent director of Crimson Wine Group (CWGL), age 63, elected to the Board in May 2021 after a 37-year career at Costco Wholesale (25 years in Beverage Alcohol; retired as Assistant Vice President and General Merchandise Manager) and founder of annette a.p. Wine & Spirits Inc. She holds the Wine & Spirits Education Trust Diploma and is a Certified Wine Educator; recognized by Wine Spectator, Wine Business Monthly, Decanter, and Wine Enthusiast . The Board has determined she is independent under NASDAQ standards; all directors met at least 75% attendance in 2024 and all attended the 2024 Annual Meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Costco Wholesale | Assistant Vice President & General Merchandise Manager, Beverage Alcohol | 37-year career; 25 years in Beverage Alcohol | Led merchandising in beverage alcohol; widely recognized industry leader |
| Various fine-dining restaurants (Seattle) | Wine buyer and training manager | Early career | Operational and training experience in hospitality/wine |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| annette a.p. Wine & Spirits Inc. | Founder | Ongoing | Consultancy focused on wine/spirit business development and merchandising |
Board Governance
- Independence: Board determined Alvarez-Peters is independent under NASDAQ listing standards .
- Committees: Not a member of the Audit, Compensation, or Nominating Committees (current rosters exclude her) .
- Attendance: Board met four times in 2024; all directors met ≥75% attendance and all attended the 2024 Annual Meeting .
- Board leadership and oversight: Chair (John Cumming) separate from CEO; Audit Committee oversees financial reporting and related person policy; Compensation Committee oversees incentive risks .
- Policies: Codes of Business Practice; Insider Trading Policy prohibits short sales, margin purchases, pledging, and hedging of CWGL securities .
- Related party transactions: None exceeding SEC thresholds since Jan 1, 2021; formal Related Person Transaction Policy with Audit Committee review .
- Say-on-pay signal: 93.1% approval at 2023 Annual Meeting; Board views as endorsement of compensation program .
Fixed Compensation
Director compensation framework (non-employee directors):
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $25,000 | Approved March 2013 |
| Per meeting fee (Board, committee, shareholder) | $2,500 per meeting (in person/virtual) | Applied to Board and committee meetings |
| Audit Committee Chair | $26,000 additional annually | |
| Audit Committee member | $17,000 additional annually | |
| Compensation Committee Chair | $26,000 additional annually | |
| Compensation Committee member | $17,000 additional annually |
Actual fees paid to Alvarez-Peters:
| Year | Fees Earned (Cash) |
|---|---|
| 2023 | $35,000 |
| 2024 | $35,000 |
Performance Compensation
| Category | 2023 | 2024 |
|---|---|---|
| Equity/stock awards to directors | $0 (only cash fees disclosed in director table) | $0 (only cash fees disclosed in director table) |
| Performance metrics tied to director pay | None disclosed | None disclosed |
Other Directorships & Interlocks
| Company | Role | Dates | Notes |
|---|---|---|---|
| Public company boards | None disclosed (past five years) | — | CWGL biographies include other public company directorships if applicable; none listed for Alvarez-Peters |
| Non-profit/academic boards | Not disclosed | — | — |
Expertise & Qualifications
- Wine & spirits merchandising and sourcing expertise (Costco leadership) .
- Education/credentials: WSET Diploma; Certified Wine Educator .
- Industry recognition by multiple leading publications .
- Founder/operator experience in wine/spirit consultancy .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class | As of |
|---|---|---|---|
| Annette D. Alvarez-Peters | 1,875 | * (<1%) | Record Date: May 28, 2024 |
| Annette D. Alvarez-Peters | 2,500 | * (<1%) | Record Date: May 23, 2025 |
- Shares outstanding: 20,816,489 (May 28, 2024) and 20,586,027 (May 23, 2025) .
- Hedging/pledging: Prohibited by Insider Trading Policy, aligning with shareholder interests .
- Ownership guidelines: Company has no formal stock ownership requirement; two directors (not Alvarez-Peters) hold significant stakes .
Insider Trades
| Date (Transaction) | Filing Date | Form | Transaction | Shares | Notes |
|---|---|---|---|---|---|
| Mar 22, 2024 | Apr 1, 2024 | Form 4 (late) | Open-market purchase | 625 | Company disclosed late filing attribution; procedural issue |
Governance Assessment
-
Strengths
- Independent director with deep category expertise in beverage alcohol and merchandising; qualifications relevant to CWGL’s core business .
- Strong governance policies: Codes of conduct; robust Related Person Transaction Policy; prohibition on hedging/pledging; Audit and Compensation Committee independence .
- Attendance: Board met four times in 2024; all directors met ≥75% and attended the Annual Meeting; supports engagement expectations .
- Investor sentiment: High say-on-pay approval (93.1%) in 2023 suggests alignment of compensation practices with investor expectations .
-
Watch items
- Committee engagement: Alvarez-Peters does not sit on Board committees (Audit, Compensation, Nominating), limiting direct involvement in oversight levers important to investors (financial reporting, pay, nominations) .
- Ownership alignment: Beneficial ownership is de minimis versus outstanding; Company lacks formal director ownership guidelines, which may reduce “skin in the game” optics .
-
Red flags
- Late Form 4 filing (Apr 1, 2024) for a March 22, 2024 share purchase—minor compliance lapse; no recurring issues disclosed .
- Potential conflict risk: Operates a wine/spirit consultancy; while no related-party transactions were reported above SEC thresholds since 2021 and policy controls exist, investors may monitor for any future engagements with CWGL or counterparties in CWGL’s ecosystem .
Overall signal: Independent, industry-qualified director with consistent attendance and cash-only director pay; limited committee involvement and minimal share ownership warrant monitoring for alignment and oversight influence **[1562151_0001562151-25-000018_cwgl-20250527.htm:7]** **[1562151_0001562151-25-000018_cwgl-20250527.htm:10]** **[1562151_0001562151-25-000018_cwgl-20250527.htm:14]** **[1562151_0001562151-25-000018_cwgl-20250527.htm:27]**.