Yvonne Maldonado
CALIFORNIA WATER SERVICEAbout Yvonne (Bonnie) A. Maldonado, M.D.
Independent director of California Water Service Group (CWT) since 2021; age 69. Professor of Global Health and Infectious Diseases in the Departments of Pediatrics and Epidemiology and Population Health at Stanford University, with deep expertise in infectious disease control and public health. Committee assignments: Nominating/Corporate Governance and Enterprise Risk Management, Safety, and Security. The Board has affirmatively determined she is independent under NYSE standards and the Board’s own independence guidelines.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stanford University School of Medicine | Pediatric Infectious Diseases Epidemiologist; Professor of Global Health and Infectious Diseases | — | Provides expertise on infectious and vaccine-preventable disease control; funded studies with U.S., CDC, WHO, NIH, Gates Foundation on HIV, polio, measles. |
| Stanford (Hospital/Health System) | Medical Director, Infection Prevention and Control; Attending Physician, Packard Children’s Hospital | — | Infection prevention leadership and clinical oversight. |
| Stanford leadership roles | Chief, Division of Infectious Diseases; Director, Global Child Health; Senior Associate Dean for Faculty Development and Diversity | — | Programmatic leadership and faculty development. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Academy of Pediatrics | Chair, Committee on Infectious Diseases | — | National leadership on pediatric infectious disease policy. |
| Lucile Packard Foundation for Children’s Health | Board Member | — | Non-profit governance in pediatric health. |
| Various medical associations | Member | — | Professional engagement. |
| Public company boards | None | — | No other public company directorships disclosed. |
Board Governance
- Independence: Determined independent by the Board under NYSE listing standards; substantial majority of Board is independent.
- Committee Memberships:
- Nominating/Corporate Governance (current members include Maldonado; 2 meetings in 2024; all members independent).
- Enterprise Risk Management, Safety, and Security (current members include Maldonado; 3 meetings in 2024; all members independent).
- Board/Committee Attendance: In 2024 the Board held 10 meetings and committees held 16 meetings; all incumbent directors attended at least 75%, average attendance 96%; all director nominees attended the 2024 Annual Meeting.
- Executive Sessions: Board and committees met in executive session 20 times in 2024; committees held executive sessions (ERM: 3; Nominating/Governance: 2).
- Lead Independent Director: Scott L. Morris (also receives separate retainer).
- Director criteria include independence, ethics, time commitment, diversity, risk management experience, and mandatory retirement age 75.
Fixed Compensation (Non‑Employee Director, FY2024)
| Component | Amount ($) |
|---|---|
| Annual Base Retainer – All Directors | $118,000 |
| Lead Independent Director Retainer (not applicable to Dr. Maldonado) | $40,000 |
| Committee Chair Retainers (Audit $25,000; Org & Comp $20,000; Nominating/Corporate Governance $15,000; Finance & Risk $15,000; ERM/Safety/Security $15,000) | — (Dr. Maldonado is not a chair) |
| Fees Earned or Paid in Cash (Maldonado) | $118,000 |
Directors may elect to defer cash compensation under the Group’s deferred compensation plan.
Performance Compensation (Director Equity and Terms)
| Equity Element | Grant Date | Grant Value | Vesting |
|---|---|---|---|
| Annual Restricted Stock Award (RSA) | June 5, 2024 | $115,500 | Fully vested on March 5, 2025 |
- Accounting grant-date fair value recognized for Maldonado in 2024: $123,455.
- No options or performance-conditioned equity disclosed for directors; director program comprises cash retainers and annual RSAs.
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlock/Conflict Notes |
|---|---|---|---|
| — | — | — | No current public company directorships disclosed. |
Expertise & Qualifications
- Infectious disease and epidemiology expertise; global health leadership with major funders (CDC, WHO, NIH, Gates).
- Health and human services, sustainability/public policy, human capital management skills cited by the Board.
- Brings risk oversight relevance to ERM/Safety/Security committee, including emergency preparedness and emerging risk matters.
Equity Ownership
| Item | Amount |
|---|---|
| Common Stock Beneficially Owned (as of April 16, 2025) | 9,754 shares |
| RSAs held (aggregate, end of 2024) | 7,029 shares |
| Ownership Guidelines (Non‑Employee Directors) | 5x annual base retainer; retain 75% of net after-tax shares until achieved; all non-employee directors are in compliance. |
| Hedging/Pledging | Hedging prohibited; anti‑pledging policy in place; short sales and derivative speculation prohibited. |
| Group ownership concentration | Directors and executives as a group ~1.0% of outstanding; no individual >1.0%. |
Governance Assessment
- Board effectiveness: Maldonado’s public health and risk expertise aligns with ERM oversight focus (emergency preparedness, safety/security, enterprise risk processes), supporting robust non‑financial risk governance.
- Independence and conflicts: Affirmative independence determination; no related person transactions since the beginning of 2024; annual questionnaires and defined approval procedures mitigate related-party risk.
- Attendance and engagement: Strong overall attendance and frequent executive sessions indicate active oversight and independent director engagement.
- Alignment and incentives: Balanced cash/equity director pay with ownership guidelines and anti‑hedging/anti‑pledging policies reinforce long-term alignment and reduce risk of misaligned incentives.
RED FLAGS
- None disclosed: No related person transactions; anti‑hedging/anti‑pledging policies; independence confirmed; no other public company boards that could create interlocks.