Lesley R. Carver
About Lesley R. Carver
Lesley R. Carver, age 56, has served on the DMLP Board of Managers since January 2024 as an appointed manager of Dorchester Minerals Management GP LLC; she holds a B.S. in Electrical Engineering from Texas Tech University and brings finance systems and engineering experience from the telecommunications sector . She is currently Senior Director of Finance and Systems at Cobalt Management Services and provides financial services to the Board of Directors of Ally’s Wish, a non-profit organization . Prior roles include Executive Board – Finance at Studio B (non-profit) and various engineering, operational, and project management positions in telecom; she is designated “independent” under NASDAQ rules by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Telecommunications industry (various) | Engineering, operations, and project management roles | Not disclosed | Technical and operational execution experience |
| Studio B (non-profit) | Executive Board – Finance | Not disclosed | Finance leadership at non-profit organization |
External Roles
| Organization | Type | Role | Tenure | Notes |
|---|---|---|---|---|
| Cobalt Management Services | Private | Senior Director of Finance & Systems | Not disclosed | Finance systems leadership |
| Ally’s Wish | Non-profit | Provides financial services to Board of Directors | Not disclosed | Ongoing finance support to board |
Board Governance
- Board/appointment structure: Carver is one of five appointed managers designated by the members of the general partner of the general partner; three managers are elected by unitholders and one is a contributor-appointed manager pursuant to a 2024 agreement .
- Committee assignments: Carver is not on the Advisory Committee (which functions as both Audit and Compensation); in 2024 the Advisory Committee comprised Lassiter, Russell, and Trout; Wariner will replace Trout after the 2025 meeting .
- Independence: The Board affirmatively determined Carver is independent under NASDAQ rules; a majority of the Board is independent .
- Attendance and engagement: The Board met nine times in 2024; each manager attended at least 75% of Board and committee meetings on which they served. Seven of nine managers attended the 2024 Annual Meeting .
- Nominating process: There is no separate nominating committee; nominations are made by the members of the general partner of the general partner. Carver participates in consideration of nominees in her capacity as an officer/manager of members of the general partner’s general partner .
- Policies and oversight: Advisory Committee acts as Audit and Compensation (charter for audit function on website); committee members are “audit committee financial experts” (Carver is not on the committee). Insider trading policy prohibits short sales and transactions in exchange-traded options; Code of Business Conduct and Ethics reviewed and deemed adequate .
Fixed Compensation
| Director | Year | Cash Retainer ($) | Equity/DSUs ($) | Meeting/Chair Fees ($) | Total ($) |
|---|---|---|---|---|---|
| Lesley R. Carver (Appointed Manager) | 2024 | $0 | $0 | $0 | $0 |
| Policy reference | Appointed Managers receive no remuneration; only Advisory Committee members and the Contributor Appointed Manager receive $35,000 annual retainers; special committee meeting fees $1,500 (none in 2024) . |
Performance Compensation
| Element | Director Applicability | Details |
|---|---|---|
| Annual RSU/PSU awards | None disclosed | No equity awards for directors in 2024; director comp table lists only Advisory Committee and Contributor Appointed Manager cash retainers . |
| Option awards | None disclosed | Insider policy prohibits transactions in publicly traded options of the Partnership . |
| Performance metrics for director pay | None disclosed | No performance-linked director pay structure disclosed . |
Other Directorships & Interlocks
| Company | Public/Private | Role | Committees | Notes |
|---|---|---|---|---|
| None disclosed | — | — | — | No other public company directorships disclosed for Carver . |
Expertise & Qualifications
- Finance systems leadership (Senior Director of Finance & Systems at Cobalt Management Services) and prior finance oversight at non-profits .
- Electrical engineering degree; telecom engineering/operations background supporting technical diligence on energy asset systems and data .
- Board independence as determined by the Board; not designated as an audit committee financial expert (not on the Audit/Compensation/Advisory Committee) .
Equity Ownership
| Holder | Date (Record) | Units Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|---|
| Lesley R. Carver | Mar 6, 2025 | 10,313 | <1% | Includes units held in her name or her spouse’s; she disclaims beneficial ownership of spouse-held units without pecuniary interest . |
| Units outstanding | Mar 21, 2025 | 47,339,756 | — | Units entitled to vote; for ownership context . |
| Pledging/hedging | — | Not disclosed | — | Insider policy prohibits short sales and exchange-traded options; no pledging disclosure identified . |
Governance Assessment
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Strengths
- Independent status affirmed; Board majority independent; separation of Chair and CEO roles enhances oversight .
- Attendance thresholds met by all managers in 2024, indicating engagement .
- Advisory Committee designated as “audit committee financial experts” and oversees audit and compensation matters; conflict-of-interest procedures require Advisory Committee approval and fairness standards .
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Watch items / structural risks
- RED FLAG: No nominating committee and nominations controlled by the members of the general partner of the general partner; this can constrain independent refreshment and diversity policy (explicitly, no diversity policy is used in nominations) .
- Appointed Managers (including Carver) receive no direct remuneration for Board service, which may reduce direct pay-related conflicts but leaves alignment primarily to personal unit ownership; Carver’s disclosed holdings are modest relative to total units .
- Partnership/GP structure involves reimbursements to the general partner with a 5% cap and Advisory Committee review; while processes are in place, this is an inherent related-party dynamic requiring ongoing oversight .
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Compliance and shareholder signals
- No late Section 16 filings were identified for Carver; late filings in 2024/2025 were attributed to others (Ehrman, Moriyama, McManemin), suggesting Carver’s compliance posture is clean in the disclosures reviewed .
- Say-on-Pay support was strong (over 92% approval at the 2023 meeting), with the next vote scheduled for 2026; while focused on executive pay, it indicates limited investor agitation on compensation practices .