Craig MacKay
Equitable HoldingsAbout Craig MacKay
Independent director at Equitable Holdings (EQH), age 62, serving since June 2022 (Audit; Finance & Risk committees). A Wharton BS/MBA graduate and longtime private finance banker, he is designated by EQH as an Audit Committee Financial Expert and independent under NYSE/SEC standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| England & Company LLC | Senior Advisor; previously Partner | Senior Advisor (current); Partner 2012–2022 | Independent investment bank; private finance advisory |
| SunTrust Robinson Humphrey | Head, Private Finance and High Yield Capital Markets Origination | Prior to England & Company | Led origination across leveraged finance/high yield |
| HNY Associates, LLC | Founder & Managing Member | Prior | Boutique investment banking firm founder |
| Bankers Trust Company | Early career | Prior | Foundational banking/finance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Carver Bancorp, Inc. (NASDAQ: CARV) | Director; Interim President & CEO | Interim CEO Oct 1, 2023–Nov 1, 2024; Director current | Community bank board and temporary executive leadership |
| Pioneer Funds (Amundi US) | Independent Trustee | Current | Trustee of U.S. mutual funds complex |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board affirmatively determined MacKay is independent (NYSE/SEC) |
| Committee assignments | Audit; Finance & Risk |
| Committee chairs | None; Audit Chair: Daniel Kaye; Finance & Risk Chair: Charles G.T. Stonehill |
| Audit Committee composition | Kaye (Chair), Isaacs‑Lowe, MacKay; all independent and financial experts |
| 2024 committee meeting counts | Audit: 9; Finance & Risk: 5 |
| Risk oversight scope | Audit: financial reporting, internal controls, compliance, cybersecurity/AI/data privacy; Finance & Risk: liquidity, capital, ERM risk appetite |
| Executive sessions | Non‑management director sessions at each regular meeting; annual independent‑only session led by Chair |
| Annual meeting attendance | All directors attended 2024 annual meeting |
| Over‑boarding policy | Max 4 public company boards (non‑executives); all directors compliant in 2024 |
Fixed Compensation (Non‑Employee Director)
| Component | Amount | Source |
|---|---|---|
| Annual cash retainer (Holdings) | $125,000 | |
| Committee chair cash retainers (schedule) | Audit: $35,000; Compensation & Talent: $25,000; Nominating & Corporate Governance: $20,000; Finance & Risk: $20,000 | |
| MacKay 2024 cash fees received | $125,000 | |
| Annual equity retainer (Holdings common stock) | $175,000 | |
| MacKay 2024 stock awards (grant‑date fair value) | $175,039 | |
| AB Board retainers/equity (if serving) | AB annual cash retainer $97,750; AB restricted units $170,000; MacKay did not serve on AB Board (no AB units) | |
| Director education reimbursement | Up to $5,000 per year | |
| Travel accident benefit | Coverage up to 4x annual compensation for board travel |
Performance Compensation
Non‑employee directors receive time‑based equity; no performance‑based director awards or metrics disclosed.
| Metric | Plan Weight/Target | Outcome |
|---|---|---|
| Not applicable (director pay) | N/A | Directors receive annual common stock grants; no performance hurdles |
Other Directorships & Interlocks
| Company/Entity | Relationship to EQH | Potential Interlock/Conflict View |
|---|---|---|
| Carver Bancorp | Unrelated community bank | No EQH related‑party transactions disclosed involving MacKay |
| Pioneer Funds (Amundi US) | Asset management competitor to AB | Board independence affirmed; outside affiliations reviewed annually; all directors compliant |
Expertise & Qualifications
- Audit committee financial expert; financially literate (SEC/NYSE definitions) .
- Deep finance, investment banking, leveraged finance/high yield, risk management, corporate governance experience .
Equity Ownership
| Security | Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| EQH common stock | 14,906 shares | <1% | Direct/indirect beneficial ownership as of Mar 24, 2025 |
| AB Holding Units (AllianceBernstein) | None | N/A | Director AB units listed for some directors; MacKay none |
| Stock ownership guidelines (directors) | 5× annual cash retainer; retain 50% of stock received until met | Policy | Compliance status not specifically disclosed |
| Hedging/pledging | Prohibited for employees/directors | Policy | Reduces alignment risk |
Governance Assessment
-
Strengths
- Independent director with Audit Committee Financial Expert designation; sits on risk‑critical committees (Audit; Finance & Risk), supporting oversight of reporting, controls, liquidity, capital, and ERM .
- Engagement signals: all directors attended the 2024 annual meeting; executive sessions in place; director education reimbursement .
- Alignment: annual equity retainer in EQH stock; director ownership guidelines and hedging/pledging prohibitions reduce misalignment risk .
- Market support: 2024 say‑on‑pay received 96.1% approval, indicating broad investor confidence in EQH’s compensation governance framework .
-
Watch items
- External roles: trustee at Pioneer Funds (Amundi US) implies proximity to a competitor of AB; however the Board annually reviews outside affiliations, affirmed independence, and disclosed no related‑party transactions involving MacKay .
- Compensation ceiling flexibility: A&R Plan proposes raising non‑employee director award limits to up to $1,000,000 (Chair $1,500,000), which could invite pay escalation over time; continued monitoring warranted .
- Attendance detail: Committee‑specific attendance percentages for individual directors not disclosed; only meeting counts and annual meeting attendance provided .
-
RED FLAGS
- None disclosed regarding pledging, hedging, related‑party transactions, or legal proceedings for MacKay; policies explicitly prohibit pledging/hedging .