Francis Hondal
Equitable HoldingsAbout Francis A. Hondal
Independent director of Equitable Holdings, Inc. since September 2020; age 60. Former Executive Advisor and President, Loyalty & Engagement at Mastercard, with 17 years prior at American Express and founder of Increventi Corp. Core credentials in consumer financial products, loyalty/marketing, international general management; currently independent under NYSE standards. Tenure on EQH’s Board: 2020–present; currently serves on the Compensation & Talent Committee (previously Finance & Risk until Feb 13, 2025) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mastercard Inc. | Executive Advisor; President, Loyalty & Engagement; EVP roles across Loyalty/Marketing/Digital, Global Credit | 2011–2022 | Led global loyalty and engagement strategy; senior leadership across consumer financial services |
| American Express | Senior regional/global roles in Consumer Products, Insurance, Finance | ~17 years | General management across consumer finance |
| Increventi Corp. | Founder | Prior to 2011 | International business development & marketing consultancy |
| Barnett Bank of Florida | Corporate Banking Officer | Early career | Corporate banking, business development |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Bath & Body Works, Inc. (NYSE: BBWI) | Director | Current | Public retail board service |
Board Governance
- Committee assignments: Compensation & Talent Committee (member); previously Finance & Risk Committee member until Feb 13, 2025 .
- Independence: Board determined Hondal is independent under NYSE/SEC standards .
- Attendance: Directors attended 2024 annual meeting; in 2023 all directors attended ≥92% of Board/committee meetings; in 2022 Hondal attended 100%; in 2021 Hondal attended 100%; in 2020 her attendance was 62.5% due to a documented family emergency .
- Committee activity: Compensation & Talent met 5 times in 2024; scope includes executive compensation design, human capital oversight; all members independent .
| Governance Metric | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Board/Committee Attendance (Hondal) | 62.5% (family emergency) | 100% | 100% | ≥92% (all directors) |
Fixed Compensation (Director)
| Component | Structure/Amount | 2024 Hondal Amount |
|---|---|---|
| Annual cash retainer | $125,000 for non-employee directors | $125,000 |
| Committee chair fees | Audit $35k; Comp & Talent $25k; Nominating $20k; Finance & Risk $20k (if applicable) | N/A (member, not chair) |
| Equity retainer (EQH common stock) | $175,000 annual grant to non-employee directors | $175,039 (grant-date fair value) |
| Total 2024 director pay (EQH) | Cash + equity | $300,039 |
- Director compensation program reviewed by Meridian; 2024 adjustments increased equity retainer to $175k; Chair additional equity to $105k .
Performance Compensation (Director)
EQH non-employee directors receive EQH common stock grants; no performance-vesting metrics apply to director EQH stock grants (director equity is delivered as common stock retainer; performance shares are an executive program). The A&R Omnibus Plan sets per-person caps and governance features (no repricing, double-trigger vesting, clawbacks), but director awards are time-based equity retainer .
| Metric Feature | Director Equity Design |
|---|---|
| Vehicle | EQH common stock annual retainer (time-based) |
| Performance metrics | None for director stock retainer (executive PSUs use TSR/EPS; not applicable to directors) – |
| Clawback/forfeiture | Awards subject to EQH Clawback & Forfeiture Policy; non-compete/non-solicit violations can trigger forfeiture/disgorgement |
Other Directorships & Interlocks
| Entity | Potential Interlock/Transaction | Disclosed Status |
|---|---|---|
| Bath & Body Works (BBWI) | Customer/supplier links to EQH | No related-party transactions disclosed involving Hondal; EQH related-party section references AB and >5% holders (e.g., BlackRock) but no Mastercard/BBWI ties –. |
Expertise & Qualifications
- Skills: Consumer financial products, customer experience, finance, marketing, international and general management .
- Board-relevant skills: FinTech/consumer, HR/talent, risk management, corporate governance .
Equity Ownership
| Holding | Amount | Notes |
|---|---|---|
| EQH common shares beneficially owned | 21,394 | As of March 24, 2025 |
| Ownership % of outstanding shares | ~0.007% | Calculated from 306,828,703 shares outstanding at record date and 21,394 owned |
| AB Holding Units | 0 | No AB units; AB director grants shown for other directors, not Hondal |
| Director stock ownership guidelines | 5× annual cash retainer; must retain 50% of EQH stock until guideline met | Applies to all non-employee directors |
| Hedging/pledging | Prohibited for employees and directors | Policy bans hedging and pledging of Company securities |
Governance Assessment
- Committee fit and engagement: Current seat on Compensation & Talent aligns with her consumer/HR/marketing background; committee met 5× in 2024, indicating active oversight. Prior rotation off Finance & Risk (Feb 2025) reduces risk-management committee load, potentially sharpening focus on pay/human capital .
- Independence and attendance: Independent under NYSE; after a documented 2020 shortfall due to family emergency, attendance has been strong (100% in 2021–2022; all directors ≥92% in 2023; 2024 annual meeting attended). This supports board effectiveness and reliability .
- Alignment and pay design: Simple, retainer-based cash/equity mix; equity retainer and stringent ownership/anti-hedging rules promote alignment. No director-linked performance awards that could distort incentives; clawback and restrictive covenants strengthen discipline .
- Other boards/conflicts: One external public board (BBWI) in a non-financial sector; no disclosed related-party transactions. EQH’s over-boarding policy (≤4 public boards) and independence determination mitigate conflict risk .
- Shareholder signals: 2024 say-on-pay approval of 96.1% suggests broad investor support for EQH’s pay governance; while focused on executives, it reflects a positive governance environment overseen by the Compensation & Talent Committee on which Hondal serves .
RED FLAGS (monitor):
- 2020 attendance below expectations (62.5%) due to family emergency; improved thereafter (100% in 2021–2022; ≥92% in 2023) .
- A&R Omnibus Plan increased maximum non-employee director award caps (Chair up to $1.5M; other directors up to $1.0M), expanding potential pay flexibility; monitor future grant levels for inflation vs. peers .
- Ensure continued compliance with stock ownership guidelines; EQH prohibits hedging/pledging, reducing alignment risk .