Frank C. Hu
EQTAbout Frank C. Hu
Independent director at EQT since October 2021; age 63. Former Investment Analyst and Vice President at Capital World Investors (2003–2017), with earlier roles at Unocal (Manager, Project Finance, Corporate Treasury) and McKinsey (Global Energy Practice Consultant). Serves on EQT’s Audit and Public Policy & Corporate Responsibility Committees and is designated an Audit Committee Financial Expert; currently also a director of Viper Energy Partners LP (NYSE: VNOM). Education not disclosed in EQT’s proxy materials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Capital World Investors (Capital Group) | Investment Analyst & Vice President | 2003–2017 | Deep buy-side energy coverage and capital markets expertise |
| Unocal Corporation | Manager, Project Finance (Corporate Treasury) | 2002–2003 | Project finance and corporate treasury experience |
| McKinsey & Company | Global Energy Practice Consultant | 2000–2002 | Strategic and operational energy consulting |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Viper Energy Partners LP (NYSE: VNOM) | Director | 2022–present | Minerals LP affiliated with Diamondback; no EQT-related transactions disclosed |
Board Governance
- Committee assignments: Audit (7 meetings in 2024) and Public Policy & Corporate Responsibility (5 meetings in 2024) .
- Audit Committee Financial Expert designation; Audit Committee comprised solely of independent directors .
- Independence: Board determined Hu is independent under NYSE standards .
- Attendance: EQT’s Board held 5 regular and 7 special meetings in 2024; each director attended ≥75% of Board and respective committee meetings; all directors attended the 2024 Annual Meeting (virtual) .
- Board leadership and independence: Independent Chair structure; Lydia I. Beebe serving through 2025 Annual Meeting, after which Thomas F. Karam will assume the role .
Fixed Compensation
| Component | 2024 Amount | Details |
|---|---|---|
| Fees Earned or Paid in Cash | $112,042 | Includes Board retainer and committee member fees; Hu elected to defer fees under the Directors’ Deferred Compensation Plan (DDCP) |
| Stock Awards (RSUs) | $211,046 | Annual grant; RSUs determined under ASC 718 |
| All Other Compensation | $10,044 | Insurance premiums and EQT Foundation matching gifts |
| Total | $333,132 | Sum of above |
-
Director fee schedule (program-level reference): Board member $85,000; Audit member $10,000; other committee member $5,000; Audit chair $25,000; other committee chair $15,000; Independent Chair +$150,000; special committees +$5,000 per committee .
-
Equity grant and vesting: 5,830 RSUs granted April 17, 2024; vest at the 2025 Annual Meeting; dividends credited as additional RSUs; directors may defer settlement under DDCP .
Performance Compensation
- Non-employee directors do not receive performance-conditioned equity (no PSUs or options as part of director pay in 2024); equity grants are time-based RSUs with meeting- or time-based vesting .
- EQT prohibits hedging and pledging of company securities by directors (alignment safeguard) .
Other Directorships & Interlocks
| Company | Sector/Overlap | Potential Interlock/Conflict |
|---|---|---|
| Viper Energy Partners LP (VNOM) | Permian minerals (oil & gas) | No EQT-related related-party transactions disclosed involving Hu; Board affirms independence – |
Expertise & Qualifications
- Finance and investment: 14 years at Capital World Investors covering energy; strengthens capital allocation and investor perspective on EQT’s strategy .
- Energy operations/strategy: Unocal treasury/project finance and McKinsey energy consulting background add operational and strategic insight .
- Audit proficiency: Formally designated Audit Committee Financial Expert; supports financial reporting oversight and risk controls .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Beneficial ownership (common shares) | 25,156 | As of Feb 3, 2025; no exercisable options |
| Exercisable options (60-day window) | 0 | As reported |
| Unvested RSUs | 5,901 | As of Dec 31, 2024 (includes accrued dividends) |
| Deferred stock units (DSUs) – EQT DDCP (stock-settled) | 11,489 | As of Feb 3, 2025 |
| DSUs from fee deferrals – EQT DDCP (stock-settled) | 8,662 | As of Feb 3, 2025 |
| Total DSUs outstanding (Dec 31, 2024) | 19,527 | Aggregate DSUs including accrued dividends |
| Pledged shares | None | Proxy states no pledging by directors |
| Director ownership guideline | 5× annual cash retainer | Each director has satisfied or is on track within 5 years |
Governance Assessment
- Alignment and incentives: Standard director cash retainer plus time-based RSUs; deferral elections increase long-term alignment; no options or performance equity that could distort risk-taking .
- Independence and capacity: Board determined Hu is independent; time-commitment policy caps public boards; Hu serves on one other public board (VNOM), within EQT’s guidelines .
- Financial oversight strength: Audit Committee membership and financial expert designation reinforce effectiveness in audit and risk oversight, including cybersecurity risk oversight delegated to Audit .
- Attendance and engagement: ≥75% attendance standard met; presence across two committees with regular meetings indicates engagement; broad shareholder say-on-pay support (98%) reflects positive governance climate .
- Conflicts/related party exposure: No related-person transactions disclosed involving Hu; EQT maintains robust related-party and conflict-management policies (including RIG governance policy focused on Rice affiliates) – .
- Red flags: None observed on pledging/hedging or attendance; no disclosed legal proceedings or SEC investigations involving Hu in the proxy; director compensation appears market-standard without anomalous guarantees –.
Overall signal: Strong governance profile driven by independence, audit expertise, and standard director pay design; no disclosed conflicts tied to Hu. Continued attention to any evolving interlocks at VNOM is prudent, but no issues disclosed in 2024 .