John F. McCartney
EQTAbout John F. McCartney
Independent director of EQT since July 2019; age 72. He serves on the Corporate Governance Committee and the Public Policy & Corporate Responsibility Committee. McCartney brings extensive board leadership and governance expertise as non‑executive Chairman of Huron Consulting Group and a long tenure at Quantuck Advisors, with prior public board experience at Rice Energy and Datatec. The Board classifies him as independent under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Quantuck Advisors LLP | Chair Member | 1998–present | Investment oversight and governance experience relevant to capital allocation and risk |
| Huron Consulting Group Inc. (Nasdaq: HURN) | Non‑Executive Chairman of the Board | 2010–present | Board leadership; governance/accounting depth |
| Rice Energy Inc. | Director | 2015–2017 (until acquisition by EQT) | E&P oversight; familiarity with EQT’s legacy Rice platform |
| Datatec Limited | Director | 2007–2023 | International ICT governance perspective |
External Roles
| Company | Role | Since | Notes |
|---|---|---|---|
| Granite Ridge Resources, Inc. (NYSE: GRNT) | Director | 2022 | Non‑operated oil & gas E&P; potential industry adjacency |
| Huron Consulting Group Inc. (Nasdaq: HURN) | Non‑Executive Chairman | 2010 | Governance/accounting leadership |
Board Governance
- Committee assignments: Corporate Governance; Public Policy & Corporate Responsibility. These committees oversee director nominations, governance policies, related‑party reviews, and ESG/public policy matters.
- Independence: The Board determined McCartney is independent under NYSE standards.
- Attendance/engagement: In 2024 the Board held 5 regular and 7 special meetings; each director attended ≥75% of Board and applicable committee meetings. Independent directors met five times in executive session.
- Committee activity levels (2024): Corporate Governance (6 meetings); Public Policy & Corporate Responsibility (5 meetings).
- Board leadership: EQT separates Chair/CEO; Independent Board Chair model; Chair role transitioning to Thomas F. Karam after the 2025 Annual Meeting.
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $85,000 | Standard non‑employee director cash retainer |
| Committee membership fees (cash) | $10,000 | $5,000 per “other” committee (CG + PPCR) |
| All other cash/benefits | $10,044 | $10,000 EQT Foundation matching gifts; $44 insurance premiums |
| Total cash earned | $95,000 | Fees earned or paid in cash |
| Annual equity grant (RSUs) | $211,046 | 5,830 RSUs granted 4/17/2024; vests at 2025 Annual Meeting |
| Total 2024 compensation | $316,090 | Sum of cash, equity grant FV, other |
Performance Compensation
| Equity Vehicle | Grant/Status | Quantities/Value | Vesting/Terms |
|---|---|---|---|
| 2024 annual RSU grant | 4/17/2024 | 5,830 RSUs; grant date FV $211,046 | Vests at 2025 Annual Meeting; forfeiture on early departure |
| Unvested RSUs (12/31/2024) | Outstanding | 5,901 units (incl. accrued dividends) | Standard director program; units settle in shares |
| Director Deferred Compensation (EQT DDCP) | Outstanding DSUs | 14,717 DSUs total, comprising 5,905 DSUs (automatic deferrals) + 8,812 DSUs (fee deferrals) | Settle in common stock post‑service; no voting rights prior to settlement |
| Deferred fee elections (2024) | Not disclosed for McCartney | — | 2024 fee deferrals were made by other named directors; McCartney not listed for 2024 elections |
Performance metrics tied to director equity: None (director RSUs are time‑based, aligning with shareholder interests through equity ownership).
Other Directorships & Interlocks
| Company | Sector | Potential Interlock/Conflict Consideration |
|---|---|---|
| Granite Ridge Resources (GRNT) | Upstream E&P (non‑operated) | Same broad sector as EQT (gas‑weighted E&P), but no disclosed related‑party transactions between GRNT and EQT. EQT’s Related Person Transaction policy governs conflicts. |
| Huron Consulting Group (HURN) | Consulting/services | Non‑energy consulting; limited overlap with EQT’s operations. |
No McCartney‑specific related‑party transactions were disclosed for 2024. The Corporate Governance Committee reported no related person transactions requiring disclosure beyond those enumerated (RIG‑related vendors, Quantum affiliates, Equitrans) and none involve McCartney.
Expertise & Qualifications
- Board leadership and governance: Non‑executive Chairman at Huron since 2010; multiple public/private board chair/vice chair roles; deep governance and accounting experience.
- Energy sector familiarity: Prior director at Rice Energy (acquired by EQT), current director at Granite Ridge; brings E&P perspective.
- Capital markets and oversight: Quantuck Advisors role enhances investment and risk oversight skillset.
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| EQT shares beneficially owned | 60,634 | As of Feb 3, 2025 |
| Percent of class | <1% | Per beneficial ownership table methodology |
| Exercisable stock options (60 days) | 0 | Options not applicable for non‑employee directors in 2024 program |
| Unvested RSUs (12/31/2024) | 5,901 | Includes accrued dividends |
| Deferred stock units (EQT DDCP) | 14,717 | 5,905 DSUs (automatic), plus 8,812 DSUs (fee deferrals) |
| Hedging/Pledging | Prohibited | Company policy bans hedging/pledging by directors |
| Ownership guidelines | 5x annual cash retainer | All non‑employee directors satisfied or on track within 5 years |
Governance Assessment
- Independence and alignment: McCartney is an independent director with meaningful equity exposure via RSUs/DSUs and is subject to a robust 5x retainer ownership guideline (board indicates compliance/on‑track), plus prohibitions on hedging/pledging—strong alignment with shareholder interests.
- Committee effectiveness: Service on Corporate Governance (nominations, governance, related‑party oversight) and Public Policy & Corporate Responsibility (ESG/Policy) positions him at the center of board composition, ethics, and ESG risk oversight—key for investor confidence. 2024 activity levels (CG: 6; PPCR: 5) reflect active oversight.
- Attendance and engagement: Board met 12 times (5 regular, 7 special) with all directors meeting ≥75% attendance and five independent‑only executive sessions—signals engaged board process.
- Conflicts/related‑party exposure: No McCartney‑specific related‑party transactions disclosed. EQT’s governance framework includes a formal Related Person Transaction Policy and active CGC oversight; extensive Rice‑related controls are documented, reducing perceived conflicts at the board level.
- Shareholder signals: Say‑on‑pay support at 98% in 2024 suggests broad investor confidence in compensation governance and, by extension, board oversight.
- Red flags: None specific to McCartney identified—no pledging, no attendance issues, no disclosed related‑party dealings. Sector adjacency via GRNT warrants routine monitoring for any future transactions but none disclosed.