Manuel Alvarez
EAST WEST BANCORPAbout Manuel P. Alvarez
Manuel P. Alvarez, age 44, has served as an independent director of East West Bancorp (EWBC) since 2022 and is the Founding Principal of BridgeCounsel Strategies LLC, a minority-owned fintech consultancy he founded in 2021 . Previously, he was California’s chief banking and financial regulator (Commissioner of DBO/DFPI) from 2019–2021 and General Counsel/Chief Compliance Officer/Corporate Secretary at Affirm, Inc. from 2014–2019; he is admitted to practice law in California and serves on advisory boards of several venture-backed private fintech firms . Alvarez is designated a Risk Expert under the Federal Reserve’s Enhanced Prudential Standards based on his regulatory and enterprise risk background .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BridgeCounsel Strategies LLC | Founding Principal | 2021–present | Minority-owned fintech consultancy; advisory and risk governance expertise |
| California DBO/DFPI | Commissioner | 2019–2021 | Oversaw regulatory and risk oversight of state banks, credit unions, and licensed entities |
| Affirm, Inc. (Nasdaq: AFRM) | General Counsel, Chief Compliance Officer, Corporate Secretary | 2014–2019 | Helped build and scale enterprise risk management (legal, compliance, governance) |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Various venture-backed private fintech companies | Advisory Board Member | Ongoing | Provides fintech/regulatory/risk oversight advice (companies not named) |
Board Governance
- Committee assignments: Audit Committee member (9 meetings in 2024; chair is Lester Sussman) and Risk Oversight Committee member (4 meetings in 2024; chair is Mark Hutchins); Alvarez is designated a Risk Expert under Fed Enhanced Prudential Standards .
- Independence and service: Independent director; listed with “A, R (RE)” and “INDEPENDENT” in director slate; not a committee chair .
- Attendance and engagement: In 2024, the Board held four regularly scheduled meetings plus a multi-day retreat, with 20 committee meetings; all director nominees attended all regularly scheduled Board meetings, their committee meetings, and the retreat; independent directors meet in executive session at every regular Board meeting led by the Lead Independent Director .
- 2025 election support: Alvarez received 117,355,548 “For”, 726,954 “Against”, 298,363 “Abstain”, with 6,778,433 broker non-votes (≈99.13% support of votes cast excluding broker non-votes) .
- Stockholder signals: 2025 Say‑on‑Pay approval was 113,119,369 “For”, 5,035,458 “Against”, 226,038 “Abstain” (95.56% of total votes cast), indicating broad investor support for compensation governance .
- Stock ownership guidelines: Directors must own 3x their annual cash retainer within five years of election; no hedging/pledging of Company securities is permitted under the Insider Trading Policy .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $133,768 | Paid in June 2024 for service May 2024–May 2025 . General program level: $133,750 annual cash for non-employee directors . |
| Committee chair fees | N/A | Alvarez is not a chair; chair retainer levels: Audit $27,500; Compensation $27,500; Risk Oversight $27,500; Nominating/Governance $22,500 . |
| Lead Independent Director fee | N/A | LID receives $40,000; Alvarez is not LID . |
| Meeting fees | Not disclosed | No specific per‑meeting fees disclosed in proxy for directors . |
Performance Compensation
| Grant Type | Grant Date | Shares Granted | Grant Date Fair Value | Vesting/Type | Performance Metrics |
|---|---|---|---|---|---|
| Common stock award | May 28, 2024 | 1,818 shares | $133,732 (at $73.56/share) | Common stock grant; vesting terms not disclosed | None disclosed for director equity grants . |
The director compensation mix is approximately 50% cash and 50% equity for 2024 (cash $133,768; stock $133,732) .
Performance Metric Framework (Directors)
| Metric Category | Director Program Specification |
|---|---|
| Financial/TSR metrics | Not applicable; director equity grants are not tied to performance metrics (common stock awards) . |
| Clawbacks | Executive Clawback Policy applies to executive officers; no director-specific clawback disclosed . |
Other Directorships & Interlocks
| Category | Status |
|---|---|
| Other public company boards (current) | None disclosed for Alvarez; proxy enumerates other directors’ external public boards and does not list Alvarez . |
| Potential interlocks | None identified with competitors/suppliers/customers; advisory roles at private fintech firms noted without named entities . |
Expertise & Qualifications
- Skills matrix highlights for Alvarez: Bank regulatory oversight, government/geopolitical experience, risk oversight/management, high-level financial expertise, senior leadership/executive experience, innovation/technology exposure; designated Risk Expert under Fed standards .
- Legal/regulatory credentials: California bar admission; former state financial regulator (DFPI/DBO Commissioner) .
- Enterprise risk governance: Built and scaled Affirm’s ERM (legal, compliance, governance) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Manuel P. Alvarez | 8,866 | <1% | As of April 3, 2025; table excludes unvested RSUs and notes none expected to vest within 60 days . |
- Director stock ownership guideline: 3x annual cash retainer to be met within five years of election; compliance status for individual directors not disclosed .
- Hedging/pledging: Prohibited for directors under Insider Trading Policy .
Governance Assessment
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Strengths supporting investor confidence:
- Independent director with deep regulatory and risk governance credentials; designated Risk Expert, serving on Risk Oversight and Audit Committees .
- 100% attendance at Board and committee meetings in 2024; robust committee activity (Audit 9; Risk 4) .
- Strong stockholder support: ~99.13% “For” in 2025 director election; Say‑on‑Pay at 95.56% approval .
- Alignment mechanisms: balanced cash/equity director pay; stock ownership guidelines; no hedging/pledging; independent consultant (Meridian) reviews director pay .
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Potential watch items / RED FLAGS to monitor:
- Related-party exposure via director loans: Bank may lend to directors or entities they control on market terms; none problematic as of 12/31/2024, and no related party transactions >$120,000 disclosed beyond such ordinary-course loans .
- Advisory roles at private fintech companies: Potential perceived conflicts if EWBC enters commercial relationships with those firms; proxy discloses advisory board participation but no specific related-party transactions .
- Ownership guideline compliance: Individual compliance is not disclosed; Alvarez’s beneficial ownership is 8,866 shares (<1%); ability to meet 3x retainer guideline within five years should be monitored .
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Committee effectiveness signals:
- Audit Committee report evidences active oversight of internal controls, financial reporting, and auditor independence; Alvarez listed among signatories .
- Risk Oversight Committee charter emphasizes comprehensive enterprise risk monitoring (credit, capital, liquidity, IT/cyber, BSA/AML/OFAC); Alvarez participates as Risk Expert, strengthening board risk coverage .
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Shareholder rights and governance practices: Majority voting in uncontested elections, proxy access, independent key committees, regular executive sessions, and no hedging/pledging—all aligned with best practices .