Pin Tai
About Pin Tai
Pin Tai is an independent director of Goldenstone Acquisition Limited (GDST) and has served on the board since April 2021; he was 70 as of the 2024 record date. He is designated by the board as an “audit committee financial expert,” supported by 38+ years of commercial banking experience across the U.S., Hong Kong, and mainland China, including senior leadership at Cathay General Bancorp and Cathay Bank. He holds a B.S. in Chemical Engineering from the University of Rochester and an MBA with Honors from Northwestern University’s Kellogg School of Management, and completed the Directors Training Program at UCLA Anderson School of Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cathay Bank | General Manager, New York region; Executive VP (eastern regions, incl. Texas); Chief Lending Officer | Joined 1999; CLO appointed 2013 | Expanded East Coast presence (NY, Boston, MD, NJ, Chicago) |
| Cathay Bank & Cathay General Bancorp | President (2015); CEO & President (2016) | 2015–Sep 2020 | Bank ranked Top 10 Best Banks (2018) and Top 20 for 5 consecutive years by Forbes |
| Bank of China, USA | Credit, business development, marketing, correspondent banking | ~13 years prior to 1999 | Led credit/business development; U.S.-China banking liaison |
| Bank of America (HK & China) | International banking services to Chinese SOEs and multinationals | Pre-1980s onward | Among earliest American bankers entering China market in 1980 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GPI Investment Group | Chairman, GPI Real Estate Opportunity Fund (private equity, multi-family/student housing) | Post-retirement (2020+) | Private equity investment leadership |
| Cathay General Bancorp; Cathay Bank; Cathay Bank Foundation | Director (prior) | Various | Governance roles at financial institutions and foundation |
| Western Bankers Association; California Bankers Association | Director (prior) | Various | Industry association leadership |
| NY Chinatown Partnership Local Development Corporation | Vice Chair & Board Member (prior) | Various | Community development governance |
| NY Chinese Bankers Association | Director (prior) | Various | Banking community leadership |
| Foothill Family Services (Pasadena); Worldwide Christian Churches Ministries | Director (prior) | Various | Non-profit board service |
| Committee of 100 | Member | Since 2019 | Prominent U.S.-China leadership network |
Board Governance
- Independence: The board determined Pin Tai is an independent director under Nasdaq and SEC rules; independent directors meet in regular sessions without management .
- Committee memberships and chair roles:
- Audit Committee: Member; Chair is Jonathan McKeage; Pin Tai qualifies as an SEC-defined “audit committee financial expert” .
- Compensation Committee: Member; Chair is Jonathan McKeage .
- Nominating Committee: Member; Chair is Nan Sun .
- Attendance and engagement: The board held 2 meetings in FY ended March 31, 2024; no director attended fewer than 75% of board and committee meetings .
- Board composition and terms: Board has five members; directors stand for annual one-year terms and are re-elected at the annual meeting .
Committee Assignments
| Committee | Members | Chair | Notable Notes |
|---|---|---|---|
| Audit | Jonathan McKeage; Pin Tai; Nan Sun | Jonathan McKeage | Pin Tai designated audit committee financial expert; approves related-party transactions |
| Compensation | Jonathan McKeage; Pin Tai; Nan Sun | Jonathan McKeage | Reviews CEO/executive pay; director remuneration recommendations; pre-combination compensation restrictions |
| Nominating | Jonathan McKeage; Pin Tai; Nan Sun | Nan Sun | Oversees director selection; emphasizes ethics and financial/accounting skills |
Meeting Attendance
| Period | Board Meetings Held | Attendance Statement |
|---|---|---|
| FY ended Mar 31, 2024 | 2 | No director attended fewer than 75% of board/committee meetings |
Fixed Compensation
SPAC pre-business combination policy discloses that directors (and existing stockholders/affiliates) receive no compensation of any kind (no cash retainers, meeting fees, or consulting/finder fees) prior to consummation of an initial business combination.
| Component | Status/Amount | Notes |
|---|---|---|
| Annual cash retainer | Not paid pre-business combination | Company states “no compensation of any kind” prior to business combination |
| Committee membership/chair fees | Not paid pre-business combination | Same restriction applies |
| Meeting fees | Not paid pre-business combination | Same restriction applies |
| Perquisites (e.g., travel) | Not paid pre-business combination | Same restriction applies |
Performance Compensation
| Component | Status/Amount | Metrics/Vesting |
|---|---|---|
| Stock awards (RSUs/PSUs) | None pre-business combination | No equity compensation prior to business combination |
| Options | None pre-business combination | No option grants prior to business combination |
| Performance bonus | Not applicable | Not applicable pre-business combination |
| Performance metrics (TSR/EBITDA/ESG) | Not disclosed | Not applicable pre-business combination |
Note: The proxy and 10-K filings reviewed do not disclose director compensation frameworks or metrics post-business combination; pre-combination restrictions apply .
Other Directorships & Interlocks
| Company/Organization | Public/Private/Non-profit | Role | Current/Prior |
|---|---|---|---|
| Cathay General Bancorp | Public | Director | Prior |
| Cathay Bank | Bank subsidiary | Director | Prior |
| Cathay Bank Foundation | Non-profit | Director | Prior |
| Western Bankers Association | Industry association | Director | Prior |
| California Bankers Association | Industry association | Director | Prior |
| NY Chinatown Partnership LDC | Non-profit | Vice Chair & Board Member | Prior |
| NY Chinese Bankers Association | Association | Director | Prior |
| Foothill Family Services; Worldwide Christian Churches Ministries | Non-profit | Director | Prior |
| Committee of 100 | Non-profit/Network | Member | Current |
| GPI Real Estate Opportunity Fund | Private | Chairman | Current |
Expertise & Qualifications
- Recognized Audit Committee Financial Expert (SEC definition) with financial sophistication and literacy requirements satisfied .
- 38+ years in commercial banking with executive leadership and lending oversight; cross-border U.S./China banking experience .
- Education: B.S. Chemical Engineering (University of Rochester); MBA with Honors (Northwestern Kellogg); UCLA Anderson Directors Training Program .
- Board selection emphasizes ethics, professionalism, and financial/accounting skills per Nominating Committee guidelines .
Equity Ownership
| Metric | Sep 8, 2023 (shares outstanding: 7,596,250) | Jun 3, 2025 (shares outstanding: 3,442,121) |
|---|---|---|
| Shares beneficially owned | 15,000 | 15,000 |
| Ownership (% of outstanding) | <1% (“*”) | <1% (“*”) |
Group context: All current directors/executive officers as a group owned 1,623,600 shares (21.37%) as of Sep 8, 2023 ; by Jun 3, 2025, the group held 1,450,788 shares (42.15%) driven by sponsor holdings (not attributable to Pin Tai) .
Governance Assessment
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Strengths
- Independence and multi-committee service (Audit, Compensation, Nominating) with formal designation as audit committee financial expert; policy-based controls for related-party transactions reviewed/approved by the Audit Committee, with recusal requirements when a director is the related party .
- Attendance at least 75% of meetings in FY2024; board maintains independent director sessions .
- Deep banking/lending risk oversight background, relevant to audit and risk management duties .
-
Alignment/Compensation Considerations
- Pre-combination SPAC policy prohibits director compensation of any kind; consequently, there is no disclosed cash/equity compensation structure or performance-linked incentives for directors during this phase .
- Personal beneficial ownership is small (15,000 shares, <1%), which may limit direct economic alignment relative to sponsor holdings; ownership guidelines are not disclosed .
-
Conflicts & Related-Party Exposure
- Audit Committee charter requires review/approval of related-party transactions and disallows director participation where they are the related party; procedures include quarterly reviews of payments to sponsor/officers/affiliates and fairness protections for insider-affiliated business combinations .
- No specific related-party transactions involving Pin Tai are identified in the filings reviewed; the company’s SPAC structure includes founder/sponsor shares and private placement units held by insiders (not attributable to Pin Tai), warranting continued monitoring .
-
Risk Indicators and RED FLAGS
- Nasdaq announced delisting of GDST’s securities in July 2025 following earlier suspension, elevating governance and market-risk signals independent of Pin Tai’s personal conduct; this environment can impair investor confidence and board effectiveness through reduced market oversight and liquidity constraints .
- Concentrated sponsor ownership and working capital/extension loan mechanisms at the SPAC level require vigilant independent oversight to mitigate conflicts in transaction selection and terms .
Overall: Pin Tai’s independence, attendance, and audit expertise support board effectiveness, particularly in financial oversight and related-party transaction governance. Low personal share ownership and the company’s delisting present investor-confidence challenges that heighten the importance of robust committee oversight and transparent post-combination compensation/ownership policies .