Philip M. Jacobs
GLOBE LIFEAbout Philip M. Jacobs
Philip M. Jacobs, age 64, is an independent director of Globe Life Inc., appointed in February 2025. He serves on the Audit Committee and is formally designated an “audit committee financial expert.” Jacobs brings 35+ years of insurance and financial-services tax leadership from KPMG, XL Catlin, Barclays, AIG, and GE Capital, and holds a B.A. in History from Princeton; he is a CPA (inactive) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KPMG US | Principal; U.S. Insurance Tax Sector Leader | 2015–2023 | Led insurance tax sector; deep taxation/accounting expertise in life insurance; risk-management insight |
| XL Catlin | Global Head of Corporate Development & Tax | 2013–2015 | Corporate development, tax strategy; M&A execution and capital markets exposure |
| Barclays | Global Head of Tax | 2009–2013 | Global tax oversight; regulatory and compliance exposure |
| AIG | Global Tax Director; Head of Divestitures | 2006–2009 | Led divestitures; legal/regulatory issues; crisis readiness |
| GE Capital | Senior Tax Advisor; Business Tax Director | 1993–2006 | Broad financial-services tax leadership; capital markets |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| XL Catlin Ireland subsidiaries (XLIT Ltd; XL Financial Holdings Ltd; XL Financial Ltd) | Director | 2014–2015 | Subsidiary boards; not public-company directorships |
| Public company boards | None | — | No current or prior public-company directorships disclosed |
Board Governance
- Committee assignments: Audit Committee member; designated “audit committee financial expert” alongside Mary E. Thigpen (Chair), Alice S. Cho, Matthew J. Adams, and Steven P. Johnson (as of Feb 26, 2025) .
- Independence: Board determined Jacobs is independent under NYSE and Board categorical standards (Feb 26, 2025) .
- Audit Committee cadence: 12 meetings held in 2024 (4 physical, 3 videoconference, 5 teleconference); Jacobs joined in 2025, so 2024 attendance metrics predate his tenure .
- Executive sessions & leadership: Independent directors meet regularly in executive sessions; Lead Independent Director is Linda L. Addison (term extended through 2026 AGM) .
- Board attendance baseline: In 2024, all directors attended ≥75% of Board and committee meetings, and all attended the April 25, 2024 AGM (Jacobs not yet appointed) .
Fixed Compensation
| Component | Amount | Form | Notes |
|---|---|---|---|
| Annual Board retainer | $280,000 | $100,000 cash; $180,000 equity | Equity in options, restricted stock, or RSUs; valued at NYSE closing price on grant date |
| Lead Independent Director fee | $45,000 | Cash | Applies to Lead Director (not Jacobs) |
| Committee Chair fees | $35,000 (Audit); $25,000 (Comp); $20,000 (Gov/Nom) | Cash | Audit Chair fee not applicable to Jacobs |
| Audit Committee member fee | $12,500 | Cash | Standard for members (excluding Chair) |
| New director proration | Prorated | Cash/Equity | Newly-elected directors receive prorated cash and equity |
Directors do not receive meeting fees; limited perquisites only, with no director exceeding $10,000 of perquisite cost in 2024 .
Performance Compensation
| Performance Element | Metric(s) | Vesting/Terms | Disclosed for Directors |
|---|---|---|---|
| Equity grants (director) | None (time-based) | Options/RSUs/restricted stock per annual election; equity valued at market; no performance metrics disclosed | Directors’ equity is granted as market-value options or full-value shares, not tied to performance metrics |
Other Directorships & Interlocks
| Category | Entity | Role | Overlap/Interlock |
|---|---|---|---|
| Current public-company boards | None | — | None disclosed |
| Prior public-company boards | None | — | None disclosed |
| Private/Nonprofit | XL Catlin subsidiaries (Ireland) | Director | No disclosed related-party ties to Globe Life; external auditor is Deloitte (not KPMG) |
Expertise & Qualifications
- Core competencies: taxation, accounting, enterprise risk management, capital markets, M&A, legal/regulatory, crisis readiness .
- Audit committee financial expert designation: Jacobs formally designated as audit committee financial expert in 2025 .
- Education and credentials: B.A., Princeton University; CPA (inactive) .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Beneficial ownership (common stock/options) | 0 shares | As of Jan 31, 2025; percentage indicated as “*” (≤1%) |
| Ownership guidelines (directors) | 5x annual cash retainer | Directors must reach guideline within seven years of initial election; includes RS/RSUs and certain holdings (options and performance shares excluded) |
| Hedging/pledging | Prohibited | Insider Trading Policy prohibits hedging/pledging by directors |
Governance Assessment
- Effectiveness: Appointment to the Audit Committee and designation as audit committee financial expert strengthens financial reporting oversight and ERM linkage; committee meets frequently, with structured auditor evaluation and cybersecurity oversight .
- Independence and conflicts: Board affirmed independence; related-party transactions policy enforced, with no related-party transactions in 2024; external auditor is Deloitte (Jacobs’ prior affiliation with KPMG does not present an auditor conflict) .
- Alignment: At appointment, Jacobs held 0 shares; under stock ownership guidelines he has seven years to reach 5x cash retainer. Policy prohibits hedging/pledging; directors meet or are within accumulation periods for guidelines as of 12/31/2024 (Jacobs appointed in 2025) .
- Shareholder signal: Say-on-Pay support was strong (92% in 2024), indicating general investor confidence in compensation governance; although this pertains to executives, it reflects board oversight quality .
Watch items / potential RED FLAGS
- Ownership alignment: Starting at 0 shares increases reliance on guideline adherence; monitor accumulation trajectory within the seven-year window .
- Structural leadership: Combined Chair/CEO roles remain a governance sensitivity; mitigated by robust Lead Independent Director authorities and regular executive sessions .
- Related party and hedging/pledging: Policy frameworks are strong; continue monitoring for new related-party exposures and compliance with hedging/pledging prohibitions .
No delinquent Section 16 filings in 2024; Jacobs joined in 2025, so prior-year filing metrics do not apply to him .