Michael J.U. Monahan
About Michael J.U. Monahan
Independent director of Global Net Lease, Inc. (GNL). Age 67; appointed to the Board in February 2024. Vice Chair at CBRE Group, Inc. (New York), with decades of real estate strategy, acquisition/disposition leadership, and agency representation experience. Education: B.A. from Marietta College; graduate of the NYU Real Estate Institute. Member of the Real Estate Board of New York; former board member of the National Executive Service Corporation (non-profit).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CBRE Group, Inc. | Vice Chair (New York office) | Since Jan 1999 | Corporate real estate strategy, acquisitions/dispositions, agency representation |
| Jones Lang Wootton | Senior Director | Prior to 1999 (dates not specified) | Transaction leadership; brokerage/agency representation |
| Cushman & Wakefield | Vice President | 1982–1990 | U.S./Europe market focus, corporate real estate services |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Real Estate Board of New York | Member | Not disclosed | Industry body membership |
| National Executive Service Corporation (non-profit) | Board Member (former) | Not disclosed | Non-profit governance experience |
Board Governance
- Independence: Board determined Monahan is independent under NYSE and SEC rules.
- Committees: Member, Compensation Committee; Member, Finance Committee. Not a committee chair.
- Attendance/Engagement: In 2024, the Board met 10 times; all directors attended all Board and applicable committee meetings while serving.
- Board leadership: Non-executive Chair is P. Sue Perrotty.
- Hedging/Pledging: GNL prohibits directors from hedging, short sales, trading in publicly traded options, or margin trading in company securities.
Fixed Compensation
Policy framework for non-employee directors (2024):
- Annual cash retainer: $75,000; Non-executive Chair: $115,000.
- Committee chair retainers: $30,000; committee member retainers: $20,000.
- Annual RSU grant: $130,000 grant-date value.
Actual 2024 compensation for Monahan:
| Component | Amount |
|---|---|
| Fees Paid in Cash | $50,592 |
| Stock Awards (RSUs) | $130,000 |
| Total | $180,592 |
Notes:
- Monahan joined the Board in February 2024 (pro-rated cash fees).
Performance Compensation
Director equity awards structure (2024):
- RSUs granted to independent directors vest on the day preceding the next annual meeting (May 22, 2025 for 2024 grants).
- Monahan’s 2024 RSU grant: $130,000 grant-date fair value; June 13, 2024 cohort vests May 22, 2025.
Performance metric usage:
- No performance metrics apply to director RSUs; they are time-based vesting awards (not PSUs).
- Executive PSU metrics (for NEOs, not directors) include relative TSR, absolute TSR, and leverage metrics; not applicable to Monahan’s director compensation.
Other Directorships & Interlocks
| Company/Institution | Role | Public Company | Interlock/Conflict Notes |
|---|---|---|---|
| CBRE Group, Inc. | Vice Chair | Yes (CBRE) | No related-party transactions disclosed with CBRE/Monahan; audit committee reviews related-person transactions. |
| National Executive Service Corporation | Former Board Member | No (non-profit) | None disclosed. |
Compensation Committee Interlocks:
- GNL disclosed no compensation committee interlocks in 2024.
Expertise & Qualifications
- Deep transactional real estate expertise (strategy, acquisitions/dispositions, agency representation).
- Long-tenured leadership at CBRE; prior senior roles at Jones Lang Wootton and Cushman & Wakefield.
- Professional memberships and non-profit governance background (REBNY; NESC).
- Education grounding in real estate and business (Marietta College; NYU Real Estate Institute).
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (common shares) | 0 shares beneficially owned (less than 1% of class) |
| Unvested RSUs | 17,808 RSUs excluded from “beneficially owned” count (will vest per award terms) |
| Ownership guidelines | Directors expected to own stock equal to 5x annual cash retainers; 5 years to comply; RSUs count, options do not. |
| Hedging/pledging | Hedging, short sales, public options, margin trading prohibited. |
Governance Assessment
- Strengths: Independent status; active committee participation (Compensation, Finance); full attendance in 2024; strong domain expertise in global corporate real estate; director stock ownership guidelines; anti-hedging policy—all supportive of board effectiveness and alignment.
- Pay and alignment: Director pay mixes cash retainers/committee fees with annual RSUs; Monahan’s 2024 compensation consistent with policy and pro-rated for partial-year service.
- Conflicts: No related-party transactions disclosed involving Monahan; audit committee oversees related-party matters. Monitor potential market interactions given CBRE role; no specific transactions disclosed.
- Shareholder sentiment: 2024 say-on-pay approval at ~79.4% (executive compensation advisory vote)—neutral-to-positive governance signal for overall comp approach.