David Rousseau
About David Rousseau
David Rousseau (age 63) has served as an independent director of Global Water Resources, Inc. since February 2019. He is President of Salt River Project (SRP), the largest electricity provider in greater Phoenix and the area’s largest supplier of wholesale water, and previously served on SRP’s council and board for 20 years. He began his career as co‑founder of Rousseau Farming Company, which grew to 10,000+ acres and became a major produce supplier in Central Arizona. He holds a B.S. in agricultural business from the University of Arizona and an executive MBA from the University of Southern California .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Salt River Project (SRP) | President | 2010–present | SRP provides water and electric power to >2M people; largest electricity provider in Phoenix and largest wholesale water supplier |
| SRP Council and Board | Director/Council Member | 20 years (prior to 2010) | Longstanding governance experience in water and power |
| Rousseau Farming Company | Co‑founder | Not disclosed | Grew to >10,000 acres; one of the largest produce suppliers in Central Arizona |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Banner Health Foundation | Board member | Current | Community healthcare philanthropy board service |
| The Nature Conservancy | Board member | Current | Conservation-focused non‑profit board service |
| Phoenix Art Museum | Board member | Current | Arts institution governance |
| Greater Phoenix Economic Council | Involved | Current | Regional economic development involvement |
| Partnership for Economic Innovation | Involved | Current | Regional innovation initiatives |
| Arizona Super Bowl Host Committee | Involved | Current | Major event organization involvement |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board determined Rousseau is independent under NASDAQ and Exchange Act standards |
| Committees | Compensation Committee (Chair); Corporate Governance, Nominating, Environmental, and Health & Safety Committee (Member) |
| Audit Committee | Not a member |
| Attendance | 100% of Board and applicable committee meetings in 2024 |
| Board leadership | Lead Independent Director role exists (Richard M. Alexander), with duties to preside at meetings of independent directors and liaise with Chair/CEO |
| Board evaluation | Annual Board performance review conducted in early 2025 led by Corporate Governance Committee |
| Trading/hedging policy | Prohibits short sales, options trading, hedging/monetization; pledging generally prohibited except limited pre‑approved; margin accounts prohibited |
Committee Assignments Detail
| Committee | Member | Chair |
|---|---|---|
| Audit & Risk | No | — |
| Compensation | Yes | Yes |
| Corporate Governance, Nominating, Environmental & H&S | Yes | No |
Fixed Compensation
| Component (2024 Program) | Amount ($) | Payment Method | Notes |
|---|---|---|---|
| Annual Director Retainer | 57,000 | 50% stock / 50% cash | RSAs granted under 2020 Omnibus Incentive Plan |
| Compensation Committee Chair Fee | 8,750 | 50% stock / 50% cash | Chair premium |
| Corporate Governance Committee Membership Retainer | 8,000 | 50% stock / 50% cash | Member retainer |
| 2024 Actual (David Rousseau) | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 51,667 |
| Stock Awards (RSAs, fair value) | 30,938 |
| All Other Compensation (expenses/dividends on legacy units) | 4,126 |
| Total | 86,731 |
Program change: Meeting attendance fees were removed and director compensation practices were updated for 2024 following FW Cook analysis .
Performance Compensation
| Element | Structure | Metrics |
|---|---|---|
| Director equity awards | RSAs, fully vested upon issuance | No performance-based metrics disclosed for directors; RSAs vest on issuance |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards | None disclosed for Rousseau |
| Notable interlocks/potential overlaps | President of SRP (largest wholesale water supplier in Phoenix region), while GWRS is a regulated water utility in Arizona; no transactions with SRP disclosed |
| Related party transactions | 2023–2025 related party items involve Levine/Cohn affiliates; no Rousseau-related transactions disclosed |
Expertise & Qualifications
- Deep utility leadership experience across water and power via SRP presidency; extensive board governance experience via SRP Council/Board .
- Agriculture and operations background as co‑founder of a large-scale farming enterprise, aligning with water resource management concerns .
- Education: B.S. Agricultural Business (University of Arizona); Executive MBA (USC) .
Equity Ownership
| Holder | Common Shares Beneficially Owned | Awards Vesting within 60 Days | % of Class |
|---|---|---|---|
| David Rousseau | 2,523 | — | <1% |
- Vested vs unvested: Director RSAs are fully vested upon issuance, indicating no unvested director stock at grant .
- Pledging: Company policy generally prohibits pledging of company securities, except in limited cases with Audit & Risk Committee pre‑approval .
- Section 16(a) compliance: List of delinquent filers in 2024 did not include David Rousseau .
Governance Assessment
-
Strengths
- Independent director; chairs Compensation Committee and serves on Corporate Governance Committee, signaling strong oversight roles .
- 100% attendance in 2024 for Board and committee meetings, indicating high engagement .
- Director pay mix includes 50% equity via RSAs under the 2020 Plan, providing alignment (RSAs vest on issuance) .
- Compensation Committee engaged independent consultant FW Cook; program changes (e.g., removing meeting fees) reflect governance responsiveness .
-
Watch items / potential conflicts
- External leadership at SRP (regional wholesale water supplier and electric utility) overlaps with GWRS’s water utility footprint; while no related-party transactions are disclosed, industry adjacency warrants monitoring for informational interlocks or perceived conflicts. RED FLAG to monitor, although no transactions are reported .
- Individual share ownership is modest (<1%), which may limit personal economic exposure despite equity components; continue to monitor ownership evolution .
Overall signal: Rousseau’s utility and water expertise is additive to board effectiveness, with clean independence status and strong attendance. Compensation structures and consultant engagement support governance quality; monitor SRP adjacency for any future related interactions.