Debra G. Coy
About Debra G. Coy
Debra G. Coy, age 67, has served as an independent director of Global Water Resources, Inc. since May 2018. She is Principal of Svanda & Coy Consulting, advises XPV Water Partners (formerly Partner 2015–2019), and previously spent over two decades as a Wall Street equity research analyst focused on the global water sector, including senior roles at Janney Montgomery Scott, Stanford Washington Research Group, Schwab Capital Markets, HSBC Securities, and National Westminster Bank . The Board has determined she is independent under Nasdaq and SEC rules and designated her an “audit committee financial expert,” reflecting deep finance and water-sector expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Svanda & Coy Consulting | Principal | Ongoing | Strategic advisory to water-sector investors/utilities |
| XPV Water Partners | Advisor; formerly Partner | Partner 2015–2019; Advisor current | Water-focused growth equity; sector network and diligence support |
| Janney Montgomery Scott – Capital Markets | Managing Director; water sector lead | Not disclosed | Built investor franchise in water sector |
| Stanford Washington Research Group | Senior equity research | Not disclosed | Sector coverage; policy/regulatory insights |
| Schwab Capital Markets | Senior equity research | Not disclosed | Fundamental analysis; investor communications |
| HSBC Securities | Senior equity research | Not disclosed | Global water coverage; cross-border insights |
| National Westminster Bank | Senior equity research | Not disclosed | Water/utilities research |
External Roles
| Organization | Role | Public/Private/Nonprofit | Tenure |
|---|---|---|---|
| Aris Water Solutions (NYSE: ARIS) | Director | Public | Current |
| Axius Water | Director | Private | Current |
| Water for People | Director | Nonprofit | Current |
| Willdan Group (NASDAQ: WLDN) | Director | Public | 2018–2022 |
| AquaVenture Holdings (NYSE: WAAS) | Director | Public | 2019–2020 (until acquisition) |
Board Governance
- Independence: The Board determined Coy is independent under Nasdaq listing standards and SEC rules .
- Committee assignments and chair roles (2024):
- Audit and Risk Committee: Member; designated “audit committee financial expert” and financially sophisticated .
- Corporate Governance, Nominating, Environmental, and Health & Safety Committee: Chair .
- Attendance: 100% attendance at Board and applicable committee meetings in 2024, demonstrating strong engagement .
- Governance framework: Majority Voting Policy for uncontested elections (with resignation required if withhold votes exceed “for” votes); restrictions on short sales, hedging, options trading, margin accounts, and generally pledging (limited exceptions with Audit & Risk Committee pre-approval) .
- Board leadership: Combined Chair/CEO with a Lead Independent Director (Richard M. Alexander) presiding over independent director sessions and agenda/materials review .
Fixed Compensation
- Director pay structure (2024): 50% cash / 50% restricted stock awards (RSAs) across retainer and committee roles; RSAs granted under the 2020 Omnibus Incentive Plan and fully vested upon issuance .
- Program components (annual amounts):
- Annual retainer: $57,000; Lead Independent Director fee: $9,500; Audit Chair: $14,000; Compensation Chair: $8,750; Corporate Governance Chair: $8,750; Committee membership retainers: Audit $9,000; Compensation $8,750; Corporate Governance $8,000 (each paid 50% cash/50% stock) .
Director compensation – Debra G. Coy (2024):
| Component | Amount (USD) | Notes |
|---|---|---|
| Fees earned or paid in cash | $51,761 | Includes retainer and committee roles (50% cash) |
| Stock awards (RSAs) | $31,031 | Aggregate grant date fair value; fully vested RSAs |
| All other compensation | $3,730 | Meeting-related reimbursements and any dividends on legacy RSUs/DPUs |
| Total | $86,522 | 2024 compensation |
Compensation structure updates: Based on FW Cook analysis, meeting fees were removed and director compensation practices adjusted in 2024 to align with market norms .
Performance Compensation
| Item | Status | Detail |
|---|---|---|
| Performance metrics tied to director compensation | None disclosed | Director equity (RSAs) is not performance-based; RSAs are fully vested upon issuance |
| Options/PSUs for directors in 2024 | None awarded | Company did not award stock options/SARs or similar instruments for 2024; directors compensated via cash and RSAs |
Other Directorships & Interlocks
| Potential Interlock/Overlap | Observation |
|---|---|
| XPV Water Partners (advisor) | Not a disclosed related party in GWRS filings; no transactions reported with Coy/XPV . |
| Aris Water Solutions; Axius Water | No GWRS-related party transactions disclosed connected to these entities; no supplier/customer interlock disclosed . |
No Coy-specific related party transactions are disclosed in “Certain Relationships and Related Transactions”; identified related parties primarily involve Levine Investments Limited Partnership (LILP) and Camelback Systems, with a formal Standstill Agreement governing control considerations among major shareholders .
Expertise & Qualifications
- Water sector expertise: Multi-decade leadership in water-sector capital markets and advisory; active roles on water-related boards .
- Financial acumen: Audit committee financial expert; extensive equity research background and capital markets experience .
- Governance: Chairs the Corporate Governance, Nominating, Environmental, and Health & Safety Committee, overseeing board effectiveness, governance principles, director orientation/education, and health/safety oversight .
Equity Ownership
| Holder | Common Shares Beneficially Owned | Awards vesting within 60 days | % of Class | Notes |
|---|---|---|---|---|
| Debra G. Coy | 20,309 | — | <1% | Based on 24,226,016 shares outstanding as of Mar 17, 2025 . |
Policy alignment and risk controls:
- Hedging/short sales/margin accounts: Prohibited for directors .
- Pledging: Generally prohibited; limited pre-approved exceptions by Audit & Risk Committee .
Insider Trades
| Trade Date | Form | Transaction | Shares | Price | Resulting Direct Ownership | Source |
|---|---|---|---|---|---|---|
| 2024-03-28 (filed 2024-04-02, Form 4/A) | Form 4/A | Purchase | 35 | $12.90 | 17,778 direct shares |
Governance Assessment
- Board effectiveness: Coy’s dual role as Audit & Risk Committee member (financial expert) and Governance Committee chair strengthens oversight of financial reporting, enterprise risk, board evaluations, director education, and ESG—positive for investor confidence .
- Independence and engagement: Confirmed independent; 100% meeting attendance in 2024 indicates strong engagement and accountability .
- Alignment: Director pay structure includes 50% equity via RSAs and personal beneficial ownership (20,309 shares), with company-level prohibitions on hedging/pledging—supportive of alignment, though RSAs are fully vested (not performance-conditioned) .
- Conflicts/related parties: No Coy-specific related-party transactions disclosed; key related-party exposures center on major shareholders (LILP/Camelback) with a Standstill Agreement in place to mitigate control concerns under ACC rules—net neutral-to-positive governance signal for Coy’s profile .
- Compensation governance: Independent Compensation Committee utilizes FW Cook; removal of meeting fees and director program changes in 2024 align with market practices—supports pay discipline .
RED FLAGS
- None disclosed specific to Coy (no related-party transactions, no attendance issues, no hedging/pledging). Broader shareholder-related arrangements exist (Standstill) but do not implicate Coy directly .