Christie K. Chu
About Christie K. Chu
Independent director since 2015; age 60. Founder, President & CEO of CKC Accountancy Corporation (since 1996), with 30+ years as a CPA; prior roles at KPMG, Ernst & Young, and Arthur Andersen. Education: B.A. in Business & Economics (UCLA) and Director Education & Certification Program at UCLA Anderson; active in NACD Pacific Southwest Chapter (Treasurer) and Korean American CPA Society leadership .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CKC Accountancy Corporation | Founder, President & CEO | Since 1996 | Tax and financial consulting leadership |
| KPMG | Audit Senior (prior role) | Not disclosed | Big Four audit experience |
| Ernst & Young, LLP | Tax Senior Advisor (prior role) | Not disclosed | Big Four tax experience |
| Arthur Andersen & Co. | Staff Tax Accountant (prior role) | Not disclosed | Tax/accounting foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NACD Pacific Southwest Chapter | Board Member & Treasurer | Not disclosed | Governance community leadership |
| Korean American CPA Society of Southern California | Past President; Board Member since 2004 | Since 2004 | Professional network |
| National Korean American Society of CPAs | Member & Past Treasurer | Not disclosed | CPA leadership |
| California Society of CPAs | Member | Not disclosed | Professional membership |
| Korean Senior & Community Center | Board Member | Not disclosed | Community involvement |
Board Governance
- Committees: Audit; Compensation & Human Resources (CHR); Nominating & Corporate Governance (NCG) .
- Chair roles: CHR Committee Chair (2024–2025) ; previously NCG Chair (2017) .
- Independence: Board determined all directors except CEO are independent under Nasdaq and SEC rules .
- Attendance: Board held nine meetings in 2024; all directors attended >75% of Board and committee meetings and attended the annual meeting .
- Committee activity: Audit (12 meetings in 2024), CHR (7), NCG (4), RCP (8) – indicates strong governance cadence .
- 2025 election outcome (confidence signal): Christie K. Chu received 24,406,699 “For” vs. 636,238 “Against” votes; Say‑on‑Pay received 24,364,818 “For,” 670,908 “Against” .
Fixed Compensation (Director Cash Fees)
| Year | Fees Earned or Paid in Cash ($) |
|---|---|
| 2017 | $65,800 |
| 2019 | $70,248 |
| 2020 | $67,749 |
| 2021 | $67,749 |
| 2022 | $64,000 |
| 2023 | $66,917 |
| 2024 | $69,000 |
Policy schedule (as of 2023–2025):
- Annual Board cash retainer: $42,500; Committee member retainers: Audit $6,000; LCP $5,000; CHR $4,000; NCG $2,500; RCP $5,000; ALCO $3,000; Chair fees: Audit $12,000; LCP $9,000; CHR $9,000; NCG $9,000; RCP $10,000; ALCO $9,000; Chairman $40,000; Vice Chairman $20,000 .
Performance Compensation (Director Equity Grants & Vesting)
| Grant Date | Shares Granted | Grant Date Fair Value per Share | Total Grant Value | Vesting |
|---|---|---|---|---|
| 09-23-2020 | 5,053 | $7.62 | ~$38,500 | One-year vest |
| 05-25-2022 | 2,194 | $22.79 | $50,001 | One-year vest |
| 05-24-2023 | 4,334 | $15.00 | $65,010 | One-year vest |
| 05-22-2024 | 4,040 | $16.09 | $65,004 | One-year vest |
Notes:
- Director equity awards are time‑based RS grants; no performance metrics for directors (contrast to NEOs) .
- Annual grant policy aligns target value to market ($65k in 2023–2024) .
Other Directorships & Interlocks
| Company/Institution | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Public company boards | Public | None disclosed | None disclosed |
| NACD PSW Chapter | Non-profit | Treasurer | None disclosed |
| Korean Senior & Community Center | Non-profit | Board Member | None disclosed |
Expertise & Qualifications
- CPA; financial reporting and tax expertise; Big Four background; SME for small-business and Korean-American business community .
- Governance credentials via NACD role; UCLA Anderson director education .
Equity Ownership
| Year (Record Date) | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| 2017 (03-28-2017) | 3,985 | <1% |
| 2020 (04-17-2020) | 9,847 | <1% |
| 2021 (03-31-2021) | 14,900 | <1% |
| 2022 (03-31-2022) | 16,893 | <1% |
| 2023 (03-31-2023) | 19,087 | <1% |
| 2024 (03-28-2024) | 23,421 | <1% |
| 2025 (04-02-2025) | 27,461 | <1% |
Ownership alignment:
- Director stock ownership guidelines: ≥3x annual retainer within 5 years; retain 50% of net shares for 12 months after vest/exercise .
- Compliance: As of YE 2023, all directors met guidelines; as of YE 2024, all met except Marasco and new director Ball (Chu in compliance) .
- Hedging/pledging policy: hedging and pledging by directors prohibited .
Compensation & Incentives Structure Analysis
- Mix: Cash retainers plus time‑based RS; no performance‑conditioned equity for directors—reduces risk of short-termism while preserving alignment via annual stock grants .
- Year-over-year: Stock grant value lifted to $65k since 2023, with modest cash fee adjustments (audit/committee retainers and chair fees updated in 2023) .
- Consultant oversight: CHR uses independent compensation consultant (Aon), Board revalidates director compensation policy; no conflicts disclosed .
Related Party & Conflict Review
- Historical related-party exposure: One SBA term loan made to Christie K. Chu and a family member in 2008 to a business, arms-length, before her 2015 board appointment; management reported no other indebtedness to current directors; related‑party transactions are reviewed under policy .
- Ongoing posture: No additional related‑party transactions disclosed for Chu; governance policy requires Audit Committee review of any such arrangements .
Compensation Committee Analysis
- CHR composition (2025): Christie K. Chu (Chair), Harry H. Chung, Gloria J. Lee, James A. Marasco, David L. Rosenblum, Michael M. Yang—all non‑employee directors .
- Independence and process: CHR fully independent; retains Aon; annual risk assessment of compensation plans; clawback policy compliant with SEC/Nasdaq rules (primarily for executive incentives) .
- Say-on-Pay outcomes: 95.8% approval (2023) and 94.6% approval (2024) indicating investor support; 2025 counted votes show broad support .
Governance Assessment
-
Strengths:
- Independent director with deep financial expertise; CHR Chair and Audit/NCG member—supports board effectiveness on pay and oversight .
- High attendance and annual meeting participation; robust committee cadence .
- Ownership guideline compliance; anti‑hedging/pledging policies enhance alignment .
- Strong shareholder support (election and say‑on‑pay votes) .
-
Watch items / RED FLAGS:
- Historical SBA loan (2008) involving Chu and a family member—arms‑length and pre‑appointment, but worth monitoring for any future related‑party exposure .
- CHR Chair influence: ensure continued independence of consultant and rigorous pay‑for‑performance alignment for NEOs (board reports note independent consultant and high say‑on‑pay support) .
-
Overall view: Governance posture appears strong—independence, attendance, committee leadership, investor support, and alignment policies are robust; minimal conflict signals currently disclosed .
Director Compensation (Total)
| Year | Stock Awards ($) | Total ($) |
|---|---|---|
| 2017 | $66,270 | $132,170 |
| 2019 | $50,008 | $120,256 |
| 2020 | $38,504 | $106,253 |
| 2021 | $38,504 | $106,253 |
| 2022 | $50,001 | $114,001 |
| 2023 | $65,010 | $131,927 |
| 2024 | $65,004 | $134,004 |
Say‑On‑Pay & Shareholder Feedback
- 2023 approval: 95.8% “For” .
- 2024 approval: 94.6% “For” .
- 2025 vote counts: 24,364,818 “For,” 670,908 “Against,” 8,664 “Abstain”; auditors ratification passed with 26,087,947 “For” .
- Engagement: Board/CHR reported outreach to major holders; feedback incorporated into pay program oversight .
Notes on Data Sources
- All committee roles, independence, attendance, compensation, equity grants, ownership, and vote outcomes are sourced from HAFC DEF 14A (2017, 2020–2025) and 8‑K Item 5.07 filings .