Christina Lema
About Christina Lema
Christina Lema, 44, has served as an independent Class III director of Integral Ad Science (IAS) since June 2021. She is Managing Director, Deputy Chief Legal Officer, and General Counsel at Vista Equity Partners, and a member of Vista’s Private Equity Management Committee; she holds a B.A. in Economics and Spanish from the University of Pennsylvania and a J.D. from Columbia Law School, and is a member of the State Bar of California . The IAS Board has affirmatively determined that Lema is independent under Nasdaq listing standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vista Equity Partners | Managing Director; Deputy Chief Legal Officer; General Counsel | Feb 2012–present | Member, Vista Private Equity Management Committee |
| Datto Holding Corp. | Director (prior public company) | 2020–2022 | Board service concluded when Datto was taken private in 2022 |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jamf Holding Corp. (NASDAQ: JAMF) | Director | Current | Board service; Vista-affiliated peers also serve at Jamf |
| Vista private portfolio companies | Director | Current | Various boards within Vista’s portfolio |
Board Governance
- Independence: Independent director under Nasdaq; Audit and Compensation/Nominating committees are fully independent .
- Committee memberships: Not currently serving on IAS Audit or Compensation and Nominating Committees per Board matrix .
- Attendance: In 2024, each director attended at least 75% of Board and relevant committee meetings; Board held 8 meetings, Audit 4, Compensation/Nominating 4; three directors attended the May 7, 2024 annual meeting .
- Tenure/class: Class III director; director since 2021 with current term expiring at the 2027 annual meeting .
- Board processes: Annual Board/committee self-evaluation; CEO succession oversight; risk oversight distributed across Board and committees, including cybersecurity in Audit .
Fixed Compensation
| Component (Director) | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $0 | IAS did not pay compensation to other non-employee directors beyond those listed; Vista-affiliated directors (including Lema) received no director fees in 2024 . |
| Committee chair fees | $0 | Not applicable; Lema is not a committee chair . |
| Meeting fees | $0 | No separate meeting fees disclosed for Vista-affiliated directors . |
| Equity retainer (RSUs) | $0 | IAS granted RSUs to non-Vista directors; Vista-affiliated directors did not receive such awards in 2024 . |
Context: IAS non-employee, non-Vista affiliate directors receive $100,000 cash retainer, $20,000 additional for chair roles, and $150,000 annual RSU grants that cliff-vest after one year . Lema, as Vista-affiliated, is outside this policy and was not compensated by IAS in 2024 .
Performance Compensation
- None disclosed for directors; IAS director pay consists of fixed cash and time-based RSUs for non-Vista directors (no performance metrics). Vista-affiliated directors (including Lema) received no IAS director equity grants in 2024 .
Other Directorships & Interlocks
| Company | Interlock Detail | Potential Overlap/Influence |
|---|---|---|
| Jamf Holding Corp. | Lema (Director), Fosnaugh (Chair), Taylor (Director) | Multiple Vista-affiliated IAS directors concurrently serve on Jamf’s board . |
| Vista Equity Partners | Lema is GC/MD; other IAS directors (Aliabadi, Fosnaugh, Nakatsukasa, Taylor) are Vista executives | Vista maintains nomination and committee designation rights at IAS . |
Expertise & Qualifications
- Legal and risk management expertise; senior deal, governance, and compliance experience as Vista’s Deputy Chief Legal Officer/General Counsel .
- Education: B.A. (Economics & Spanish) – University of Pennsylvania; J.D. – Columbia Law School; State Bar of California member .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| Christina Lema | 0 | <1% | No personal beneficial ownership disclosed as of March 10, 2025 . |
| Vista Funds (aggregate) | 65,010,001 | 40% | Vista holds significant stake; nomination and committee designation rights; board size changes require Vista consent . |
| Director ownership guidelines | N/A (Vista-affiliated directors) | N/A | Stock ownership guideline (5x cash retainer) applies only to non-Vista directors; Vista-affiliated directors are outside the guideline . |
| Hedging/pledging | Prohibited | N/A | Company prohibits hedging and pledging for directors/officers/employees . |
Governance Assessment
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Strengths:
- Formal independence determination; Lema is independent under Nasdaq standards; Audit and Compensation/Nominating committees are fully independent .
- Legal/risk expertise enhances board oversight, especially for related-party and transaction matters .
- No IAS director compensation paid to Vista-affiliated directors (including Lema) reduces direct pay-related conflicts at IAS .
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Potential conflicts and investor watch items:
- Sponsor control: Vista’s Director Nomination Agreement confers board/committee designation rights and restricts changing board size without Vista consent; Vista owns ~40% of IAS—material governance influence and potential conflicts for Vista-affiliated directors .
- Interlocks: Multiple IAS directors (including Lema) also serve on Jamf’s board; concentration of Vista-affiliated directors across portfolio companies may create networked influence and information-flow risks .
- Related-party exposure: IAS reimbursed Vista entities for consulting/event and travel expenses; IAS bore ~$1.8M offering costs for Vista’s December 2023 secondary, although IAS received no proceeds . Audit Committee reviews related-party transactions, but ongoing sponsor interactions warrant monitoring .
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Engagement/attendance:
- Directors met attendance thresholds; 2024 schedule (Board: 8; committees: 4 each); indicates baseline engagement, though individual attendance rates are not disclosed beyond “≥75%” .
Overall, Lema brings credible legal and risk oversight but is Vista-affiliated amid significant sponsor control rights and portfolio interlocks—key governance factors for investors to monitor around independence in practice, committee composition, and related-party safeguards .