Patrick McGinnis
About Patrick McGinnis
Patrick McGinnis (age 49) is an independent director of IBEX, serving since October 2024, with more than 25 years of experience across emerging markets, private equity, and venture capital; he holds a B.S. in Foreign Service (International Economics) from Georgetown University and an MBA from Harvard Business School . He is a director of TRGI (since 2005) and TRG Pakistan Limited (current since Oct 2024; prior service 2005–2022), Managing Partner of Dirigo Advisors (since 2010), venture partner and investment committee member of the Salkantay Exponential Fund (since 2019), co‑founder of The xQuotient (since 2023), host of the FOMO Sapiens podcast (since 2018), and a director of the Planet Word Museum .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TRGI | Director | Since 2005 | Capital markets oversight; investment governance |
| TRG Pakistan Limited | Director | Oct 2024–present; 2005–2022 | Public company board experience; emerging markets |
| Dirigo Advisors, LLC | Managing Partner | Since 2010 | Advises early/growth-stage businesses; IFC/World Bank advisory on PE/VC |
| Salkantay Exponential Fund | Venture Partner; IC Member | Since 2019 | Investment committee governance; VC in LATAM |
| The xQuotient | Co‑Founder | Since 2023 | Executive leadership advisory for asset managers |
| Planet Word Museum | Director | Ongoing | Non‑profit board governance |
| Chase Capital Partners; JPMorgan Partners; AIG Capital Partners; PineBridge Investments | Investment roles | Prior years (not specified) | PE/VC deal experience; global investing |
External Roles
| Organization | Public/Private | Role | Interlock/Counterparty Exposure |
|---|---|---|---|
| TRG Pakistan Limited | Public | Director | Affiliated with TRGI; IBEX previously controlled by TRGI; TRGI now 12.9% holder |
| TRGI | Private | Director | TRGI is a 12.9% IBEX shareholder; historic control rights ended Nov 19, 2024 |
| Dirigo Advisors, LLC | Private | Managing Partner | None disclosed with IBEX |
| Salkantay Exponential Fund | Private | Venture Partner; IC Member | None disclosed with IBEX |
| The xQuotient | Private | Co‑Founder | None disclosed with IBEX |
| Planet Word Museum | Non‑profit | Director | None disclosed with IBEX |
Board Governance
- Independence: IBEX’s Board determined McGinnis is independent under Nasdaq rules .
- Committees: Audit Committee member; Audit Committee chaired by Fiona Beck; members are Ballou‑Aares, Beck, and McGinnis .
- Attendance and engagement: Board held 10 meetings; Audit held 5; Compensation 2; Corporate Governance 1; each director attended at least 75% of applicable meetings in FY ended June 30, 2025 .
- Transition from controlled company: IBEX fully phased out “controlled company” exemptions as of June 16, 2025; TRGI lost appointment rights Nov 19, 2024 .
- Hedging/Pledging: Company prohibits hedging and pledging of company securities by directors .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non‑employee directors) | $75,000 | Payable monthly |
| 2025 cash fees actually paid (McGinnis) | $51,411 | Partial year service after Oct 24, 2024 appointment and reappointment Dec 31, 2024 |
| Committee chair fees | +$15,000 for Audit Chair (effective after 2025 AGM) | McGinnis is not chair; Audit Chair is Beck |
| Meeting fees | Not disclosed/none noted | Reimbursement of reasonable travel expenses |
Performance Compensation
| Grant Type | Grant Date | Shares / Target | Grant‑Date Fair Value | Vesting | Performance Metric |
|---|---|---|---|---|---|
| RSUs (new director grant) | Feb 14, 2025 | 5,000 RSUs | $136,500 | 25% quarterly, commencing Apr 1, 2025 | N/A (service‑based) |
| Annual director equity (policy approved May 2025; to be granted after 2025 AGM) | Post‑AGM 2025 | Tenured directors: 4,166 units; Chairman: 4,500; new directors pro‑rata | Not disclosed | 50% RSUs / 50% PSUs | PSUs based on Total Shareholder Return vs peer companies |
- Plan guardrails: Non‑employee director annual compensation cap $450,000 (cash + equity); $900,000 in first year; explicit prohibition on repricing underwater options/SARs without shareholder approval; default accelerated vesting protection on termination without cause within two years post change‑in‑control; strengthened clawback and whistleblower provisions in A&R 2020 LTIP .
Other Directorships & Interlocks
| Relationship | Detail | Governance Risk View |
|---|---|---|
| TRGI shareholding | TRGI beneficially owned ~12.9% of IBEX common shares as of Oct 3, 2025 | Significant related‑party influence potential; however, IBEX is no longer a controlled company |
| TRGI historical board appointment rights | TRGI lost right to appoint directors Nov 19, 2024; Board reappointed prior TRGI‑designated directors on Dec 31, 2024 | Reduces structural control risk; independence oversight required |
| Related‑party transactions | TRG Holdings (TRGI subsidiary) subleases office space from IBEX; $12,203/month plus 50% operating costs (holdover at‑will status post Oct 31, 2024) | Ongoing RPT; Audit Committee responsible for review/approval |
| Benefit plan participation | TRG Holdings employees may participate in IBEX subsidiary health/dental/life plans under a services agreement; TRG indemnifies IBEX | Operational linkage; mitigated by indemnification and Audit Committee oversight |
Expertise & Qualifications
- Capital and financial markets expertise; PE/VC across emerging markets; advisory to IFC/World Bank on PE/VC and impact investing .
- Board and audit oversight exposure; current Audit Committee membership at IBEX .
- Education: Georgetown University (BSFS, International Economics), Harvard Business School (MBA) .
Equity Ownership
| Holding Type | Amount | Percent of Shares Outstanding | Notes |
|---|---|---|---|
| Common shares (beneficial ownership) | 1,655 | <1% | As of Oct 3, 2025 |
| RSUs outstanding (as of Jun 30, 2025) | 4,375 | N/A | From 5,000 RSU grant; quarterly vesting starting Apr 1, 2025 |
| Options | None disclosed for McGinnis | N/A | — |
| Hedging/Pledging | Prohibited by policy for directors | N/A | Alignment safeguard |
Governance Assessment
- Strengths: Independent status; active Audit Committee membership with a clearly delineated mandate (financial reporting, related‑party review, compliance, and 10‑Q approvals) enhances oversight . Quarterly‑vesting RSUs plus planned annual mix of RSUs/PSUs tied to TSR supports pay‑for‑performance and ownership alignment; presence of a board‑level clawback and anti‑repricing protections is investor‑friendly . Attendance thresholds met in FY2025, indicating engagement .
- Watch items/RED FLAGS: Dual roles at TRGI/TRG Pakistan alongside TRGI’s 12.9% IBEX ownership and ongoing related‑party arrangements (office sublease; benefit plan participation) require continued rigorous Audit Committee oversight to avoid perceived conflicts of interest . While IBEX is no longer a controlled company, prior TRGI designation and reappointment dynamics heighten sensitivity to independence in practice .
- Compensation structure signals: 2025 cash fees ($51,411) plus RSU grant ($136,500) align with a pro‑rata transition year and move toward equity‑linked director compensation consistent with peer benchmarking; capped director comp and strengthened clawback suggest balanced, shareholder‑aligned governance .