Nicole Yuen

About Nicole Yuen

Independent Director at Interactive Brokers Group, Inc. since July 2020; age 62. Career spans two decades in Asian investment banking with senior leadership roles at Credit Suisse (Managing Director; Head of Equities, North Asia; Vice Chairman, Greater China) and 18 years at UBS across investment banking and securities, plus prior legal practice (partner at Clifford Chance) and service on the China Securities Regulatory Commission’s Listing Committee. Core credentials: cross-border capital markets expertise, China market internationalization, governance experience; currently recognized as independent under Nasdaq and SEC rules.

Past Roles

External Roles

Board Governance

• Independence: Board determined Yuen is independent under Nasdaq listing standards and SEC rules.
• Committee assignments: Audit Committee member (committee is fully independent; Chair: Dr. Lawrence Harris) and Nominating & Corporate Governance Committee member (Chair: Earl H. Nemser; includes Thomas Peterffy).
• Board attendance: Board met 4 times in FY2024; with the exception of William Peterffy, each serving director attended at least 75% of Board and committee meetings—indicates Yuen ≥75% attendance.
• Committee activity: FY2024 meetings—Audit 8; Compensation 3; Nominating & Corporate Governance 2.
• Lead Independent Director: Dr. Lawrence Harris presides over executive sessions of independent directors and serves as liaison with the Chairman.
• Controlled company: IBKR is treated as a “controlled company” under Nasdaq rules due to Thomas Peterffy’s substantial ownership; therefore not required to have majority independent directors or fully independent compensation and nominating committees.

Fixed Compensation

Performance Compensation

• Structure: Non-employee director equity is time-based RSUs; no disclosed performance metrics tied to director compensation. Annual grant valued at $25,000 (Dec 31), plus one-time $75,000 in appointment year (straight-line vest over five years). No options or performance scorecards disclosed for directors.
• Metrics table: Not disclosed for director compensation—IBKR does not tie director pay to revenue/EBITDA/TSR metrics in proxy.

Other Directorships & Interlocks

• Internal committee composition risk: Yuen serves on Nominating & Corporate Governance alongside insiders (Nemser, Peterffy) at a controlled company—potential independence optics issue for nomination oversight.

Expertise & Qualifications

• Capital markets leadership in Asia (Credit Suisse; UBS) with emphasis on internationalization of China’s capital markets.
• Regulatory and legal background (CSRC Listing Committee; Clifford Chance partner).
• Determined independent; contributes global perspective and market structure expertise to Board skills matrix (International/Global Perspective; Brokerage/Industry knowledge).

Equity Ownership

• Hedging/pledging: Directors and employees prohibited from hedging, short selling, or pledging IBKR stock; strengthens alignment.
• Dividend equivalents: Directors may receive dividend equivalents on unvested awards; Yuen had no dividend equivalents disclosed in 2024.

Governance Assessment

• Positives:

  • Independent director with deep Asia capital markets and regulatory experience; sits on fully independent Audit Committee, supporting financial oversight.
  • Compliance safeguards: anti-hedging/pledging, insider trading policy, and clawback policy in place.
  • Attendance: at least 75% of Board/committee meetings in FY2024.

• Risks/RED FLAGS:

  • Controlled company: IBKR not required to maintain fully independent Compensation and Nominating committees; Yuen’s Nominating & Corporate Governance Committee includes insiders (Nemser, Peterffy), which may raise independence concerns for director selection and governance.
  • Margin accounts: IB LLC may extend margin loans to directors/officers under ordinary terms; counterparty exposure minimal but worth monitoring; specific usage by Yuen not disclosed.
  • Ownership alignment: Yuen’s direct ownership is de minimis (<0.5%); while equity grants provide some alignment, there are no director-specific ownership guidelines disclosed.

• Compensation Structure Signals:

  • Director pay mix skews toward fixed cash ($150k) with modest equity ($25k annual); no performance-based equity or options disclosed, limiting direct pay-for-performance linkage for directors.
  • No perquisites beyond standard reimbursement for Board service; no meeting fees indicated.

• Additional context:

  • Lead Independent Director oversees executive sessions, supporting independent Board deliberations.
  • Committee cadence in 2024: Audit frequent (8), Nominating modest (2)—adequate for typical governance oversight; monitor engagement levels relative to strategic needs.