Ann-Kristin Achleitner
LazardAbout Ann-Kristin Achleitner
Ann‑Kristin Achleitner, age 59, has served as an independent director of Lazard, Inc. since April 2021, with current term expiring in 2027 . She is a distinguished economist and educator, previously holding the Chair of Entrepreneurial Finance at the Technical University of Munich (2001–2020) and serving as a Distinguished Affiliated Professor at ESMT Berlin . Dr. Achleitner holds doctorates in business administration and law from the University of St. Gallen and began her career at McKinsey; she brings deep expertise in entrepreneurial and corporate finance to Lazard’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Technical University of Munich (TUM) | Chair of Entrepreneurial Finance | 2001–2020 | Led academic research and education in entrepreneurial finance |
| European Business School (EBS), Oestrich‑Winkel | Chair of Banking & Finance | 1995–2001 | Academic leadership in banking and finance |
| McKinsey & Company | Management Consultant | Early career | Strategy and advisory experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Linde plc | Director | Current | Public company directorship |
| Deutsche Post (DHL Group) | Supervisory Board Member | Current | Public company directorship |
| Munich Re | Supervisory Board Member | 2013–2024 | Prior public company board |
| Deutsche Börse | Director | 2016–2019 | Prior public company board |
| Engie | Director | 2012–2019 | Prior public company board |
| Institute for Advanced Study (Princeton) | Board Member | Current | Non‑public institution |
| acatech (German National Academy of Science and Engineering) | Vice President | Current | STEM governance leadership |
Board Governance
- Committees: Audit Committee member and Nominating & Governance Committee member .
- Committee activity: Audit met 5 times in 2024; Nominating & Governance met 6 times .
- Independence: Board determined all directors other than the CEO/Chair are independent under NYSE and Lazard standards; Achleitner is independent .
- Attendance: Board held 10 meetings in 2024; overall director attendance averaged over 95%; each current director attended at least 86% of applicable meetings; the majority attended the 2024 annual meeting .
- Majority Vote Policy: Uncontested elections trigger a resignation tender if “withheld” votes exceed “for” votes; Nominating & Governance recommends acceptance or rejection; Board discloses decision via Form 8‑K .
- Lead Independent Director: Role provides oversight of strategy, CEO performance, agendas, executive sessions, and shareholder engagement .
- Governance protections: All committees comprised solely of independent directors; annual self‑evaluations and refreshment; term limit policy for independent directors (four complete terms plus any partial term) .
Fixed Compensation
- Program structure for non‑employee directors (2024):
- Annual cash retainer: $126,000 .
- Annual DSU grant (June): $154,000 grant date value .
- Additional retainers (45% cash / 55% DSUs): Committee chair $20,000 ($30,000 for Audit); non‑chair committee member $15,000 ($20,000 for Audit); Lead Independent Director $50,000 .
- Optional deferral: Directors may elect DSUs in lieu of cash; DSUs convert 1:1 to common stock after board service; dividend equivalents paid in cash .
- Achleitner 2024 director pay:
| Component | Amount (USD) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $141,750 | 2024 director cash fees |
| Stock Awards (DSUs grant-date value) | $173,271 | June 3, 2024 annual DSU grant |
| Total | $315,021 | Sum of cash and stock awards |
- Achleitner DSU grant specifics (2024):
| Grant Date | DSUs Granted | Grant Date Fair Value |
|---|---|---|
| June 3, 2024 | 4,307 | $173,271 |
Performance Compensation
- Directors do not receive performance‑conditioned equity; annual equity is delivered via DSUs that align interests through deferred ownership and dividend equivalents, settled after board service .
- DSU mechanics:
| Metric | Detail |
|---|---|
| Settlement | 1:1 conversion to common stock after service ends |
| Dividend equivalents | Paid in cash at the same rate/time as common dividends |
| Deferral elections | Additional DSUs may be elected in lieu of cash; quarterly grant dates aligned with cash retainer schedule |
Other Directorships & Interlocks
| Company | Relationship to LAZ | Potential Interlock/Conflict Consideration |
|---|---|---|
| Linde plc; Deutsche Post (DHL Group) | Achleitner serves on boards | Lazard’s independence standards permit ordinary‑course financial services between Lazard and entities where directors serve, if terms are arms‑length and below thresholds; Board concluded all non‑executive directors (including Achleitner) are independent under NYSE and Lazard standards . |
Note: No specific related‑party transactions involving Achleitner are disclosed in the 2025 proxy; Lazard applies Annex B independence standards that outline safe harbors for ordinary‑course dealings, indebtedness thresholds, and charitable contributions .
Expertise & Qualifications
- Internationally recognized leader in entrepreneurship finance; broad financial industry experience; enhances board diversity of perspective, knowledge, and geography .
- Legal and business doctorates from University of St. Gallen; governance roles across European public companies and scientific institutions .
Equity Ownership
- Beneficial ownership (as of March 10, 2025):
| Holder | Shares Beneficially Owned | % of Common Stock | % Voting Power | Notes |
|---|---|---|---|---|
| Ann‑Kristin Achleitner | 19,267 | <1% | <1% | Includes DSUs convertible 1:1 post‑service |
- DSUs held:
| Director | Total DSUs Held (Dec 31, 2024) |
|---|---|
| Ann‑Kristin Achleitner | 19,267 |
- Alignment policies:
- Majority of director compensation is paid in DSUs to incentivize long‑term value creation .
- Anti‑hedging policy prohibits hedging, short sales, and derivatives on Company securities for directors, with approval restrictions that preclude exceptions for directors and executive officers .
Governance Assessment
- Board effectiveness: Achleitner’s roles on Audit and Nominating & Governance place her at the center of financial reporting oversight, risk/cybersecurity review (via Audit), director selection, board evaluation, and independence standards—key levers for investor confidence .
- Independence and attendance: Classified independent; board‑wide attendance was robust (>95%), and committees are fully independent—supporting objective oversight and engagement .
- Compensation alignment: Director pay emphasizes DSUs and deferred ownership, with modest cash retainers and clear committee fee schedules; Achleitner’s 2024 mix ($141,750 cash; $173,271 equity) reflects standard structure without special awards .
- Conflicts and related‑party exposure: No specific related‑party transactions disclosed for Achleitner; Lazard’s Annex B standards mitigate conflict risks in ordinary‑course dealings and set quantitative thresholds; continued monitoring of her external public boards (e.g., Linde, DHL Group) is prudent, but independence was affirmed .
- Shareholder signals: The company noted disappointment with 2024 say‑on‑pay and enhanced disclosure/engagement; while this pertains to executive pay, it reflects an active Compensation Committee and responsive governance posture, which intersects with Nominating & Governance oversight .