Michael Garcia
ALLIANT ENERGYAbout Michael D. Garcia
Michael D. Garcia (age 60) is an independent director of Alliant Energy Corporation (LNT), serving since 2020 with a term expiring in 2026. He brings 25+ years of international operating leadership across steel, paper, and aluminum industries, currently chairs the Operations Committee, and serves on the Executive and Nominating & Governance Committees; the Board affirms his independence under Nasdaq rules. Mandatory retirement age is 70; Board attendance in 2024 met at least the 75% threshold, and all directors attended the 2024 Annual Meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Domtar Corporation | President, Pulp & Paper Division | Apr 2014 – Jan 2021 | Led division operations; deep industrial operations experience |
| EVRAZ Highveld Steel & Vanadium | Chief Executive Officer | Dates not disclosed | CEO role in South Africa; heavy-industry leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Algoma Steel Group Inc. | Chief Executive Officer; Director | Since Jun 2022 | Public company leadership; board service |
Board Governance
- Committee assignments: Operations (Chair), Nominating & Governance (Member), Executive (Member) .
- Independence: Board determined Garcia has no material relationship impairing independent judgment; all three committees comprised solely of independent directors .
- Attendance and engagement: Board held seven meetings in 2024; each director attended at least 75% of Board and committee meetings; all directors present at the 2024 Annual Meeting .
- Committee activity cadence: Operations (8 meetings in 2024), Nominating & Governance (7), Executive (did not meet); Audit (6) and Compensation (5) for context .
- Executive sessions: Independent directors meet in executive session at every regular Board meeting .
- Lead Independent Director: Carol P. Sanders; Board chair transitions to an independent chair after 2025 Annual Meeting .
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Annual cash retainer (All Boards) | 280,000 | Standard non-employee director retainer |
| Operations Committee Chair fee | 17,500 | Chair premium (rises to $20,000 in 2025) |
| Meeting fees | 0 | No per-meeting fees; quarterly retainer payments |
| Total cash fees | 297,500 | Sum of retainer + chair fee |
| Deferred to Company Stock Account | 238,000; 4,522 shares credited | Under Alliant Energy Deferred Compensation Plan |
| Other compensation | 0 | Matching gifts program available; caps apply |
Additional director compensation structure:
- Directors encouraged to use 55% of retainer to purchase LNT shares or defer into Company Stock Account; directors may elect retainer in stock under the 2020 Omnibus Incentive Plan .
- Share ownership guideline: 2x annual retainer; directors have five years to comply. As of 12/31/2024, all directors with ≥5 years on the Board met guidelines (Garcia joined in 2020) .
Performance Compensation
- No performance-based pay for directors disclosed (no options; no annual PSUs/RSUs for directors). Equity exposure arises via elective deferrals/receipt of fees in stock; no director-specific performance metrics tied to pay .
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock |
|---|---|---|---|
| Algoma Steel Group Inc. | Steel | CEO; Director since Jun 2022 | Monitor procurement relationships (steel/towers/transmission) for related-party exposure; none disclosed at LNT in 2024 |
Expertise & Qualifications
- Skills/qualifications: Strategic leadership; financial acumen; operations; customer perspective; public policy/regulatory; human capital; risk management; technology systems; environmental/safety .
- Utility governance context: Operations Committee oversight includes safety, environmental compliance, reliability, capex/resource adequacy .
Equity Ownership
| Metric | Value |
|---|---|
| Shares beneficially owned | 20,263 |
| Shares via Deferred Compensation Plan (included above) | 20,253 |
| Unvested RSUs | None disclosed for directors |
| Ownership as % of shares outstanding | ~0.0079% (20,263 / 256,866,523) |
| Shares pledged as collateral | None; pledging prohibited for insiders |
| Compliance with director ownership guideline | Compliant (≥5 years directors met guidelines) |
Governance Assessment
-
Positive signals:
- Independent director chairing Operations Committee; active committee cadence (8 meetings) suggests robust oversight of operational risk, safety, environmental compliance, and capital planning .
- Independence affirmed; no related-person transactions reported since 2024; prohibition on hedging/pledging enhances alignment with shareholders .
- Ownership alignment via deferred stock and compliance with 2x retainer guideline; directors encouraged to take fees in stock, strengthening skin-in-the-game .
- Board-wide strong say-on-pay support (>95%), indicating investor confidence in governance/compensation frameworks (contextual signal) .
-
Watch items:
- Dual-role time demands: Garcia serves as CEO and director of Algoma Steel while chairing LNT’s Operations Committee; Board policy requires notice for added board service to evaluate conflicts/time availability . No related-party transactions disclosed, but investors may monitor any material supplier/customer relationships with Algoma or other steel vendors .
- Mandatory retirement age 70 provides refreshment discipline; Garcia (60) remains eligible for re-election through his term expiring 2026 .
RED FLAGS: None disclosed in 2024 related-person transactions; no hedging/pledging; attendance met minimum thresholds; no director options or repricing; compensation consultant independence affirmed (Compensation Committee context) .