Patrick Allen
ALLIANT ENERGYAbout Patrick E. Allen
Patrick E. Allen, age 60, is a long-tenured independent director of Alliant Energy (LNT), serving since 2011, with his current term expiring in 2026 . He was designated to become Alliant’s independent Board Chair effective after the May 16, 2025 Annual Meeting, a notable governance transition toward an independent chair structure . Allen’s core credentials include extensive finance leadership (former CFO of Collins Aerospace and Rockwell Collins), risk management, human capital oversight, and technology systems experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Collins Aerospace | Chief Financial Officer | 2018–2020 | Led finance including planning, accounting, treasury, audit, tax; retired 2020 |
| Rockwell Collins, Inc. | SVP & CFO | 2005–2018 | Led company-wide finance functions; financial leadership across complex industrial operations |
| Rockwell Collins & subsidiaries | Financial officer roles | 2001–2005 | Progressive finance responsibilities supporting corporate growth |
| Rockwell International | VP & Treasurer; VP Financial Planning; Assistant Controller | Pre-2001 | Corporate finance leadership across treasury and planning disciplines |
| Deloitte & Touche | Auditor; passed CPA exam | Early career | Audit background; passed CPA exam enhances financial literacy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Triumph Group, Inc. | Director | Since 2023 | Public aerospace company directorship; complements financial/industrial expertise |
Board Governance
- Committee assignments: Compensation & Personnel (Chair), Executive, and Nominating & Governance . The Compensation Committee composition and chair role are reaffirmed in the committee report .
- Independent Board Chair: Board designated Patrick Allen as independent Board Chair effective after the 2025 Annual Meeting; company will discontinue the Lead Independent Director role thereafter .
- Independence: Board affirmed Allen and all non-employee directors are independent under Nasdaq rules; Audit, Compensation & Personnel, and Nominating & Governance committees are fully independent .
- Attendance & engagement: The Board held seven meetings in 2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting .
- Executive sessions: Independent directors meet in executive session with no management present at every regular Board meeting .
- Committee activity levels: Audit (6 meetings), Compensation & Personnel (5), Nominating & Governance (7), Operations (8) in 2024 .
Fixed Compensation
| Item | Amount/Detail | Year |
|---|---|---|
| Director cash fees (Allen) | $300,000 Fees Earned; $0 change in pension; $833 all other; Total $300,833 | 2024 |
| Annual cash retainer for non-employee directors | $280,000 (2024); $290,000 (2025) | 2024–2025 |
| Chair fees | Compensation & Personnel Chair: $20,000 (2024); $20,000 (2025); Audit Chair: $25,000; N&G Chair: $17,500 (2024) → $20,000 (2025); Operations Chair: $17,500 (2024) → $20,000 (2025) | 2024–2025 |
| Board Chair retainer | $200,000 (2025) | 2025 |
| Other Audit committee member fee | $5,000 | 2024–2025 |
| Meeting fees | None for Board or committees; no attendance fees in 2024 or 2025 | 2024–2025 |
| Fee deferrals (Allen) | Deferred $150,000 of cash fees; credited 2,850 shares to Deferred Compensation Plan Company Stock Account | 2024 |
| Receipt of fees in stock | Directors encouraged to use ~55% of cash retainer to purchase stock via Shareowner Direct Plan or Deferred Compensation Plan; election to receive retainer in stock under 2020 Omnibus Incentive Plan is permitted | 2024–2025 |
| Director ownership guidelines | 2x annual retainer target ($560,000 in 2024); 5-year compliance window; all directors with >5 years are in compliance; newer directors on track | 2024 |
Performance Compensation
- No performance-based director compensation is disclosed (no director stock options or performance share awards; equity exposure comes from elective receipt of fees in stock and deferred compensation elections) .
- Stock ownership alignment policies (guidelines, fee-in-stock, deferrals) support director-shareholder alignment, but are not tied to explicit director performance metrics .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | Triumph Group, Inc. (Director since 2023) |
| Committee interlocks | None. 2024 Compensation & Personnel Committee: no members were officers/employees; no relationships requiring Item 404 related-person transaction disclosure; no executive officer serves on a board/comp committee of a company with a reciprocal executive on Alliant’s Board/Comp Committee |
| Related-party transactions | None since the beginning of 2024; policy requires committee review/approval and confirms independence standards; none proposed currently |
Expertise & Qualifications
- Financial leadership: Former CFO of Collins Aerospace; SVP & CFO at Rockwell Collins; extensive treasury/audit/planning experience; auditor background and CPA exam passed .
- Governance and risk: Skills include public policy and regulatory, human capital management, risk management, technology systems, environmental and safety .
- Board skills matrix: Strategic leadership and financial acumen/literacy among highlighted competencies .
Equity Ownership
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Patrick E. Allen | 47,434 shares | Includes 43,068 shares held via deferred compensation plans ; no pledged shares; directors as a group own <1% of outstanding |
| Shares outstanding (context) | 256,866,523 shares (as of March 10, 2025) | No director >1% ownership; none pledged |
Ownership alignment: Directors must achieve 2x retainer within 5 years, and those past 5 years have met guidelines; newer directors are on track . The company prohibits hedging and pledging of company stock for directors and officers .
Compensation Committee Analysis
| Attribute | Detail |
|---|---|
| Committee members | Patrick E. Allen (Chair), Ignacio A. Cortina, Stephanie L. Cox, Roger K. Newport, Christie Raymond |
| Independence | All members independent under SEC/Nasdaq rules |
| Meetings | 5 in 2024 |
| Consultant | Pay Governance LLC engaged as independent advisor; committee found no conflicts of interest and affirmed independence (fees, policies/procedures, relationships, stock ownership considered) |
| Risk assessment | Committee reviewed compensation policies and practices; concluded they are not reasonably likely to have a material adverse effect; features include balanced design, strong alignment, governance controls, clawbacks, stock ownership, double-trigger change-in-control, no tax gross-ups, and anti-hedging/pledging |
| Say-on-pay | 2024 approval >95% of votes cast; committee continues to review and refine program |
Governance Assessment
- Board effectiveness: Elevation to independent Board Chair enhances oversight and independent leadership—removal of Lead Independent Director post-Annual Meeting reflects confidence in the independent chair structure .
- Independence and attendance: Allen is affirmed independent; Board/committees are independent; directors met attendance expectations and engage in executive sessions each regular meeting—sound governance hygiene .
- Alignment and incentives: Director compensation relies on fixed retainers and chair fees with strong equity alignment via ownership guidelines, stock receipt elections, and deferrals; Allen deferred a significant portion of cash fees into company stock, aligning with shareholder interests .
- Conflicts/related parties: No related-person transactions; compensation consultant independence affirmed; no committee interlocks disclosed—low conflict risk .
- Shareholder engagement: Robust outreach (approx. 55% of outstanding shares contacted) and clear feedback channels suggest attentive governance practices .
RED FLAGS
- None identified in disclosures: no related-party transactions, hedging/pledging prohibited, independent chair transition, and strong say-on-pay support .