Mark Ross
DORIAN LPGAbout Mark Ross
Mark Ross (age 62) is an independent Class III director of Dorian LPG Ltd., serving since October 2024. He retired as President of Chevron Shipping Company after a 34-year career at Chevron spanning downstream, upstream, trading, and shipping. He holds a B.S. in Chemical Engineering (UC Berkeley), an M.S. in Chemical Engineering (University of Illinois at Urbana-Champaign), and an MBA (UC Berkeley). He is nominated for re‑election to serve through the 2028 annual meeting and is currently listed as independent under NYSE and Company standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chevron Shipping Company | President | May 2015 – May 2024 | Led ~2,000 global workforce; oversaw fleet of ~30 ships transporting crude oil, LNG, LPG, and refined products; safety and operational efficiency focus |
| Chevron Corporation | Various roles (downstream, upstream, trading, shipping) | 34-year career | Cross-functional leadership across energy value chain |
External Roles
| Organization | Role | Tenure/Status |
|---|---|---|
| American Bureau of Shipping (ABS) | Director | Current |
| Oil Companies International Marine Forum (OCIMF) | Past Chairman | Past |
| Society of International Gas Tanker and Terminal Operators (SIGTTO) | Past Chairman | Past |
Board Governance
- Class III director; appointed October 2024; nominated for re‑election in 2025 to serve until 2028 .
- Independence: Board determined Ross is independent under NYSE, SEC, and Company guidelines .
- Committee assignments: Current committee membership lists (Audit, Compensation, Nominating & Corporate Governance) do not include Ross; Audit (Lorentzen—chair, Tan, Kalborg), Compensation (Kalborg—chair, McAvity, Lunde), Nominating & Corporate Governance (McAvity—chair, Tan, Lunde) .
- Attendance: During FY ended March 31, 2025, the Board held four meetings; all directors attended at least 75% of Board and committee meetings for the periods served .
- Lead Independent Director: Malcolm McAvity; independent director executive sessions held at least twice yearly; four executive sessions in FY ended March 31, 2024 .
Fixed Compensation
- Structure: Non‑executive directors receive $155,000 annually, paid 100% in equity; committee chairs receive an additional $15,000 in equity; committee members receive $10,000 in equity per committee; directors are reimbursed for reasonable expenses and indemnified; no termination benefits .
- FY2025 Director Compensation (equity grant date fair value $22.34/share, paid in arrears; prorated for service start date):
| Name | Cash Fees ($) | Equity Awards ($) | Total ($) |
|---|---|---|---|
| Mark Ross | $0 | $62,507 | $62,507 |
| Notes | Prorated equity for service from Oct 23, 2024 to Mar 31, 2025 |
Performance Compensation
| Program Element | Details |
|---|---|
| Performance-tied compensation for directors | None disclosed; director pay is retainer-based and delivered in equity; no options granted since inception; no meeting fees . |
| Equity form | Restricted stock and/or RSUs; director grants valued at grant date fair value . |
Other Directorships & Interlocks
| Company/Body | Type | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| American Bureau of Shipping (ABS) | Industry classification society | Director | ABS is a maritime classification body, not a customer or supplier disclosure item here; no related party transaction disclosed . |
| OCIMF | Industry association | Past Chairman | Advisory/industry standards role; no conflict disclosed . |
| SIGTTO | Industry association | Past Chairman | Advisory/industry standards role; no conflict disclosed . |
Expertise & Qualifications
- Deep maritime and shipping leadership (Chevron Shipping president; fleet operations; safety; LNG/LPG transport) .
- Technical credentials in chemical engineering (BS, MS) and business (MBA) .
- Governance and safety standards expertise via roles at ABS, OCIMF, SIGTTO .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Mark Ross | 2,798 | <1% (asterisk denotes less than 1%) | As of July 15, 2025; based on 42,647,720 shares outstanding . |
- Ownership guidelines: No explicit director stock ownership guidelines disclosed in the proxy; Corporate Governance Guidelines available on website, but proxy does not specify director ownership multiples .
- Hedging/Pledging: Company does not currently prohibit hedging transactions; trades by insiders must be pre‑cleared under insider trading policy; no pledging disclosure specific to Ross .
Governance Assessment
- Strengths: Independent status; extensive LNG/LPG and maritime operations expertise; equity‑only director retainer aligns with shareholder interests; Board has clear committee structures and independent leadership (Lead Independent Director) .
- Neutral/Observations: Not currently listed on a standing committee—limits direct committee-level influence; attendance threshold met at Board level for FY2025 (≥75%) .
- Potential Red Flags:
- Hedging policy: No formal prohibition on hedging for directors/executives (can weaken alignment if used), although trades require pre‑clearance; investors may prefer explicit anti‑hedging/anti‑pledging policies .
- Personal ownership is modest (<1%); alignment primarily via annual equity grants rather than substantial personal holdings .
- Related Party/Conflicts: Proxy discloses related party transactions involving certain executives/family members, but no transactions implicating Mark Ross; Audit Committee oversees related party approvals .
Implications: Ross adds valuable technical and operational shipping expertise and independent oversight. Lack of committee assignment reduces direct influence on audit/compensation/governance decisions; improvement areas include formal anti‑hedging policy and potential committee placement to leverage expertise. Equity‑only compensation is aligned, but low absolute ownership suggests alignment primarily through annual grants rather than sizable personal stakes .