Jacques Aigrain
LyondellBasell IndustriesAbout Jacques Aigrain
French-Swiss, age 70, non-executive director at LyondellBasell Industries N.V. (LYB) since 2011 and independent Chair of the Board since 2018. He is an Audit Committee Financial Expert and serves on the Audit, Nominating & Governance, and Finance Committees; the Board affirms his independence under NYSE rules. He holds a doctorate in economics from Université Paris-Sorbonne and a master’s in economics from Université Paris Dauphine – PSL, with prior senior roles at Warburg Pincus, Swiss Re (CEO), and J.P. Morgan. He leads executive sessions at each regularly scheduled Board and committee meeting and supports strategy, shareholder engagement, and CEO performance evaluation.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Warburg Pincus | Senior Advisor and Partner | Since 2013 | Private equity leadership; capital markets and M&A expertise |
| Swiss Re AG | Chief Executive Officer | 9 years | Executive management; risk and finance; global operations |
| J.P. Morgan (NY, London, Paris) | Global leadership roles | 20 years | Corporate finance, capital markets, strategy |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Tradeweb Markets Inc. | Chair of the Board | Since 2022 | International financial services; board leadership |
| Clearwater Analytics Holdings Inc. | Director | Since 2021 | Financial software products |
| The London Stock Exchange Group plc | Former Director | 2013–2022 | Market infrastructure |
| WPP plc | Former Director | 2013–2022 | Global advertising and PR |
Board Governance
- Committee assignments (2025): Audit (member, Audit Committee Financial Expert), Nominating & Governance (member), Finance (member).
- Attendance and engagement: Board held 7 meetings in 2024; directors’ average attendance was 96%, and each director attended >80% of Board and committee meetings; Audit, Nom-Gov, and Finance committees recorded 100% attendance; HSE&S recorded 92%.
- Leadership: As independent Chair since 2018, Aigrain sets agendas, convenes meetings, leads executive sessions at every regularly scheduled Board and committee meeting, interfaces with shareholders, and co-sets CEO goals with the C&TD Committee. Dutch law requires a non-executive Chair; LYB separates Chair/CEO roles to enhance oversight.
- Independence: Board determined all non-executive directors (including Aigrain) are independent under categorical standards aligned to NYSE; no known transactions impaired independence.
| Committee | Role | 2024 Meetings | Attendance |
|---|---|---|---|
| Audit | Member; Financial Expert | 5 | 100% (committee overall) |
| Nominating & Governance | Member | 4 | 100% (committee overall) |
| Finance | Member | 4 | 100% (committee overall) |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Board Chair Retainer (Cash) | $325,000 | Approved policy; no increases since 2014 except Chair uplift in 2018 |
| Board Chair Retainer (RSUs) | $325,000 | Annual RSUs; vest one year; cash dividend equivalents |
| Committee Chair Retainers (cash) | Audit $27,500; C&TD $27,500; HSE&S $27,500; Nom-Gov $20,000; Finance $20,000 | HSE&S Chair retainer increased in 2023 to align with Audit/C&TD |
| Committee Member Retainers (cash) | Audit $15,000; C&TD $10,000; HSE&S $10,000; Nom-Gov $10,000; Finance $10,000 | |
| Intercontinental Trip Fee | $5,000 per trip | Applies to Board travel |
| 2024 Director Compensation (Aigrain) | Amount ($) |
|---|---|
| Fees Earned/Paid in Cash | 360,000 |
| Stock Awards (RSUs) | 315,056 (3,234 units) |
| All Other Compensation | 8,253 (tax prep and travel-related benefits) |
| Total | 683,309 |
- RSU terms: Directors’ annual grants (2024) vest one year from grant; dividend equivalents paid in cash when LYB pays dividends.
Performance Compensation
Directors do not receive performance-based bonuses or PSUs; equity is delivered via time-based RSUs aligned to shareholder value over time. No stock options for directors in 2024.
| RSU Grant and Vesting (Aigrain, 2024) | Detail |
|---|---|
| RSUs Granted | 3,234 units |
| Vesting | One year from grant date |
| Dividends | Cash dividend equivalents |
Other Directorships & Interlocks
- Current public company boards: Tradeweb (Chair), Clearwater Analytics (Director).
- Former boards: LSEG (2013–2022), WPP (2013–2022).
- Related-party transactions: 2024 review flagged transactions involving other directors (Buchanan, Dudley, Farley, Kamsky, Karlin); none noted involving Aigrain. Audit Committee’s policy requires arm’s-length terms and independence safeguards; Access Industries has nomination rights for certain directors but not for Aigrain.
Expertise & Qualifications
- Financial services and management: >30 years in strategy, M&A, finance, capital markets, corporate governance; CEO experience at Swiss Re; investment leadership at Warburg Pincus; senior roles at J.P. Morgan.
- Education: Doctorate (Université Paris-Sorbonne), Master’s (Université Paris Dauphine – PSL).
- Skills: Corporate finance, risk management, corporate strategy, capital markets, governance, international operations; public company director experience.
Equity Ownership
| Item | Value |
|---|---|
| Shares Beneficially Owned (as of Apr 1, 2025) | 25,225 |
| RSUs Vesting within 60 Days | 3,234 |
| Options Exercisable within 60 Days | — (none disclosed for directors) |
| Shares Outstanding (reference for % ownership) | 322,837,438 (Apr 1, 2025) |
| Ownership Guidelines (Directors) | Must hold ≥6x annual cash retainer; Chair requirement $1,950,000; no sales until threshold met |
| Hedging/Pledging Policy | Prohibits hedging, short sales, options, pledging, margin accounts |
Note: The proxy indicates all directors and executive officers as a group own <1% of outstanding shares; Aigrain’s individual % is de minimis relative to total shares.
Governance Assessment
- Strengths for investor confidence:
- Independent Chair since 2018 with robust responsibilities and regular executive sessions; strong oversight separation from CEO under Dutch law.
- High Board/committee attendance and disciplined governance processes (annual self-assessments; independent evaluation in 2024; clear committee charters).
- Audit Committee Financial Expert; deep finance and risk background; service on key committees (Audit, Nom-Gov, Finance).
- Share ownership guidelines and strict anti-hedging/pledging policies align director incentives with long-term shareholder interests.
- Active shareholder engagement (hundreds of meetings; outreach to top 20 holders; 85% engagement); strong say-on-pay support (98% in 2024).
- Potential watchpoints:
- Multiple external board commitments (Tradeweb Chair; Clearwater Director) require continued monitoring under LYB’s Director Commitments Policy (limit ≤4 public boards inclusive of LYB; Aigrain appears within limits).
- Access Industries nomination rights for other directors warrant ongoing independence scrutiny; Board applies NYSE standards and reports no impairing relationships.
- Conflicts and related-party exposure: No related-party transactions identified involving Aigrain; Board/Audit Committee processes require arm’s-length terms and independence review.