Darrel Anderson
MDU RESOURCES GROUPAbout Darrel T. Anderson
Darrel T. Anderson, age 67, is an independent director of MDU Resources Group and was elected Vice Chair of the Board in February 2025. He joined MDU’s Board in 2023, bringing 28+ years of regulated utility leadership, including serving as President and CEO of IDACORP and Idaho Power (2014–2020), and he currently chairs MDU’s Compensation Committee and serves on the Audit and Nominating & Governance Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IDACORP, Inc. and Idaho Power Company | President & CEO | May 2014 – May 2020 | Led regulated utility operations; public company CEO experience cited for compensation and governance expertise |
| IDACORP, Inc. and Idaho Power Company | Director | Sep 2013 – May 2022 | Board oversight in regulated energy; public company governance experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gemstone Holdings (parent of Blue Cross of Idaho) | Chairman | Since Jan 2024 | Oversees a non-profit mutual insurer; not a public company board |
| Blue Cross of Idaho (non-profit mutual insurer) | Chairman; Director | Chairman since May 2023; Director since 2018 | Health insurance governance experience |
Board Governance
- Roles: Vice Chair of the Board (elected February 2025) ; independent director .
- Committee assignments:
- Compensation Committee: Chair; 10 meetings in 2024; all members independent .
- Audit Committee: Member; 11 meetings in 2024; all members independent; Audit Committee Financial Expert designated for the Chair (Jaeger) .
- Nominating & Governance Committee: Member; 5 meetings in 2024; all members independent .
- Attendance and engagement: Board held 14 meetings in 2024; each director attended at least 96% of Board and committee meetings; executive sessions of independent directors at every regularly scheduled Board meeting (Vice Chair presides if Chair absent) .
- Independence: Board determined Anderson and all non-employee nominees are independent; standing committees are entirely independent .
- Other public company boards: None currently (matrix shows zero for all nominees) .
Fixed Compensation
| Component | Amount | Form/Notes |
|---|---|---|
| Annual Director Retainer (2024 program) | $110,000 | Cash; may be deferred/diverted per policy |
| Committee Chair Retainer – Compensation | $15,000 | Cash; applies to Anderson as Chair |
| Committee Chair Retainer – Audit | $20,000 | Cash; not applicable to Anderson (member, not chair) |
| Committee Chair Retainer – Nominating & Governance | $15,000 | Cash; not applicable to Anderson (member, not chair) |
| Vice Chair of the Board | $0 | No additional compensation |
| Meeting Fees | $0 | None; expense reimbursement allowed |
| Annual Stock Award (2024 program) | $150,000 | Fully vested stock; granted November; grant-date price $18.34/share (Nov 15, 2024) |
| Anderson – 2024 Actuals | Amount |
|---|---|
| Fees Earned or Paid in Cash | $118,750 |
| Stock Awards | $150,000 |
| All Other Compensation | $103 (group life insurance and matching contributions to Good Government Fund) |
| Total | $268,853 |
Performance Compensation
| Component | Performance Metrics | Vesting/Terms |
|---|---|---|
| Director equity (annual stock award) | None; fully vested stock; no PSUs/options issued to directors | Granted annually in November, based on past service; fully vested |
Other Directorships & Interlocks
- Current: Chairman, Gemstone Holdings (parent of Blue Cross of Idaho); Chairman/Director, Blue Cross of Idaho (non-profit mutual insurer) .
- Prior public boards: Director, IDACORP and Idaho Power (2013–2022) .
- Interlocks/conflicts: Board’s independence standards deem certain relationships immaterial if below thresholds; the Board reported no related person transactions in 2024 beyond those disclosed (none involve Anderson) .
Expertise & Qualifications
- Regulated energy delivery leadership; former public company CEO (IDACORP) .
- Compensation, management resources, finance, and governance expertise supporting roles as Compensation Committee Chair and member of Audit and Nominating & Governance Committees .
- Strategic planning and long-term oversight experience aligned with MDU’s pure‑play regulated strategy .
Equity Ownership
| Item | Detail |
|---|---|
| Common Stock Beneficially Owned | 9,512 shares |
| Ownership Guidelines | Non-employee directors: 5x annual retainer; compliance measured annually |
| Compliance Status (2024) | All directors and executive officers either in compliance or within 5-year window |
| Hedging/Pledging | Prohibited for directors; anti-hedging and anti-pledging policies in place |
| Ownership Concentration | No individual director beneficially owned ≥1% of shares outstanding |
Governance Assessment
- Positive signals:
- Elevated to Vice Chair (Feb 2025), indicating planned board leadership succession and continuity; strong governance refresh following spinoffs .
- Chairs Compensation Committee; leads pay-for-performance oversight; committees are fully independent; robust annual assessment and stockholder engagement processes .
- High attendance (≥96%); executive sessions at every Board meeting; separated Chair/CEO roles .
- Strong alignment mechanisms: director stock ownership policy (5x retainer), anti-hedging/pledging, and clear deferral/stock grant practices .
- Potential risks/considerations:
- External chairmanships (Blue Cross of Idaho, Gemstone Holdings) warrant routine independence monitoring under categorical standards; no related person transactions in 2024 .
- As Compensation Committee Chair through a transformation period post-spinoffs, sustained rigor in metrics and avoidance of discretionary awards remains a focus area (board states no options; equity practices defined) .