Mohamed Ahmed
About Mohamed Ahmed
Mohamed H. Ahmed, age 60, has served as an independent director of Montauk Renewables since January 2021 and is the Board’s independent Lead Director; he chairs the Audit Committee and serves on the Nominating & Corporate Governance Committee. He previously served as independent Lead Director of Montauk Holdings Limited (MNK) since August 2014 and brings 25+ years of finance and leadership experience, qualifying as an Audit Committee financial expert under SEC rules . His current Class I director term runs until the 2027 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Montauk Renewables, Inc. (MNTK) | Independent Director; Lead Independent Director | Director since Jan 2021 | Audit Committee Chair; Nominating & Corporate Governance Committee member; presides over independent director executive sessions |
| Montauk Holdings Limited (MNK) | Independent Lead Director; Director | Since Aug 2014 | Governance leadership; interlock with MNTK via related-party arrangements (see below) |
| Ritz Tiles | Executive Director | Since 2002 | Operating leadership; finance and industry experience |
| Investment holding companies; Real Estate Investment Trust | Director | Not disclosed | Portfolio oversight; investment governance (entities not named) |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Montauk Holdings Limited (MNK) | Independent Lead Director; Director | Public (JSE) | Longstanding lead director role since 2014 |
| Ritz Tiles | Executive Director | Private | Operating executive role since 2002 |
| Various investment holding companies; a REIT | Director | Not disclosed | Entities not specified by name |
Board Governance
- Independence: Board determined Ahmed is independent under Nasdaq and SEC Rule 10A-3; all Audit Committee members (Ahmed, Shaik, Cunningham) are independent, and Ahmed is an audit committee financial expert .
- Lead Independent Director responsibilities include presiding over executive sessions, serving as liaison to the Chair, and approving Board information, agendas, and schedules .
- Controlled company: Parties to a Consortium Agreement beneficially own ~52.3% of common stock; MNTK relies on Nasdaq controlled company exemptions (Compensation and Nominating committees not required to be fully independent) .
- Meetings and attendance: In fiscal 2024, the Board held eight meetings and two independent-director executive sessions; each director attended at least 75% of Board and committee meetings .
| Committee | Ahmed’s Role | Members (as of Apr 1, 2025) | Meetings in FY2024 |
|---|---|---|---|
| Audit (AC) | Chair | Ahmed (Chair), Cunningham, Shaik | 8 |
| Nominating & Corporate Governance (NCG) | Member | Copelyn (Chair), Ahmed | 4 |
| Compensation (CC) | Not a member | Copelyn, Govender (Chair) | 4 |
| Environmental, Safety & Corporate Responsibility (ESCR) | Not a member | Shaik (Chair), Govender, Cunningham | 4 |
| Board | Lead Independent Director | 6 directors total | 6 Board meetings; 2 independent-director executive sessions |
Fixed Compensation
| Year | Component | Amount (USD) |
|---|---|---|
| 2024 | Annual cash retainer (non-employee director) | $100,000 |
The Board pays cash retainers and did not issue equity compensation to non-employee directors in 2024; employee directors receive no Board compensation .
Performance Compensation
- No performance-based or equity compensation for non-employee directors disclosed (no RSU/PSU/option grants to directors) .
| Metric | Structure | FY2024 Status |
|---|---|---|
| Equity grants to non-employee directors | RSUs/PSUs/Options | None disclosed |
| Meeting fees | Per-meeting cash | Not disclosed; table lists only annual fees |
| Committee chair/member fees | Incremental cash | Not disclosed; table lists only annual fees |
Other Directorships & Interlocks
| Entity | Nature | Detail | Governance Implication |
|---|---|---|---|
| Montauk Holdings Limited (MNK) | Related party; financing | Secured Promissory Note with MNK: principal $10,690,000; maturity 12/31/2033; collateral 976,623 MNTK shares; Ahmed is MNK’s independent Lead Director | Potential conflict requiring robust Audit Committee oversight; policy requires review/approval and related-party recusal |
| HCI Managerial Services (subsidiary of HCI) | Related-party services | Admin services agreements; fee 20,000 Rand/month + VAT; HCI CEO (Copelyn) and Executive Director (Govender) serve on HCI Managerial’s board; both are MNTK directors | Board interlocks via Copelyn/Govender; reinforces need for independent oversight and conflict management |
| Consortium Agreement | Control block | Affiliates of Copelyn and Govender act in concert; beneficially own ~52.3% of MNTK common stock | Controlled company status; CC and NCG committees include non-independent members; heightened focus on Lead Director’s role |
Related party policy: Audit Committee reviews, approves or ratifies related-party transactions; members who are a related person to a transaction are excluded from deliberations/approval .
Expertise & Qualifications
- 25+ years of finance and leadership; executive experience in distribution (Ritz Tiles) and investment entities; independent Lead Director roles at MNK and MNTK .
- Audit Committee financial expert; all AC members financially literate and independent .
- Board skills: risk oversight, audit independence, governance processes; Lead Director role strengthens agenda-setting and investor engagement .
Equity Ownership
| Item | Value |
|---|---|
| Total beneficial ownership (shares) | None disclosed for Ahmed in the beneficial ownership table as of Mar 28, 2025 |
| Ownership (% of outstanding) | Not listed (table shows “—” for Ahmed) |
| Shares pledged as collateral | Prohibited by Insider Trading Policy (no pledging/hedging/short sales) |
| Stock ownership guidelines (Directors) | 3x annual director fee; company counts owned stock, vested/unvested RS/RSUs, and options toward guideline |
| Compliance status | Not disclosed for Ahmed |
Section 16(a) compliance: Company states all directors/officers filed timely ownership reports for fiscal 2024 .
Governance Assessment
-
Positives:
- Independent Lead Director with explicit authorities (agenda, information flow, executive sessions) enhances board oversight and investor access .
- Ahmed chairs a fully independent Audit Committee and is an audit financial expert, supporting robust financial reporting oversight .
- Clear policies: no hedging/pledging, clawback aligned with SEC/Nasdaq rules, Code of Conduct and related-party approval framework .
-
Risks/Red Flags:
- Controlled company exemptions mean Compensation and Nominating committees include non-independent directors (Copelyn, Govender), elevating pay/governance conflict risk; relies heavily on Lead Director and Audit Committee rigor .
- Significant related-party ties to MNK (large promissory note) and HCI services; Ahmed’s leadership role at MNK heightens appearance-of-conflict, mandating strict recusal and transparent approvals .
- Ownership alignment: beneficial ownership table shows no Ahmed holdings; combined with no director equity grants, alignment with shareholders may be limited unless personal share purchases occur to meet 3x fee guideline .
- Board paid cash-only retainers; absence of equity for directors reduces at-risk governance incentives relative to best practices .
-
Engagement:
- Board held eight meetings plus independent executive sessions; each director attended at least 75% of meetings, indicating baseline engagement; Ahmed presides over independent sessions .
Overall: Ahmed’s independent leadership and audit expertise are stabilizing features within a controlled-company structure with multiple related-party ties. Continued transparency on related-party approvals, demonstration of stock ownership guideline progress, and sustained audit independence are key signals for investor confidence .