Yunis Shaik
About Yunis Shaik
Yunis Shaik, 67, has served on Montauk Renewables’ Board since June 2021 as an independent director. He chairs the Environmental, Safety and Corporate Responsibility (ESCR) Committee and serves on the Audit Committee; his background includes legal practice, labor relations, and senior roles at Hosken Consolidated Investments (HCI) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hosken Consolidated Investments (HCI) | Executive Director | Since April 2014 | Executive leadership; policy and governance experience |
| HCI | Non-executive Director | Prior to April 2014 (date not specified) | Board oversight prior to executive role |
| High Court of South Africa | Attorney (private practice) | Not disclosed | Legal practice and advocacy |
| Commission for Conciliation, Mediation and Arbitration (KwaZulu Natal) | Senior Commissioner | Not disclosed | Labor dispute resolution and mediation leadership |
| Southern African Clothing & Textile Workers Union | Deputy General Secretary (former) | Not disclosed | Labor relations and organizational leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hosken Passenger Logistics & Rail Ltd. | Non-Executive Chairman | Not disclosed | Public-company chair role (South Africa) |
| Golden Arrow Bus Services (Pty) Ltd. | Chairman | Not disclosed | Chair role at transport operator |
| Workers’ College | Director | Not disclosed | Education/governance role |
Board Governance
- Independence: Board determined Mr. Shaik is independent under Nasdaq rules; Audit Committee independence also affirmed for all members .
- Committee assignments (current): Audit Committee member; ESCR Committee Chair .
- Committee assignments (recent history): Served on the Audit Committee for fiscal 2023; by April 2024 ESCR Chair; by April 2025 Audit member and ESCR Chair .
- Board leadership: Independent Lead Director is Mohamed H. Ahmed; CEO and Chair roles are separated .
- Attendance: In fiscal 2024, each director attended at least 75% of Board and committee meetings on which they served .
- Executive sessions: At least two executive sessions of independent directors are held annually .
- Controlled company status: A shareholder group acting via a Consortium Agreement owns ~52.3% of shares; Montauk relies on “controlled company” exemptions (Compensation and Nominating committees not required to be fully independent) .
Fixed Compensation (Director)
| Component | FY 2023 | FY 2024 | FY 2025 (approved) |
|---|---|---|---|
| Annual cash retainer (non-employee directors) | $100,000 | $100,000 | $115,000 |
| Committee chair fees | None disclosed | None disclosed | None disclosed |
| Meeting fees | None disclosed | None disclosed | None disclosed |
| Equity grants | None (practice retained) | None (practice retained) | None (practice retained) |
Notes: Employee directors receive no director compensation .
Performance Compensation (Director)
| Performance-linked components | Metrics | Award frequency |
|---|---|---|
| None for directors (no equity or performance awards disclosed) | N/A | N/A |
Other Directorships & Interlocks
- HCI linkage: Mr. Shaik is an Executive Director at HCI; Montauk is a controlled company with significant influence from HCI affiliates via the Consortium Agreement (52.3% beneficial ownership as of March 28, 2025) .
- Related-party services: HCI Managerial Services (an HCI subsidiary where fellow directors Copelyn and Govender serve) provides administrative services to Montauk for R20,000 per month plus VAT; Audit Committee reviews related-party transactions per policy .
- Additional roles: Chair at Hosken Passenger Logistics & Rail Ltd. and Golden Arrow Bus Services (Pty) Ltd. .
Expertise & Qualifications
- Legal and policy expertise from High Court of South Africa practice and labor relations leadership (union deputy general secretary; CCMA Senior Commissioner) .
- Executive and governance experience at HCI, plus chair roles in transportation companies, supporting oversight of ESG, safety, and stakeholder matters; identified by Montauk as contributing to navigating sector challenges .
Equity Ownership
| Holder | Beneficial Ownership (shares) | % of Outstanding | Ownership Vehicle / Notes |
|---|---|---|---|
| Yunis Shaik | 540,203 | <1% (denoted “*”) | Shares held directly by K2020881083 (South Africa) Pty Ltd; Mr. Shaik has sole voting and dispositive power . |
| Director ownership guidelines | 3x annual director fee for non-employee directors | Policy-level | Company-wide stock ownership guidelines (directors/executives) . |
| Hedging/pledging | Prohibited for directors/officers/employees | Policy-level | Insider Trading Policy prohibits hedging and pledging of Company securities . |
Shareholder Support (Latest Election)
| Nominee (2025 Annual Meeting) | For | Withheld | Broker Non-Votes |
|---|---|---|---|
| Yunis Shaik | 94,535,132 | 9,671,029 | 2,837,351 |
Risk Indicators & Related Party Exposure
- Controlled company governance: Compensation and Nominating & Corporate Governance Committees include non-independent directors; Montauk intends to rely on controlled company exemptions while controlled status persists .
- Related-party transactions:
- Transaction Implementation Agreement (MNK, former parent): payments of $45,000 (FY 2024) and $650,000 (Q1 2025) .
- Secured Promissory Note with MNK: principal $10,690,000; maturity 12/31/2033; secured by 976,623 MNTK shares; default provisions deliver unsold shares to Montauk .
- HCI Managerial Services: R20,000/month (plus VAT) for administrative services .
- Audit Committee policy requires review/approval of related-party transactions; related members recuse from votes .
- Attendance/engagement: At least 75% meeting attendance by all directors in FY 2024; Board held 8 meetings; at least two independent-director executive sessions annually .
- Policies: Clawback policy compliant with SEC/Nasdaq; insider trading policy bans hedging/pledging .
Compensation Structure Analysis (Director)
- Cash-only compensation with no equity component may reduce direct alignment to long-term TSR versus equity-heavy models; however, stock ownership guidelines (3x director fee) partially offset this by encouraging personal share ownership .
- Year-over-year change: Director cash retainer increased from $100,000 in 2024 to $115,000 in 2025; no committee chair or meeting fees disclosed; no equity issuance to directors retained .
- Compensation governance: Compensation Committee currently not independent (members Copelyn, Govender) under controlled company exemptions; no external compensation consultant retained as of proxy date .
Governance Assessment
-
Positives
- Independent status confirmed; serves on Audit and chairs ESCR (environmental/safety governance) .
- Strong shareholder support for re-election in 2025 (94.5M For vs. 9.7M Withheld) .
- Formal policies strengthen alignment and accountability (ownership guidelines; hedging/pledging ban; clawback; code of ethics) .
- Documented attendance threshold met (≥75%); Board holds independent executive sessions .
-
Watch items / potential RED FLAGS
- Controlled company status with significant related-party footprint (MNK note; HCI Managerial services) and non-independent Compensation/NCG committees could raise perceived conflict risks despite formal review procedures .
- Mr. Shaik’s executive role at HCI while serving as an “independent” director at MNTK may attract independence scrutiny, though the Board affirmed independence under Nasdaq rules; continued vigilance on recusals and transaction reviews is advisable .
- Directors receive no equity grants; reliance on ownership guidelines for alignment should be monitored for actual compliance (company-wide policy disclosed; individual compliance not disclosed) .
-
Overall: Mr. Shaik brings legal, labor, and governance expertise with active committee leadership (ESCR) and Audit oversight. Given Montauk’s controlled structure and related-party ties, his role on the independent Audit Committee and adherence to related-party review policies are key to investor confidence .