Michael J. Banschbach
About Michael J. Banschbach
Independent director of Mexco Energy Corporation since July 2014; age 67 as of July 23, 2025. BS Chemical Engineering, Colorado School of Mines (1980). Career includes 20 years at ARCO in gas processing and commercial roles, and since 2001 representing independent E&Ps in midstream negotiations; conducts seminars on gas value chain economics . The Board affirms his independence under NYSE American and the Exchange Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Atlantic Richfield (ARCO) | Engineer and commercial representative, gas processing/midstream | 20 years | Technical and commercial experience in midstream operations |
| Independent E&Ps (consultant/rep) | Negotiations with midstream companies for well connections and sales; seminar leader | 2001–present | Market evaluation expertise; industry education via seminars |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed in MXC proxies |
Board Governance
- Independence: Board determined Banschbach to be independent; Audit, Compensation, and Nominating Committees comprised entirely of independent directors .
- Board attendance: The Board held 4 meetings in FY2025; all directors attended all four. Same in FY2024 .
- Lead independent director: None; oversight provided collectively by independent directors .
| Committee Memberships | FY 2024 | FY 2025 |
|---|---|---|
| Audit | Member | — (not a member) |
| Compensation | Member | — (not a member) |
| Nominating | Member | Member |
| Chair Roles | None | None |
| Committee Meetings Held | Audit: 4; Comp: 1; Nom: 1 | Audit: 4; Comp: 1; Nom: 1 |
Signal: Removal from Audit and Compensation committees between FY2024 and FY2025 suggests committee rotation or rebalancing; audit oversight concentrated with Decker (chair and audit committee financial expert) .
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Annual retainer (cash) | $6,000 | $6,000 |
| Payment cadence | $1,500 per quarter | $1,500 per quarter |
| Committee membership fees | Not disclosed (none shown) | Not disclosed (none shown) |
| Meeting fees | Not disclosed | Not disclosed |
Performance Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Stock option awards (grant date fair value) | $0; no options granted to directors | $0; no options granted to directors |
| Outstanding director options at FY-end | None for Banschbach | None for Banschbach |
| Performance metrics tied to director pay | None disclosed | None disclosed |
MXC discloses no director equity grants in FY2024–FY2025; equity alignment relies on personal share ownership (see Equity Ownership). No director performance-based pay disclosed .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| — | — | — | No external public company boards disclosed for Banschbach |
Expertise & Qualifications
- Education: BS Chemical Engineering (Colorado School of Mines, 1980) .
- Industry: 40+ years in oil & gas; provides expertise evaluating oil and gas markets .
- Midstream specialization: Gas processing, wellhead-to-burner-tip commercial flows .
Equity Ownership
| Metric | As of Jul 22, 2024 | As of Jul 23, 2025 |
|---|---|---|
| Beneficial ownership (shares) | None reported (—) | None reported (—) |
| Percent of class | — | — |
| Options exercisable within 60 days | None | None |
| Outstanding director options at FY-end | None | None |
RED FLAG: No disclosed share ownership as of both record dates; lack of equity stake may weaken alignment with minority shareholders given MXC’s large insider concentration (CEO holds 46.14% as of 2025) .
Insider Trades (Form 4 – Banschbach)
Selected transactions (reflecting purchases during 2020 downturn, option exercises and sales in 2021; post-transaction holdings reached zero in Sep 2021):
Post-2021, MXC proxies show no beneficial ownership for Banschbach as of 2024/2025 record dates, consistent with the Form 4 history .
Say-on-Pay & Shareholder Feedback
- Election support: Banschbach received 1,613,323 “For”, 16,287 “Withheld”, and 27,755 broker non-votes at the Sept 9, 2025 Annual Meeting .
- Say-on-pay (2025): 1,602,588 “For”, 819 “Against”, 26,203 “Abstain”; broker non-votes 27,755 .
Governance Assessment
- Strengths: Independence affirmed; consistent full attendance; relevant energy market/midstream expertise; committee system staffed entirely by independent directors .
- Alignment concerns: No disclosed share ownership as of 2024/2025 record dates; director compensation entirely cash ($6,000/yr), with no ongoing equity grants, which may reduce long-term alignment versus peers where equity is standard .
- Committee shift: Removal from Audit and Compensation committees in FY2025 concentrates audit oversight in Decker (audit committee financial expert), and may reduce Banschbach’s direct influence on pay and financial oversight; consider monitoring committee rotations and rationale .
- Conflicts/related parties: No related-party transactions involving Banschbach disclosed; the only related-party item is CEO office cost sharing; the Code mandates audit review of conflicts annually .
- Overall: High shareholder support for his election; governance framework relies heavily on a dominant insider (CEO owns 46.14%) and independent committee oversight; lack of director equity exposure is a notable RED FLAG for investor alignment .