Hugh González
About Hugh González
Hugh González serves as General Counsel of OFG Bancorp since January 2021 and Secretary of the Board since January 2024, overseeing the legal function and acting as chief compliance officer for corporate, consumer and anti-money laundering compliance; he also serves as Secretary to several subsidiary boards (Oriental Bank, Oriental Financial Services LLC, OFG Ventures, OFG USA LLC). He holds a B.A. in Philosophy from Columbia College and a J.D. from NYU School of Law; age 45. Company performance under the period covered by the latest proxy: EPS reached $4.23 in 2024, net income was $198.2M, tangible book value per share increased to $25.43, and cumulative TSR stood at 202.10, reflecting strong execution and shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OFG Bancorp | Deputy General Counsel & Assistant Secretary | 2012 – Jan 2021 | Progression to top legal and compliance leadership; foundation for GC role |
| McConnell Valdés LLC | Associate; elected Member | Not disclosed | Corporate law practice; platform for financial services legal expertise |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| YMCA of San Juan, Inc. | Board Member | Not disclosed | Community engagement and governance experience |
Fixed Compensation
- Not disclosed: González is not a Named Executive Officer (NEO) in OFG’s proxy; the Summary Compensation Table covers CEO, CFO and other NEOs, but excludes the General Counsel .
Performance Compensation
- Company-wide annual bonus scorecard metrics (used to determine eligible executives’ payouts) emphasize growth, digital adoption, credit resiliency, and operating leverage. The 2024 scorecard and outcomes are below; González’s individual bonus mechanics are not disclosed .
| Performance Measure | Weight | % of Target | Score |
|---|---|---|---|
| Market Share Operating Income 1 | 10 | 100.61% | 10.06 |
| Market Share Operating Income 2 | 10 | 100.04% | 10.00 |
| Deposit Growth | 15 | -16.10% | 0.00 |
| Customer & Digital Adoption | 20 | 174.70% | 34.94 |
| Texas Ratio | 15 | 114.54% | 17.18 |
| Efficiency Ratio | 30 | 100.52% | 30.16 |
| Total | — | — | 102.34 |
- Long-term incentive design for NEOs uses 50% performance shares and 50% RSUs, with vesting tied to tangible book value (TBV) and average ROATCE over multi-year cycles; options are not currently granted by the company .
Equity Ownership & Alignment
| Metric | Value | Note |
|---|---|---|
| Qualifying Common Stock (shares) | 21,426 | Qualifying shares held under policy |
| Total Value ($) | $906,727 | Value for ownership policy calculation |
| Multiple of Compensation | 2.83x | Exceeds applicable minimum |
| Applicable Minimum Multiple Requirement | 2.33x | Per policy for this role |
- Stock ownership policy: CEO must hold 5x salary; other NEOs and certain executive officers 3x; other key officers 2x; executives have 2–4 years post-first equity award to comply .
- Hedging, short-selling, derivatives, and pledging of OFG securities are prohibited; executives are subject to blackout periods and trade pre-clearance .
- Clawback: incentive-based compensation may be recouped upon a material restatement under SEC rules .
- Options: OFG does not currently grant stock options in its equity programs .
Employment Terms
- Role & scope: General Counsel since January 2021; Board Secretary since January 2024; supervises legal and compliance, including AML/BSA .
- ESG oversight: The General Counsel establishes and implements the ESG Program, under CEO supervision, aligned to SASB standards; Board oversight applies .
- Contracts/severance/change-of-control: No personal employment contract, severance, or change-of-control terms disclosed for González; CEO agreements are disclosed separately .
- Governance participation: Company signatory on key 8-Ks (director appointments; executive separation); filings signed “/s/ Hugh González, General Counsel” reflect governance involvement .
Investment Implications
- Alignment: González exceeds his applicable minimum ownership multiple (2.83x vs 2.33x), and OFG bans hedging/pledging and enforces trade controls—reducing misalignment and near-term selling pressure risks .
- Incentive design (company-wide): Bonuses tied to operational metrics (efficiency, Texas Ratio, digital adoption), and LTIs tied to TBV and ROATCE; these metrics historically corresponded with strong EPS growth, TBV increases, and high TSR, suggesting pay-for-performance culture supporting disciplined risk management .
- Visibility gaps: No disclosure of González’s individual base salary, bonus targets, severance or change-of-control protections—limiting precision on his cash/equity mix, retention economics, or potential forced selling from vesting events .
- Execution context: Company delivered EPS of $4.23, TBV/share of $25.43, net income of $198.2M, and cumulative TSR of 202.10 in 2024, with structural governance controls (clawback, preclearance, no pledging) under the General Counsel’s oversight—supportive of investor confidence in compliance and sustainability frameworks .