Maliz Beams
PRINCIPAL FINANCIAL GROUPAbout Maliz Beams
Mary E. “Maliz” Beams is an independent director of Principal Financial Group (PFG), age 69, serving on the board since 2021 and currently a member of the Audit and Finance Committees . She is CEO of the Long-Term Stock Exchange (LTSE) since December 2022 and Chair of the LTSE Group Board; prior roles include CEO of Retirement Solutions at Voya Financial (2011–2015) and President & CEO of TIAA-CREF Individual & Institutional Services (2004–2010) . Her education includes a BA from Boston College, a Certificate of Special Studies in Strategic Planning from Harvard University, and an MBA from Columbia University . The board has affirmatively determined she is independent under Nasdaq standards, and all current members of the Audit, Finance, Human Resources, and Nominating & Governance Committees are independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Voya Financial Inc. | CEO, Retirement Solutions | 2011–2015 | Led retirement solutions at a public health, wealth and investment management company |
| TIAA-CREF Individual & Institutional Services, LLC | President & CEO | 2004–2010 | Executive leadership across distribution and service functions |
| American Express Company | Director, Consumer Card Group | 1988–1993 | Product and marketing leadership |
| Citibank | SVP, Retail Banking | 1984–1988 | Retail banking operations |
| Fleet Investment Advisors, Inc. | Senior Managing Director | 1993–1997 | Asset and investment management leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Long-Term Stock Exchange | Chief Executive Officer; Chair, LTSE Group Board | CEO since Dec 2022 | Leads a national securities exchange registered with the SEC; governance chair role |
| Salesforce | Global Advisory Board (former) | Not disclosed | Advisory involvement, not a public company directorship |
| U.S. Department of State | Counselor (former) | Not disclosed | Public service advisory role |
Board Governance
- Committee memberships: Audit and Finance; not a committee chair .
- Audit committee: all members (including Beams) are independent, financially literate, and designated “audit committee financial experts” per Sarbanes-Oxley; EY independence and financial statements reviewed; committee recommended inclusion of audited financials in 2024 Form 10-K .
- Attendance: Board met 11 times in 2024 (five were two-day); no director attended less than 75% of board and committee meetings; all directors attended the annual shareholders meeting virtually .
- Independence: Board reaffirmed Beams’ independence; super-majority of independent directors (11 of 13) and multiple executive sessions of independent directors at each regular board meeting .
Fixed Compensation
| Component | Amount | Detail |
|---|---|---|
| Annual Board cash retainer (2024) | $115,000 | Paid semi-annually; Beams’ 2024 cash fees totaled $115,000 |
| Committee chair fees | N/A for Beams | Chair retainers: Audit $35,000; Finance $35,000; HRC $25,000; NGC $25,000; other chairs $10,000 |
| Lead Director retainer | $50,000 (not applicable to Beams) | Additional cash retainer for Lead Director |
| Perquisites | < $10,000 per director (2024) | Travel reimbursement; limited aircraft use; strategic retreat amenities; reduced/no-fee access to Principal Asset Management products |
| Deferred compensation plan availability | Yes | Non-employee directors can defer cash retainers into “phantom” units with specified investment options |
Performance Compensation
| Component | Grant Date Fair Value | Vesting | Performance Metrics |
|---|---|---|---|
| Annual RSU retainer | Beams: $199,959 (2024) | Granted at annual meeting; vests at next annual meeting; payout deferred until director leaves board; dividend equivalents accrue | None; time-based RSUs only; combined cap of $750k for stock awards plus fees ($1,000,000 for Independent Chairman) |
The director program targets median of a peer group; no change to director compensation as of Nov 25, 2024 per CAP review, supporting stability in structure .
Other Directorships & Interlocks
| Company | Status | Committees/Role | Notes |
|---|---|---|---|
| BrightSphere Investment Group, Inc. | Within last five years (former) | Audit and Compensation Committees | Public asset manager; no current public company boards listed for Beams |
| LTSE Group Board | Current | Chair | Governance role at private exchange entity |
- Potential interlocks/conflicts: No related-party transactions disclosed for Beams; firm-wide related party relationships disclosed with Vanguard, BlackRock, and Nippon Life, but none indicate Beams involvement .
Expertise & Qualifications
- Executive experience: CEO and senior leadership roles in retirement solutions, asset/investment management, and retail banking .
- Skills matrix: Accounting & Finance; Asset & Investment Management; Executive Compensation; Financial Services; HR/Talent; International; Marketing; M&A; Product Development; Risk Management; Strategic Planning; Sustainability/ESG; Technology; Cybersecurity .
- Audit expertise: Audit committee financial expert designation via committee composition and standards .
Equity Ownership
| Measure | Amount |
|---|---|
| Beneficial ownership (as of Mar 10, 2025) | 11,557 shares; less than 1% of outstanding |
| RSUs outstanding (as of Dec 31, 2024) | 9,097 units (includes dividend equivalents) |
| Phantom/stock units (pecuniary interest) | 2,460.354 units |
| Ownership guidelines | Hold-until-retirement for RSUs; guideline to own ≥5× annual cash retainer within five years; directors with <5 years tenure are on schedule |
| Hedging/pledging | Prohibited for board and Section 16 insiders (short sales, options, margin pledging, hedging instruments) |
| Section 16 compliance | All filings timely for FY2024 |
Governance Assessment
- Board effectiveness: Beams’ dual committee roles (Audit, Finance) and audit financial expert status strengthen oversight of financial reporting, risk management, capital structure, and transaction review .
- Independence & attendance: Independent status affirmed; 2024 attendance thresholds met across board and committees; participation in virtual annual meeting supports engagement .
- Compensation alignment: Director pay is balanced between cash and equity (2024 mix ≈ 37% cash / 63% equity for Beams), with RSUs held until retirement and robust ownership guidelines—reinforcing long-term alignment; no meeting fees or performance-linked director awards reduce short-termism .
- Conflicts and related-party exposure: No Beams-specific related-party transactions disclosed; firm policies require NGC/HRC review and approval of related-party arrangements; hedging/pledging prohibitions mitigate misalignment risks .
- RED FLAGS: None identified specific to Beams in 2024–2025 disclosures (no attendance issues, no related-party transactions, no hedging/pledging, perqs minimal). Monitoring recommended for time commitments given LTSE CEO role, but no adverse disclosure observed .