Christine Coignard
About Christine Coignard
Christine Coignard, 61, is an independent director of Rigel Resource Acquisition Corp (RRACF). She chairs the Compensation Committee and serves on the Audit Committee and the Nominating & Corporate Governance Committee. Her background includes senior roles in risk assessment, corporate finance, structured and project finance at RBC, Société Générale, and Citi, extensive mining-sector operating and advisory experience, and public board roles; she was named among the Top 100 Inspirational Women in Mining in 2018 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Polymetal International plc | Non-Executive Director; Senior Independent Director | Not disclosed | Chair of Remuneration; Member of Nomination; Member of Audit & Risk |
| Norilsk Nickel | Management experience in industrial firm | Not disclosed | Mining operations and finance experience |
| RBC, Société Générale, Citi | Banking roles in risk assessment, corporate finance, structured/project finance | Not disclosed | Built core finance and risk skillset |
External Roles
| Organization | Role | Committees |
|---|---|---|
| Eramet SA | Independent Non-Executive Director | Strategy & ESG; Risk, Audit & Ethics; Appointment |
| Ecora Resources plc | Independent Non-Executive Director | Sustainability; Remuneration |
Board Governance
- Committees: Audit (member), Compensation (Chair), Nominating & Corporate Governance (member) .
- Independence: Board determined Coignard is independent under SEC and NYSE rules; independent-only sessions occur regularly .
- Board composition and control: Prior to a business combination, founders appoint directors; independent directors are designated; independent-only meetings are regularly scheduled .
- Voting control context: Initial Shareholders collectively had rights to vote ~51.3% (Apr 2025) and ~74.0% (Jul 2025) of issued and outstanding Ordinary Shares on extension proposals .
Fixed Compensation
| Component | 2024/2025 Disclosure | Notes |
|---|---|---|
| Annual cash retainer | $0 | “None of our directors or officers have received any cash compensation for services rendered” |
| Committee membership fees | $0 | No cash paid to directors/officers |
| Committee chair fees | $0 | No cash paid to directors/officers |
| Meeting fees | $0 | No cash paid to directors/officers |
| Company admin services (context) | $10,000/month to Sponsor | Company pays Sponsor for admin/support services; not director pay |
Performance Compensation
| Metric/Instrument | Terms | Disclosure |
|---|---|---|
| Founder Shares (Class B) – initial transfer | 35,000 Founder Shares transferred to entity owned by Coignard on Jul 13, 2021 | At original per-share purchase price (Sponsor); founder share lock-up applies |
| Founder Shares (Class B) – additional transfer | 17,500 Founder Shares transferred on Oct 16, 2021 | At original per-share purchase price; total transferred 52,500 |
| Founder Share lock-up (vesting-like terms) | Transfer/lock-up: not transferable until the earlier of 1 year post-business combination or price-based trigger ($12 for 20 of 30 trading days after 150 days) or certain transactions | Lock-up detailed in founder share agreement |
| Private Placement Warrants | 35,000 warrants purchased by Coignard at $1.00 each; strike price $11.50 per share; not transferable until 30 days post-business combination | Terms and non-transferability per warrant agreements |
| Performance-based metrics (TSR/EBITDA/ESG) | Not disclosed | No director cash or performance pay disclosed |
Other Directorships & Interlocks
| Company | Type | Role | Committees | Potential Interlock/Conflict |
|---|---|---|---|---|
| Eramet SA | Public | INED | Strategy & ESG; Risk, Audit & Ethics; Appointment | None disclosed with RRACF |
| Ecora Resources plc | Public | INED | Sustainability; Remuneration | None disclosed with RRACF |
| Polymetal International plc (prior) | Public | NED; SID | Remuneration (Chair); Nomination; Audit & Risk | Prior role; no RRACF linkage disclosed |
Expertise & Qualifications
- Finance and risk: Corporate finance, structured and project finance experience across RBC, Société Générale, Citi .
- Mining sector: Operational and advisory exposure (Norilsk Nickel; advisory to metals/mining companies of all sizes) .
- Board governance: Committee leadership across remuneration, audit & risk, nomination, sustainability, strategy/ESG at multiple public companies .
- Recognition: Top 100 Inspirational Women in Mining (2018) .
Equity Ownership
| Security | Quantity | Status/Terms | Ownership % |
|---|---|---|---|
| Founder Shares (Class B) | 52,500 | Beneficially owned by Coignard; subject to founder lock-up terms | Less than 1% |
| Private Placement Warrants | 35,000 | Exercisable at $11.50; not transferable until 30 days post-business combination | Not applicable (warrants) |
Governance Assessment
- Positives:
- Independent director with deep mining and finance expertise; meaningful committee leadership (Compensation Chair; Audit and Nominating member) enhancing board oversight in a resource-focused SPAC .
- Regular independent director sessions support board effectiveness .
- Alignment/Ownership:
- Material founder-share and warrant exposure aligns equity upside but can bias toward transaction completion given lock-up release and warrant exercisability post-combination; founder-share terms and warrant strike/transferability detailed above .
- Potential conflicts and red flags:
- SPAC-specific incentives: Sponsor/insider interests may diverge from public shareholders; proxies explicitly disclose that if no business combination occurs, founder shares and private placement warrants become worthless, and that directors/officers have differing interests (including Sponsor loans that may be unrecoverable), which can pressure deal execution .
- Concentrated voting power: Initial Shareholders controlled a majority of votes on extension proposals (51.3% in Apr 2025; 74.0% in Jul 2025), reducing minority investor influence on key governance decisions .
Note: Board/committee attendance rates, director cash retainers, meeting fees, and performance incentive metrics are not disclosed in the 2024 Form 10-K or 2025 DEF 14A materials reviewed; directors received no cash compensation during the SPAC phase .