Joaquin Delgado
STEPANAbout Joaquin Delgado
Independent director of Stepan Company since 2011; age 65; current term expires in 2026. Former Executive Vice President at 3M overseeing the Consumer Business Group (2016–2019) and Health Care Business Group (2012–2016). Holds a doctorate in polymer science and engineering, bringing chemistry/innovation and global operating expertise to the board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| 3M Company | EVP, Consumer Business Group | Jul 2016–Jul 2019 | Led large global P&L; consumer markets operating experience |
| 3M Company | EVP, Health Care Business Group | Oct 2012–Jul 2016 | Healthcare operating leadership; complex regulatory markets |
| Hexion Holdings Corporation | Director | Not stated (prior disclosure) | Board experience in chemicals; governance perspective |
External Roles
| Organization | Role | Public/Registered | Notes |
|---|---|---|---|
| Goldman Sachs Trust | Trustee | Registered investment company | Investment Company Act fund board service |
| Goldman Sachs Trust II | Trustee | Registered investment company | Fund governance |
| Goldman Sachs ETF Trust | Trustee | Registered investment company | ETF governance |
| Goldman Sachs ETF Trust II | Trustee | Registered investment company | ETF governance |
| Goldman Sachs Variable Insurance Trust | Trustee | Registered investment company | Variable insurance funds |
| Goldman Sachs Real Estate Diversified Income Fund | Trustee | Registered investment company | Fund governance |
Board Governance
- Committee assignments: Compliance Committee (member), Human Capital & Compensation Committee (member), Nominating & Corporate Governance Committee (Chair) .
- Committee activity in 2024: Compliance (5 meetings), Human Capital & Compensation (9), Nominating & Corporate Governance (5) .
- Independence: Board determined Delgado is independent under NYSE standards; all standing committee members meet independence and financial literacy requirements as applicable .
- Attendance: Board held 6 meetings in 2024; all directors attended >75% of Board and applicable committee meetings; all directors attended the 2024 Annual Meeting .
- Executive sessions: Six sessions of independent directors held in 2024, chaired by the Lead Independent Director (Edward J. Wehmer); sessions also held after many committee meetings .
- Compensation committee interlocks: None in 2024; no related-party participation by committee members .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director Retainer (cash) | $100,000 | Standard non-employee director fee |
| Committee Chair Fee (NCGC) | $20,000 | As NCGC Chair |
| Lead Independent Director Fee | $20,000 | Not applicable to Delgado |
| Audit/Comp/Compliance Chair Fees | $20,000 each | Not applicable to Delgado for 2024 |
| 2024 Cash Paid to Delgado | $120,000 | Fees earned or paid in cash |
Performance Compensation
| Grant Year | Instrument | Grant Date | Shares | Grant-Date Fair Value | Vesting | Notes |
|---|---|---|---|---|---|---|
| 2024 | Common Stock (Annual Stock Award) | May 2024 | 1,396 | $124,984 | Vested upon grant | $89.53 avg price; under 2022 Equity Incentive Compensation Plan; no options granted to directors in 2024 |
| 2023 | Common Stock (Annual Stock Award) | Apr 2023 | 1,325 | $124,974 | Vested upon grant | $94.32 avg price; no options granted to directors in 2023 |
No director performance metrics (e.g., TSR/EBITDA hurdles) are tied to non-employee director equity grants; awards are time-vested upon grant .
Other Directorships & Interlocks
| Topic | Detail |
|---|---|
| Current public company boards | None disclosed in 2025 proxy (trustee roles are registered investment companies) |
| Prior public/private boards | Hexion Holdings Corporation (prior disclosure) |
| Interlocks | No compensation committee interlocks; none of the company’s executive officers served on another entity’s compensation committee in 2024 |
Expertise & Qualifications
- Doctorate in polymer science and engineering; chemistry and innovation expertise .
- Global operating leadership across consumer and healthcare segments at 3M; manufacturing, marketing, corporate development experience .
Equity Ownership
| As-of Date | Shares Beneficially Owned | % of Outstanding Shares | Shares Outstanding Reference |
|---|---|---|---|
| Mar 3, 2025 | 13,571 | <1% | 22,554,929 shares outstanding |
| Mar 4, 2024 | 12,175 | <1% | 22,464,074 shares outstanding |
| Mar 3, 2023 | 10,850 | <1% | 22,306,611 shares outstanding |
| Mar 5, 2021 | 8,841 | <1% | 22,491,816 shares outstanding |
| Mar 5, 2019 | 9,811 | <1% | 22,561,685 shares outstanding |
| Mar 2, 2018 | 8,654 | <1% | 22,567,569 shares outstanding |
- Stock ownership guidelines: Non-employee directors must hold shares equal to 5x the annual retainer; all non-employee directors are in compliance or on-track per tenure; 100% of vested shares (after tax) must be retained until compliance .
- Hedging/short-selling: Prohibited for directors; trading requires pre-clearance and window compliance .
- Pledging: Ownership tables include any pledged shares if applicable; no pledging specifically disclosed for Delgado .
Governance Assessment
- Board effectiveness: As Chair of Nominating & Corporate Governance, Delgado oversees board evaluations, composition, and governance guidelines; the committee met five times in 2024, indicating active engagement .
- Independence and oversight: Affirmed NYSE independence; participates on Compensation and Compliance committees with robust meeting cadence and risk oversight coverage across compensation, legal/compliance, and governance .
- Alignment: Rising multi-year share ownership and strict director stock ownership policy enhance alignment; director equity awards are immediate-vest stock (no options), with annual grant practice stable around ~$125k .
- Conflicts/related-party exposure: No related-party transactions involving Delgado disclosed; compensation committee interlocks absent; Section 16(a) compliance issues in 2024 were limited to filings by the Chairman due to administrative error, not Delgado .
- RED FLAGS: None identified specific to Delgado. Positive signals include committee leadership in governance, strong attendance, and compliance with ownership and insider trading policies .