Laurie H. Argo
About Laurie H. Argo
Independent Class I director (age 53), on SEI’s board since March 2022. She chairs the Nominating & Governance Committee and serves on the Audit Committee. The Board has determined she is independent under NYSE rules. Argo holds an MBA from National University (La Jolla) and a degree in accounting from St. Edward’s University, with 25+ years’ energy industry experience.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Enterprise Products Partners L.P. (via Enterprise Products Holdings LLC) | Senior Vice President; prior VP NGL Fractionation, Storage & Unregulated Pipelines; earlier roles in NGL & Gas Processing | Jan 2015–Sep 2017; Jan 2014–Jan 2015; 2005–Jan 2014 | Commercial and financial management of four JVs; senior operating and financial leadership in midstream |
| OTLP GP, LLC (Oiltanking Partners GP; EPD affiliate) | President & CEO | Oct 2014–Feb 2015 | Leadership of MLP GP |
| San Diego Gas & Electric | Various roles | 2001–2004 | Utility operations |
| PG&E Gas Transmission (PG&E Corp. subsidiary) | Various roles | 1997–2000 | Gas transmission |
External Roles
| Company | Role | Tenure | Committees |
|---|---|---|---|
| Viper Energy, Inc. (general partner) (NASDAQ: VNOM) | Director (GP board) | Since Jan 1, 2023 | Not disclosed |
| Rattler Midstream LP (f/k/a NASDAQ: RTLR; acquired by FANG in Aug 2023) | Director (GP board) | May 2019–Aug 2023 | Audit; Conflicts |
| EVRAZ plc | Director | Aug 2018–Jun 2021 | Audit; Remuneration |
Board Governance
- Committee assignments: Audit Committee member; Chairperson, Nominating & Governance (N&G). 2024 meetings: Audit (5), N&G (2). Compensation Committee composition disclosed separately (Argo not a member).
- Independence: Board determined Argo is independent under NYSE rules.
- Attendance: Board met 11 times in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting.
- Lead Independent Director: F. Gardner Parker; oversees executive sessions and serves as liaison.
- N&G remit: governance guidelines, Board/committee structure, evaluations, succession planning, use of external search/consultants.
Fixed Compensation
| Component | Structure/Rate | Notes |
|---|---|---|
| Annual cash retainer – non-employee director | $65,000 | Payable quarterly in arrears |
| Committee chair retainers | Audit Chair: $90,000; Compensation Chair: $75,000; N&G Chair: $75,000 | Cash |
| Lead Independent Director | +$20,000 | Cash |
| Meeting fees | None | Travel expenses reimbursed |
2024 cash paid to Argo: $70,000 (director fees).
Performance Compensation
| Equity Element | Structure | 2024 Award to Argo (Grant-Date FV) | Outstanding (12/31/24) |
|---|---|---|---|
| Annual equity grant | Target $140,000 FMV (all non-employee directors) | Included in $161,742 total stock awards | — |
| Committee member equity adders | Audit member: +$10,000; Comp/N&G member: +$5,000 (excl. chairs) | Reflected in 2024 stock award totals | — |
| Equity instrument | Restricted stock (time-based vesting; directors receive dividends and voting prior to vesting) | $161,742 (aggregate for 2024) | 13,225 unvested restricted shares held by Argo at 12/31/24 |
Notes:
- Director equity awards are time-based restricted stock; no director performance metrics disclosed for director equity.
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Current public company boards | Viper Energy, Inc. (general partner) director (since 1/1/2023) |
| Prior public company boards | Rattler Midstream LP (GP board; Audit and Conflicts Committees), EVRAZ plc (Audit and Remuneration) |
| Compensation committee interlocks | None reported for 2024 (company-wide) |
| Shared directorships with SEI insiders | Not disclosed for Argo |
Expertise & Qualifications
- Accounting and finance background (accounting degree; MBA), extensive audit committee experience; member of NACD; Board determined Audit Committee members (including Argo) are financially literate.
- 25+ years in energy sector across midstream, utilities, and industrials; governance leadership as N&G Chair at SEI.
Equity Ownership
| Metric | Value |
|---|---|
| Class A shares beneficially owned | 46,064 (<1% of class) |
| Class B shares beneficially owned | 0 |
| Unvested restricted Class A shares included | 13,225 (voting rights, no dispositive power) |
| Shares pledged as collateral | None; company policy prohibits pledging absent Audit Committee waiver |
Director Compensation (2024 Mix)
| Component | Amount |
|---|---|
| Fees earned/paid in cash | $70,000 |
| Stock awards (grant-date FV) | $161,742 |
| Total | $231,742 |
Observation: Equity represented $161,742 of $231,742 (~70%), consistent with the program’s intent to align directors with stockholders.
Related-Party and Conflicts Review
- Company policy: Related-party transactions are reviewed/approved by the Audit Committee; no deviations from procedure since Jan 1, 2024.
- 2024–2025 disclosed related-party items involve entities affiliated with the CEO (administrative services) and MER sellers (KTR, J Turbines) post-acquisition; no related-party transactions disclosed involving Argo.
- Insider policies: Prohibit hedging/monetization and pledging (pledging only by waiver); anti-hedging applies to directors.
Governance Assessment
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Strengths
- Independent, financially literate director with deep energy and audit/governance credentials; chairs N&G and sits on Audit—positions central to board effectiveness.
- Strong engagement: Board met 11x; all directors met ≥75% attendance; all attended 2024 annual meeting.
- Pay alignment: Majority of director pay in equity; no meeting fees; straightforward retainers; no options; anti-hedging/pledging policy.
- Shareholder support: 2024 say‑on‑pay received ~96% approval, indicating broad investor alignment with compensation governance.
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Watch items
- Multi-board service: Concurrent service on Viper Energy’s GP board; monitor for workload and any future commercial overlaps, though no conflicts disclosed.
- Company structure includes TRA and related-party services with CEO-affiliated entities and new MER-related lessor relationships—no Argo involvement, but continued Audit/N&G oversight remains important.
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Bottom line: Argo’s committee leadership and audit experience enhance SEI’s governance posture with clear independence and alignment mechanisms; no Argo-specific conflicts or red flags disclosed.