Bjarne Borg
About Bjarne Borg
Bjarne Borg, age 58, was appointed as an independent director of Safe and Green Development Corporation (SGD) effective June 17, 2025 following SGD’s acquisition of Resource Group; he serves in Class I with his term expiring in 2028 . Borg is Executive Chairman and co‑founder (1998) of Index Investment Group, with 35+ years across real estate, renewable energy, private equity, and public markets (including listing bonds on Nasdaq), and has served on multiple banking advisory boards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Index Investment Group | Executive Chairman; Co‑Founder | 1998–current | Leads investments in real estate, renewable energy, and private equity; public market experience (listed bonds on Nasdaq) |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| JFB Construction Holdings (NASDAQ: JFB) | Director | Current | Shared directorship with SGD director Christopher Melton (since March 2025) |
| ConnectOne Bancorp, Inc. (NASDAQ: CNOB) | Advisory/Ambassador Board | Current | Banking advisory engagement |
| Seacoast Banking Corporation of Florida (NASDAQ: SBCF) | Advisory/Ambassador Board | Current | Banking advisory engagement |
| SunTrust Bank | South Florida Advisory Board | Prior | Banking advisory role |
| Truist Bank (NYSE: TFC) | South Florida Advisory Board | Prior | Banking advisory role |
Board Governance
| Category | Detail | Evidence |
|---|---|---|
| Board class and term | Class I director; term through 2028; director since 2025; age 58 | |
| Independence | Board determined Borg is independent under Nasdaq listing standards | |
| Committees | Nominating & Governance Committee member; committee chaired by Jeffrey Tweedy; other members Peter DeMaria and Christopher Melton | |
| Other committees | Not listed on Audit or Compensation Committees (Audit: Melton—Chair; DeMaria; Magrane. Compensation: Magrane—Chair; DeMaria; Tweedy) | |
| Executive sessions | Independent directors meet in executive session regularly | |
| Related party oversight | Audit Committee reviews and approves related person transactions per written policy |
Fixed Compensation
No Borg-specific director compensation disclosures for 2025 were found in retrieved filings; Borg was not a director in fiscal 2024 and was excluded from the 2024 Director Compensation table .
| Program Element (Non‑Employee Directors, 2024) | Quarterly Amount | Vesting | Notes |
|---|---|---|---|
| Option A | $20,000 cash + 20,000 RSUs | RSUs vest after 3 months | Director-selected option |
| Option B | $10,000 cash + 30,000 RSUs | RSUs vest after 3 months | Director-selected option |
| Option C | 40,000 RSUs | RSUs vest after 3 months | Director-selected option |
| Non‑employee director annual limitation under 2023 Plan | 50,000 shares (adjusted for reverse split) | N/A | Per plan terms |
Performance Compensation
| Metric/Condition | Disclosure | Notes |
|---|---|---|
| Performance metrics tied to director pay (e.g., TSR, EBITDA) | None disclosed | Director RSUs vest based on continued service (3 months), not performance |
| Clawback policy | Committee oversees creation/revision and application | Policy governance, not award‑specific disclosure |
| Stock ownership guidelines for directors | Committee may review/approve guidelines | No director‑specific thresholds disclosed |
Other Directorships & Interlocks
| Entity | Type | Borg Role | Interlock/Conflict Note |
|---|---|---|---|
| JFB Construction Holdings | Public company | Director | Shared directorship with SGD director Christopher Melton (information flow potential) |
| Banking institutions (CNOB, SBCF; prior SunTrust/Truist) | Financial institutions | Advisory/Ambassador boards | External advisory influence; no SGD transactions disclosed |
Expertise & Qualifications
- 35+ years across startups and multinationals; focus in real estate, renewable energy, and disruptive equity investments; public markets experience (listed bonds on Nasdaq) .
- Career arc: IT consulting → accounting → investments and developments across Sweden, USA, Canada .
- Banking advisory boards: SunTrust, Truist; current advisory/ambassador boards at ConnectOne Bancorp and Seacoast Banking .
Equity Ownership
| Metric | Nov 18, 2025 |
|---|---|
| Shares outstanding (Common) | 8,882,672 |
| Borg beneficial ownership (total) | 1,916,456 (19.99%) |
| Common shares held via IEU & IRE | 1,212,032 |
| Shares acquirable within 60 days via Series A Preferred conversion | 704,424 (from 117,404 preferred) |
| Series A Preferred held by IEU/IRE (total) | 304,099 (IEU: 303,949; IRE: 150) |
| Manager roles | Borg is manager of IEU; Index Management Services LLC (managed by Borg) manages IRE |
| Beneficial ownership limit | 19.99% per Nasdaq Listing Rule 5635(b) applies to conversions |
Related Party Transactions and Potential Conflicts
| Date/Context | Counterparty | Key Terms | Governance Note |
|---|---|---|---|
| Resource Group acquisition (closing June 2025) | Index Equity US LLC (managed by Borg) | Issued 121,992 common; 485,616 Series A conv. preferred; unsecured 6% note due June 2026 ($155,397.01) in exchange for membership interests | Related person transaction; Audit Committee policy governs review |
| Resource Group acquisition (closing June 2025) | Index Resource Equity LLC (managed by IMS LLC; Borg manages IMS LLC) | Issued 38 common; 150 Series A conv. preferred; unsecured 6% note due June 2026 ($48.00) | Related person transaction |
| Indemnification | Messrs. Borg, Burnham, Cialone | Company agreed to indemnify in respect of certain obligations and trade debts personally guaranteed by them | Potential alignment/conflict consideration |
- RED FLAGS:
- Substantial related person transactions with entities managed by Borg tied to the Resource Group deal, plus indemnification arrangements .
- Very high ownership (19.99%) via controlled entities; while aligning incentives, may raise influence/independence perception concerns despite Board’s independence determination .
Governance Assessment
- Independence and committees: Borg is Board‑designated independent and serves on the Nominating & Governance Committee (not as chair), supporting governance process involvement . Audit and Compensation Committees are chaired by other independent directors, maintaining separation from Borg’s related party exposure .
- Ownership alignment vs. influence risk: Borg’s 19.99% beneficial stake (including convertible preferred within 60 days) strongly aligns economic interests; however, his control of IEU/IRE and receipt of significant equity and notes in the Resource Group acquisition represents material related‑party exposure that investors should monitor for transaction fairness and Board process rigor .
- Network effects: Shared public company directorship at JFB with SGD director Christopher Melton may facilitate information flow and coordination; governance should ensure arm’s‑length decision making at SGD .
- Disclosure gaps: No Borg‑specific 2025 director compensation details and no attendance rates were found in retrieved filings, limiting direct assessment of pay structure and engagement; consider requesting these in investor engagement .