Miguel Galuccio
SLB LIMITED/NVAbout Miguel Galuccio
Independent director at SLB since 2017; age 56; petroleum engineer educated at Instituto Tecnológico de Buenos Aires. Former SLB executive (1999–2012) and ex-Chairman/CEO of YPF (2012–2016); currently Chairman & CEO of Vista Energy (public) and co-founder/chairman of GRIDX; director of Nilus. Tenure on SLB’s board is eight years; brings Latin America energy policy and operator-side leadership experience, with SLB training and deep production operations background .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| YPF (Argentina) | Chairman & CEO | 2012–2016 | Led YPF to become the world’s largest producer of shale oil outside North America during tenure . |
| SLB | Various international roles; last: President, Schlumberger Production Management | 1999–2012 | Senior operational leadership within SLB’s production portfolio . |
| YPF/YPF International | Executive roles | 1994–1999 | Early executive experience across subsidiaries . |
External Roles
| Organization | Role | Tenure | Public Company? | Notes / Interlocks |
|---|---|---|---|---|
| Vista Energy (S.A.B. de C.V.) | Chairman & CEO; Director | 2017–present | Yes | SLB has ongoing commercial relationship with Vista; Vista paid SLB ~$421M in 2024 for services/products; renders Galuccio non-independent under NYSE rules . |
| GRIDX | Co-founder; Chairman | 2016–present | No | Biotech incubation fund in Latin America . |
| Nilus | Director | Not disclosed | No | Tech start-up focused on lowering cost of living . |
Board Governance
- Committee assignments: Finance Committee Chair (only committee) .
- Independence: Non-independent due to related-party transactions with Vista (~$421M in 2024) ; all other nominees (except SLB CEO) determined independent .
- Attendance and engagement: Board average attendance 98% in 2024; no director <75%; Board met 8 times; Finance Committee met 4 times; executive sessions regularly led by independent chair .
- Years of service: Director since 2017; tenure 8 years .
- Board leadership context: Independent Board Chair (Jim Hackett) with separated Chair/CEO roles since 2019 .
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Annual cash retainer | $115,000 | Standard non-employee director retainer . |
| Committee chair fee | $20,000 | Chair fee in lieu of membership fee; Finance Committee Chair . |
| Total cash fees (2024) | $135,000 | Reported for Galuccio . |
| Annual equity grant (May 1, 2024) | 4,001 shares | Standard grant to non-employee directors . |
| Stock awards fair value (2024) | $188,688 | Grant date fair value; total 2024 comp $323,688 . |
Performance Compensation
- SLB director pay is not performance-based; equity is delivered as common stock (no PSUs/RSUs for non-employee directors). No STI/LTI performance metrics apply to directors; components are fixed cash and time-based/equity grants .
Other Directorships & Interlocks
| Company | Role | Committee Roles (if disclosed) | Interlock/Conflict Considerations |
|---|---|---|---|
| Vista Energy | Chairman & CEO; Director | Not disclosed | SLB contracted with Vista at arm’s length; ~$421M paid by Vista to SLB in 2024; triggers non-independence and related-person oversight by Nominating & Governance Committee . |
Expertise & Qualifications
- Petroleum engineering degree (ITBA) and extensive operator-side leadership across Argentina and broader LATAM; insight into energy policy/regulatory environments in Argentina, Mexico, Venezuela, Ecuador .
- Deep SLB operational experience and production management expertise; complements Finance Committee oversight on leverage, currency management, M&A risk, and pension liabilities .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Beneficial ownership | 42,511 shares | As of Jan 31, 2025; <1% of class . |
| Pledged shares | None | Proxy states none of listed shares are pledged; directors prohibited from pledging/hedging SLB stock . |
| Ownership guidelines | 5x annual cash retainer | Directors must reach within five years; all directors with ≥5 years are in compliance (Galuccio joined 2017) . |
Insider Trades
| Item | Status |
|---|---|
| Section 16(a) filing timeliness (2024) | No delinquencies disclosed for Galuccio; two late Form 4s pertained to another director (de La Chevardière) . |
Governance Assessment
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Strengths:
- Finance Committee leadership aligned with operator and capital allocation experience; board maintains independent chair, strong evaluation processes, and robust shareholder engagement; average meeting attendance 98% .
- Director stock ownership guidelines promote alignment; anti-hedging/pledging and structured director pay with stable cash/equity mix .
-
RED FLAGS:
- Related-party exposure: As Vista Chairman/CEO, Galuccio oversees a material customer relationship (~$421M in 2024) with SLB; this renders him non-independent and elevates conflict risk—heightened given his Finance Committee Chair role overseeing leverage, M&A, and financial risk .
- Concentration risk/interlock: Ongoing SLB–Vista operating ties require strict adherence to the related-person policy and recusals; investors should track committee-level controls and disclosures for continued assurance .
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Investor implications:
- Expect robust committee oversight and documented related-person review processes; however, the combination of non-independence and finance chair position may be perceived negatively by governance-sensitive investors—monitor future proxy disclosures on recusal practices, Vista transaction levels, and any changes in committee assignments .