John Beckworth
About John Beckworth
John Beckworth (age 67) serves as STEL’s Lead Independent Director and a Class I director; he sits on the Corporate Governance and Nominating Committee and brings deep legal and governance expertise to the board . He practiced law in Houston for 30 years (Fulbright & Jaworski partner; founding partner of Watt Beckworth), then joined The University of Texas School of Law as Associate Dean (2013–2018) and continues as faculty; he is of counsel at Jackson Walker LLP and is board certified in Oil, Gas, and Mineral Law . He holds a B.A. (1980) and J.D. (1983) from The University of Texas at Austin .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fulbright & Jaworski LLP | Associate/Partner (Houston) | 1983–2013 | Commercial litigation and energy law background; underpins board legal/governance oversight |
| Watt Beckworth | Founding Partner | Pre-2013–2013 | Built legal practice; entrepreneurial and governance experience |
| The University of Texas School of Law | Associate Dean; Faculty | Associate Dean 2013–2018; Faculty 2018–present | Academic leadership; policy and ethics perspective |
| Jackson Walker LLP | Of Counsel (Austin) | Current | Ongoing legal practice; governance and legal risk perspective |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| LBJ Foundation | Trustee | Current; nonprofit governance |
| Texas Cultural Trust | Director | Current; nonprofit governance |
| The Kinkaid School (Houston) | Life Trustee Emeritus | Current; education governance |
| Federal Judicial Evaluation Committee | Member | Current; judiciary evaluation experience |
| Professional Affiliations | Member, Texas & American Bar Associations; Life Fellow, Houston & Texas Bar Foundations | Current |
Board Governance
- Lead Independent Director: Chairs executive sessions; facilitates communication between independent directors and executive leadership; helps set board agendas; monitors shareholder communications. Four independent-director executive sessions were held in 2024 . Beckworth is NYSE-independent per board determination (12 of 14 directors independent) .
- Committee assignments: Member, Corporate Governance & Nominating Committee (CG&N) (CG&N chaired by Jon-Al Duplantier) .
- Board activity and attendance: Board met 5 times in 2024; all directors except one met at least 75% attendance of board and committee meetings; 12 directors attended the 2024 annual meeting .
- Governance enhancements during his tenure: Board proposed declassification (phase-out over 3 years beginning 2026) ; adopted a Director Resignation Policy (Feb 26, 2025) requiring offers to resign upon failing to receive requisite votes ; amended bylaws to allow shareholders holding 25% to call special meetings and to allow majority shareholders to amend bylaws (alongside board authority) .
- Ownership alignment: Board adopted stock ownership guidelines for directors and executives on Feb 26, 2025; details referenced in proxy .
Fixed Compensation
STEL non-employee director fee schedule (2024):
| Component | Amount |
|---|---|
| Annual Cash Retainer | $40,000 |
| Lead Independent Director Retainer | $15,000 |
| Committee Chair (Audit/Comp/Risk/CG&N) | $10,000 / $10,000 / $10,000 / $7,500 |
| Committee Member (Audit/Comp/Risk/CG&N) | $7,500 / $7,500 / $7,500 / $5,000 |
| Meeting Fees (Board; Committees) | $750; $750 per meeting |
2024 director compensation – John Beckworth:
| Item | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $68,250 |
| Stock Awards (grant-date/target value) | $60,000 |
| All Other Compensation (dividends on vested RS) | $1,335 |
| Total | $129,585 |
Performance Compensation
Director equity awards (time-based):
| Grant Date | Award Type | Shares Granted | Grant/Target Value | Vesting |
|---|---|---|---|---|
| 2024-06-01 | Restricted Stock | 2,660 | $60,000 | Vests 2025-05-01, service-based (no performance metrics) |
STEL anticipates annual director RS grants with target value ~$60,000, typically vesting the following May 1, subject to continued service .
Other Directorships & Interlocks
- Public company boards: None disclosed for Beckworth .
- Compensation Committee interlocks: Company discloses no interlocks; 2024 Compensation Committee members listed (Beckworth is not a member) .
Expertise & Qualifications
- Legal/governance: Board-certified in Oil, Gas, and Mineral Law; decades of complex legal practice; governance and policy leadership in academia .
- Leadership/independence: Lead Independent Director; independent under NYSE standards .
- Community/board service: LBJ Foundation trustee; Texas Cultural Trust director; extensive nonprofit governance .
Equity Ownership
Beneficial ownership (as of March 26, 2025):
| Holder | Shares Beneficially Owned | Ownership % of Outstanding | Notes |
|---|---|---|---|
| John Beckworth | 198,551 | <1.0% (proxy asterisk); approx. 0.38% of 52,266,729 shares | Breakdown below |
Breakdown of Beckworth’s beneficial holdings:
| Category | Shares |
|---|---|
| Direct (individual) | 20,280 |
| Joint Tenancy (John Beckworth & Laura H. Beckworth Ten Com) | 81,051 |
| Laura Hobby Beckworth 1999 WPH Trust (spouse trustee) | 94,560 |
| Unvested Restricted Stock | 2,660 |
Additional ownership notes:
- Shares outstanding used for percentages: 52,266,729 (March 26, 2025) .
- Pledging: No pledging disclosed for Beckworth (pledges are explicitly disclosed for other insiders where applicable) .
- Options: None disclosed for directors; awards are restricted stock .
Governance Assessment
-
Positives for investor confidence:
- Independent leadership: Lead Independent Director role with clearly defined responsibilities, including chairing four executive sessions in 2024 .
- Active governance refresh: Board-initiated declassification proposal, adoption of Director Resignation Policy, and enhanced shareholder rights (special meeting at 25%; shareholder bylaw amendment rights) .
- Ownership alignment: Adoption of stock ownership guidelines for directors in 2025; Beckworth holds 198,551 shares (mix of direct, joint, trust, and unvested RS) .
- Shareholder support: 2024 say‑on‑pay approval ~96.5%, indicating broad support for pay practices and governance engagement process .
-
Watch items / potential conflicts:
- Related party/insider transactions: Proxy describes that loans and transactions with insiders occur on market terms under Regulation O/Sections 23A/23B and require Audit Committee approval; no Beckworth-specific related‑party transactions are disclosed by name .
- Trading/filings: No delinquent Section 16 filings disclosed for Beckworth; two other insiders had one inadvertent late filing related to PSA forfeitures .
- External affiliations: Of counsel at Jackson Walker LLP and involvement in family investment/oil & gas activities; no disclosed transactions with STEL tied to these affiliations, but standard to monitor for future related‑party exposure .
Overall, Beckworth’s independent leadership, governance focus (CG&N member), and substantial share ownership support board effectiveness and alignment; no red‑flag conflicts or attendance issues are disclosed specific to him, while the board’s 2024–2025 governance enhancements are shareholder‑friendly .