Meghan Baivier
About Meghan G. Baivier
Meghan G. Baivier, age 45, is an independent director of Sun Communities, Inc. (SUI) serving since 2017. She became CFO of Aligned Data Centers, LLC in 2024 and previously held leadership roles at Easterly Government Properties, Inc. (President, COO, CFO), with prior finance experience at Citigroup’s Real Estate & Lodging IB group and research roles at Chilton Investment Company and Fidelity Management. She holds an MBA from Columbia Business School (Feldberg Fellow) and a BA from Wellesley College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aligned Data Centers, LLC | Chief Financial Officer | Joined 2024 | Leads finance at a growing data center REIT platform |
| Easterly Government Properties, Inc. | President, COO, CFO | Not disclosed | Senior leadership across operations and finance |
| Citigroup (Real Estate & Lodging IB) | Vice President | Not disclosed | Financial advisory and capital markets transactions |
| Chilton Investment Company | Equity Research Associate | Not disclosed | Sell-side/buy-side research experience |
| Fidelity Management | High Yield Research Associate | Not disclosed | Credit research experience |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| Aligned Data Centers, LLC | CFO | No disclosure of board seat | Operating executive role, not a disclosed directorship |
No other public company directorships for Baivier are disclosed in the proxy .
Board Governance
- Independence: The Board determined Baivier is independent under NYSE rules .
- Current committees (2025 proxy): NCG (Chair), Audit, CEO Succession Planning .
- Committee appointments intended after Annual Meeting: Compensation (Chair), Audit (member), CEO Succession (member), Executive (member) .
- Board meeting cadence and attendance: Board met 18 times in 2024; all directors attended at least 75% of Board and committee meetings on which they served .
- Executive sessions: Independent directors meet regularly in executive session without management .
- Lead Independent Director: Clunet R. Lewis (not Baivier) currently serves in the role .
| Committee | 2024 Meetings | Baivier Role (2024) | Intended Role Post-2025 AGM |
|---|---|---|---|
| Audit | 12 | Member | Member |
| Compensation | 1 | Not a member in 2024 | Chair |
| Nominating & Corporate Governance (NCG) | 6 | Chair | Not on NCG post-AGM (Tonya Allen Chair; Ehlinger, Leupold members) |
| CEO Succession Planning | Formed Nov 2024 | Member | Member |
| Capital Allocation | 5 | Not a member | Not a member |
| Executive Committee | None formal; actions by consent | Not a member in 2024 | Member |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Fees Earned (Cash) | $127,500 | Includes Board/committee cash fees earned in 2024 |
| Non-Employee Director equity grant | See Performance Compensation | Restricted stock; see below |
| 2025 fee level change | −20% vs 2024 | Board and committee fees reduced by 20% for 2025 |
Director fee schedule (general, 2024):
- Lead Independent Director: $25,000; Committee Chair fees: Audit $30,000; Compensation $22,500; Capital Allocation $22,500; NCG $22,500; Committee membership fees: Audit $25,000; Compensation $17,500; Capital Allocation $17,500; NCG $17,500; Executive Committee membership $17,500; No fees for CEO Succession Committee .
Performance Compensation
| Grant Type | Grant Date | Shares | Grant-Date Fair Value | Vesting/Restrictions | Performance Metrics |
|---|---|---|---|---|---|
| Restricted Stock (Director) | Jan 18, 2024 | 2,000 | $258,020 | Minimum restriction period ≥1 year under plan; details set in award agreement | None disclosed for director awards; time-based restrictions only |
| Restricted Stock (Outstanding at 12/31/2024) | N/A | 5,700 | N/A | Unvested balance outstanding | N/A |
- Stock ownership guidelines require directors to retain at least 50% of restricted shares as they vest until guideline compliance; all non-employee directors were in compliance as of March 10, 2025 .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict |
|---|---|---|
| None disclosed | — | The proxy states no compensation committee interlocks existed in 2024; directors on the Compensation Committee were not officers/employees; Baivier becomes Compensation Chair post-AGM, with no interlocks disclosed . |
Expertise & Qualifications
- Deep REIT and finance expertise: CFO at Aligned Data Centers; prior President/COO/CFO at Easterly Government Properties; IB experience at Citigroup; equity/high-yield research background .
- Education: MBA (Columbia Business School, Feldberg Fellowship) and BA (Wellesley College) .
- Governance credentials: NCG Chair; Audit member; role on CEO Succession Planning Committee; slated to chair Compensation Committee post-AGM .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Outstanding | Restricted Shares Outstanding (12/31/2024) | Pledged Shares | Compliance with Ownership Guidelines |
|---|---|---|---|---|---|
| Meghan G. Baivier | 17,800 | <1% | 5,700 | None disclosed for Baivier (pledge noted for Shiffman only) | In compliance as of Mar 10, 2025; guidelines require 8× annual cash retainer |
Guideline details: Directors must own shares valued at 8× the annual cash retainer within 5 years; retain ≥50% of vesting shares until compliant .
Governance Assessment
- Strengths: Independent status; multi-committee service (Audit, NCG Chair, CEO Succession); slated to chair Compensation Committee (signals elevated governance role); regular executive sessions and robust committee charters; strong attendance (≥75%) in a high-frequency meeting year (18 meetings) .
- Alignment: Material equity grants alongside cash fees; stringent director ownership guidelines (8× retainer) with confirmed compliance; required retention of vested shares until compliance .
- Risk oversight: Audit Committee determined all members are “audit committee financial experts”; NCG administers Related Party Transaction Policy with pre-approval and fairness review; CEO Succession Planning Committee formed Nov 2024 to manage leadership transition .
- Compensation governance: No compensation committee interlocks in 2024; Board reduced director fees by 20% for 2025 to align expense with market cap evolution, a shareholder-friendly signal .
RED FLAGS
- Related party transactions exist at the company level (office lease with entities linked to CEO; legal fees to firm with former director partner; family employment), but no related-party transactions disclosed for Baivier personally .
- No pledging or hedging issues disclosed for Baivier; pledging noted for CEO not for Baivier .
- Attendance: Board indicates all directors met ≥75% threshold; no low-attendance flags for Baivier .
- Compensation: Director equity appears time-based with no performance metric dilution; no option repricings or tax gross-ups disclosed for directors in proxy segment .
Overall investor confidence signals: Independent status, audit financial expertise, compensation chair role, robust ownership alignment, and absence of personal related-party or pledging concerns .