Luis Ubiñas - Director | AT&T (T) Executive Profile & Compensation

About Luis A. Ubiñas

Independent director of AT&T Inc. since 2021; age 62. Former President of the Ford Foundation and Senior Partner at McKinsey & Company, with an A.B. in Government from Harvard College and an MBA from Harvard Business School. His credentials emphasize leadership across broadband and wireless industries, government, and the nonprofit sector.

Past Roles

Organization	Role	Tenure	Committees/Impact
Ford Foundation	President	2008–2013	Led global nonprofit grant-making; governance and social impact leadership.
McKinsey & Company	Senior Partner; led West Coast media practice	2000–2007	Advised technology, telecom, and media clients; strategy execution experience.
Export-Import Bank (U.S.)	Advisory Committee on U.S. Competitiveness	2013–2017	Policy and competitiveness advisory experience.
Advisory Committee for Trade Policy and Negotiations	Member	2010–2014	Trade policy oversight and counsel.

External Roles

Organization	Role	Start/End	Notes
Statue of Liberty–Ellis Island Foundation	Chairman (since Jan 2021); Vice Chair (2018–2021); Director (since 2014)	2014–present	Nonprofit governance leadership.
Electronic Arts Inc.	Director	Not disclosed	Current public company board.
Mercer Funds	Trustee	Not disclosed	Mutual fund trusteeship.
Tanger Factory Outlet Centers, Inc.	Director	Not disclosed	Current public company board.
Boston Private Financial Holdings, Inc.	Director	2017–2021	Prior public company board.
FirstMark Horizon Acquisition Corp.	Director	2020–2022	Prior public company board (SPAC).

Board Governance

Committee assignments: Governance & Policy; Human Resources. Both committees are composed entirely of independent directors.
Committee meeting cadence (2024): Governance & Policy – 5 meetings; Human Resources – 5 meetings.
Independence: The Board determined Ubiñas is independent under NYSE standards.
Attendance: Board held six meetings in 2024; all directors attended the 2024 Annual Meeting and at least 75% of board/committee meetings.
Board effectiveness processes: Annual multi-step evaluations (board self-evaluation, committee self-evaluations, one‑on‑one peer evaluations) led by GPC and Lead Director.

Fixed Compensation

Component	2024 Amount ($)
Fees Earned or Paid in Cash	140,000
Stock Awards (Deferred Stock Units)	220,000
Total	360,000
Structure reference	Annual director cash retainer $140,000; annual DSU grant $220,000; committee chair retainers: Audit $40,000; HR $30,000; CDF $25,000; Governance & Policy $25,000; communications stipend $4,000 (inside AT&T service area) or $6,000 (outside).

Director compensation determined by the Board with advice from the Governance & Policy Committee; the GPC may employ independent compensation consultants.

Performance Compensation

Metric	Disclosed Target	Applies to Director Pay?
Performance-based metrics (e.g., revenue growth, EBITDA, TSR)	Not disclosed for directors	No; non-employee directors receive annual DSUs fully earned and vested at issuance; distribution occurs after leaving the Board and is paid in cash based on then-current stock price; DSUs earn dividend equivalents.

Other Directorships & Interlocks

Current public company boards: Electronic Arts Inc.; Mercer Funds; Tanger Factory Outlet Centers, Inc.
Potential interlocks/conflicts: AT&T’s proxy discloses related commercial relationships for certain directors (Ford, Taylor) and limited investment interests for Kennard; no specific related-party transactions disclosed for Ubiñas.

Expertise & Qualifications

Sector expertise: Broadband and wireless industries, government/regulatory, nonprofit leadership.
Education: A.B. in Government (Harvard College); MBA (Harvard Business School).
Governance skills: Board evaluation participation; oversight via GPC (nomination, governance, corporate responsibility, director compensation) and HRC (executive compensation, succession, stock ownership guidelines for officers).

Equity Ownership

Holder	Common Shares Beneficially Owned	Restricted Stock Units	Shared Voting/Investment Power	Non‑Voting Vested Stock Units	Percent of Class
Luis A. Ubiñas	0	0	0	51,862	<1% (each director individually)

Director Plan mechanics: Annual DSUs are fully vested at grant; distributed after board service ends; paid in cash based on then stock price; directors may defer retainers into DSUs or cash earning interest at Moody’s Long-Term Corporate Bond Yield Average.
Insider trading and ethics: Code of Ethics applies to directors; company insider trading policy governs directors; hedging prohibitions explicitly cover executive officers.

Governance Assessment

Board effectiveness: Active participation on GPC (governance, nomination, corporate responsibility oversight) and HRC (executive compensation and succession planning) supports robust governance and risk oversight.
Independence and attendance: Independent status and satisfactory attendance metrics (≥75% of meetings; attendance at Annual Meeting) underpin investor confidence in oversight quality.
Compensation alignment: Director pay mix is balanced between cash ($140k) and equity via DSUs ($220k). DSUs tie value to AT&T’s stock price but distribute in cash post‑service; no performance metrics apply to director pay.
Conflicts/related-party transactions: Proxy discloses specific related-person transactions for other insiders; none identified for Ubiñas, and the company employs a formal related‑party transaction approval policy under GPC oversight.
Shareholder signals: AT&T reported strong say‑on‑pay support (90% of votes cast “for” in 2024), indicating broad investor alignment with compensation governance; the board leads recurring shareholder engagement.
RED FLAGS: None disclosed specific to Ubiñas regarding independence, attendance, related‑party transactions, or Section 16 compliance in the 2025 proxy; one late Section 16 report involved another director (McCallister) and certain executives, attributed to administrative errors.