Michael Abbott
About Michael Abbott
Michael Abbott has served as an independent director of Target Global Acquisition I Corp. (TGAAF) since 2021 and is currently a Class I director with a term expiring at the 2026 annual meeting . He has 30+ years in banking and finance, including leadership of structured products at Goldman Sachs, CEO of Robeco Sage (2006), and founder of Elysium Capital (2002). He holds a Bachelor of Laws from King’s College London, where he is a guest lecturer and Executive Fellow . The board has determined Abbott is independent under Nasdaq standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Elysium Capital | Founder | Founded 2002 | Built FX hedge fund platform |
| Robeco Sage | Chief Executive Officer | Appointed 2006 | Led billion-dollar fund of hedge funds |
| Swiss Bank Corp | Finance professional | Not disclosed | Early banking career |
| Goldman Sachs | Structured Product Trading & Origination Group lead | Not disclosed | Led structured products origination/trading |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Cannabist Company (CBOE: CBST) | Founder and Chairman of the Board | Not disclosed | One of the largest manufacturers of cannabis-related medicines in the U.S. |
| Flo Health | Director | Not disclosed | Women’s health application |
| GBM Securities Ltd. | Executive Director | Not disclosed | Brokerage services |
Board Governance
- Committee memberships and chair roles:
- Audit Committee member; Audit Chair is Sigal Regev, who is the audit committee financial expert .
- Compensation Committee Chair .
- Nominating Committee Chair .
- Independence: Abbott is one of four independent directors (Abbott, Hinrichs, Regev, Clarke) .
- Classification and term: Class I; term expires at the 2026 annual meeting .
- Attendance/engagement: Specific board or committee meeting attendance rates are not disclosed in filings reviewed.
- Related-party transactions oversight: Audit committee charter requires review/approval of related party transactions with recusal for interested members .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | Directors receive no cash compensation for services |
| Committee membership fees | $0 | Not paid by TGAAF prior to a business combination |
| Committee chair fees | $0 | Not paid by TGAAF prior to a business combination |
| Meeting fees | $0 | Not paid by TGAAF |
Performance Compensation
| Award Type | Grant Date | Quantity/Terms | Fair Value | Vesting/Restrictions |
|---|---|---|---|---|
| Founder shares (Class B, later converted to Class A) | March 2021 | 25,000 shares transferred by Sponsor to each independent director | Not disclosed | After conversion on June 11, 2023, these Class A shares are subject to founder share restrictions: transfer limits, waiver of redemption and liquidating distributions, obligation to vote in favor of a Business Combination |
| Options/RSUs/PSUs | — | None disclosed | — | — |
- Performance metrics tied to compensation (TSR, EBITDA, ESG): Not disclosed for directors.
- Clawback provisions: Not disclosed.
- Change-of-control/severance: TGAAF is not party to agreements providing benefits upon termination for directors .
Other Directorships & Interlocks
| Director | External Board | Role | Potential Interlock/Overlap |
|---|---|---|---|
| Michael Abbott | The Cannabist Company (CBST) | Executive Chairman | Cannabis sector overlap with TGAAF director Jeffrey Clarke (independent director at Columbia Care Inc.) |
| Michael Abbott | Flo Health | Director | None disclosed |
| Michael Abbott | GBM Securities Ltd. | Executive Director | None disclosed |
| Jeffrey Clarke (TGAAF director) | Columbia Care Inc. | Independent Director | Sector overlap with Abbott’s Cannabist role |
Note: No TGAAF related-party transactions with Abbott’s external entities are disclosed; audit committee oversight applies to any such transactions .
Expertise & Qualifications
- Deep financial and trading expertise: founder of Elysium Capital; led structured products at Goldman Sachs; CEO of Robeco Sage .
- Legal and academic credentials: Bachelor of Laws (King’s College London), guest lecturer and Executive Fellow .
- Public company board leadership: Executive Chairman at The Cannabist Company .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Ownership % | Notes |
|---|---|---|---|---|
| Michael Abbott | 25,000 | 0 | <1% | Shares originated as Class B founder shares transferred in March 2021; converted to Class A on June 11, 2023 with founder share restrictions |
- Hedging/pledging: The company has not adopted any policy or practices regarding hedging of its securities . No pledging by Abbott is disclosed.
- Ownership guidelines/compliance: Not disclosed.
Governance Assessment
- Positives:
- Independent director with substantial finance expertise; chairs Compensation and Nominating Committees, supporting board effectiveness in pay and director selection .
- Audit committee structure and related-party review process with required recusals enhances conflict oversight .
- Risks/RED FLAGS:
- No director cash compensation, but founder-share equity creates a strong incentive to complete any business combination; filings explicitly acknowledge differing interests of sponsors/directors vs. public shareholders .
- No hedging policy adopted; while common in SPACs, this weakens formal alignment safeguards .
- TGAAF securities delisted from Nasdaq due to SPAC timing non-compliance, elevating market/liquidity risk during Abbott’s tenure; the board recommended extension to December 9, 2026 to pursue a deal .
- Directors and officers are not full-time; multiple external commitments may constrain bandwidth and pose conflicts in target selection and execution .
Overall implication for investors: Abbott’s financial acumen and committee leadership are strengths for governance process quality, but SPAC-specific incentives and the lack of hedging policy, combined with TGAAF’s listing status and sponsor control, present alignment and execution risks that should be monitored closely, especially around any proposed business combination .