William Yates III
TRUSTMARKAbout William G. Yates III
William G. Yates III (age 52) has served on Trustmark Corporation’s Board since 2009 and is not considered independent by the Board given his affiliations and prior roles . He is President and CEO of W.G. Yates & Sons Construction Company and The Yates Companies, Inc., bringing construction industry leadership and regional market knowledge to Trustmark . Yates has served as a Director of the Federal Reserve Bank of Atlanta, New Orleans Branch since January 2021 and is a director and former chairman of the Mississippi Economic Council, underscoring external economic and civic engagement .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| W.G. Yates & Sons Construction Company | President & CEO | Not disclosed | Leadership in construction operations, risk management, contract negotiations |
| The Yates Companies, Inc. | President & CEO | Not disclosed | Oversight across divisions in Southeast markets relevant to Trustmark footprint |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Reserve Bank of Atlanta, New Orleans Branch | Director | Appointed Jan 2021 | Monetary/economic oversight within the Branch region |
| Mississippi Economic Council | Director; Former Chairman | Not disclosed | Statewide economic policy network and engagement |
Board Governance
- Independence: Not independent; the Board determined Messrs. Dewey, Host and Yates are not independent directors under Nasdaq rules .
- Committee assignments: Finance Committee member; not Chair .
- Attendance and engagement: The Board met 6 times in 2024; each director attended all Board and relevant committee meetings. Finance Committee held 5 meetings in 2024 .
- Board composition and structure: Six standing committees (Audit, Enterprise Risk, Executive, Finance, Human Resources, Nominating & Governance); Audit, Enterprise Risk, Human Resources and Nominating & Governance comprise only independent directors; Lead Director structure in place due to non-independent Chair .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer (Board + Bank Board) | $45,000 | Standard non-employee director retainer |
| Finance Committee membership retainer | $2,500 | Annual retainer per committee for non-Chairs |
| Total cash fees (2024) | $47,500 | Reported for Yates |
Performance Compensation
| Equity Award | Grant Date | Units | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|
| Time-based RSUs (Director grant) | Apr 23, 2024 | 2,092 | $57,635 | Vests Apr 23, 2025; accelerated vesting on change in control, retirement at/after age 70 with Committee consent, disability/death, or termination without cause |
| Time-based RSUs (Directors guideline & policy) | Annual program | N/A | ≈$55,000 per director (program level) | Directors must meet stock ownership guideline equal to 6x annual cash retainer; unvested RSUs count; hedging/pledging prohibited |
No performance-based equity for directors; equity is time-based RSUs aimed at alignment and retention rather than at-risk performance outcomes .
Other Directorships & Interlocks
- Related-party business relationships include Trustmark Park naming rights (Bloomfield Equities, LLC) and banking exclusivity arrangements (Bloomfield Holdings, LLC), entities indirectly owned by Yates/family through Spectrum Capital, LLC .
- W.G. Yates & Sons Construction Company and affiliates had fee-bearing trust and investment management services with the Bank; legacy commissions to Trustmark’s former insurance subsidiary (FBBI) through May 31, 2024 .
Expertise & Qualifications
- Industry and market expertise in construction, employee relations, contract negotiations, and risk management; provides substantive input on risk assessment and corporate strategy .
- Broader economic oversight exposure through Federal Reserve Branch directorship and state economic council leadership .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (as of Jan 31, 2025) | 28,318 shares |
| Unvested RSUs at year-end 2024 | 2,092 RSUs (director grant) |
| Ownership as % of shares outstanding | ~0.047% based on 60,765,271 shares outstanding |
| Pledged shares | None; directors are prohibited from pledging Trustmark stock |
Insider Trades (recent)
| Date | Filing | Transaction Details |
|---|---|---|
| Apr 24, 2025 | Form 4 filed | Reported by William G. Yates III (POA Granville Tate, Jr.) |
| Apr 25, 2024 | Form 4 filed | Director stock award grant; 2,092 RSUs consistent with proxy grant |
| Apr 21–22, 2025 | Reported activity | Market summaries indicate 1,943-share award/buy aligned with annual director grant timing (cross-reference) |
Governance Assessment
- Alignment: Director stock ownership guidelines are stringent (6x annual retainer) and Yates meets requirements per 2024 review; directors must hold shares until guideline met; hedging/pledging prohibited—positive for alignment and risk posture .
- Attendance: Full attendance at Board/committee meetings in 2024—supports engagement and effectiveness .
- Independence: Not independent (Board determination) and multiple related-party transactions tie back to Yates-controlled/affiliated entities—this elevates conflict-of-interest risk requiring robust oversight .
- Oversight of related parties: Audit Committee administers the related-party policy; transactions with Bloomfield entities and W.G. Yates & Sons were reviewed and approved/ratified and represented ordinary-course terms—mitigates but does not eliminate perceived conflict risk .
RED FLAGS
- Related-party transactions: Stadium naming rights ($275,000 in 2024; new agreement $400,000 annually starting 2025) with Bloomfield Equities, LLC, indirectly owned by Yates/family; Yates’s estimated 2024 interest ~$81,675; similar exclusivity payments ($50,000 in 2024) to Bloomfield Holdings, LLC with Yates interest $14,850; legacy FBBI commissions ($47,000 through May 31, 2024) and $413,000 in trust/investment fees paid by W.G. Yates & Sons to the Bank—material interlocks necessitating continued scrutiny .
- Independence: Formal non-independence status increases reliance on Related Party Transaction controls and comprehensive recusal/oversight protocols .
Implications for Investors
- Governance risk centers on related-party exposure and non-independence, balanced by explicit Audit Committee policy review and approvals; continued disclosure and monitoring are essential for investor confidence .
- Engagement and ownership policies are robust, with full attendance and strict director stock ownership guidelines—supportive of board effectiveness and alignment .