Myles Lee
Trane TechnologiesAbout Myles P. Lee
Independent director of Trane Technologies since 2015; age 71. Former CEO of CRH plc (2009–2013) and earlier Finance Director/General Manager of Finance; brings Irish governance expertise, construction sector insight, and deep financial experience. Current TT committee roles: Finance Committee Chair, Audit Committee member, Executive Committee member. Classified as an independent director and listed among TT’s “international” directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CRH plc | Chief Executive Officer | 2009–2013 | Strategic leadership of large industrial company; expertise in capital allocation and governance |
| CRH plc | Director | 2003–2013 | Board oversight; sector insights (building and construction) |
| CRH plc | Finance Director; General Manager of Finance | Not disclosed | Financial reporting, controls, and capital markets experience |
| Professional accountancy practice | Senior finance roles | Not disclosed | Audit/financial literacy foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| PIMCO Global Advisors (Ireland) Limited | Director | Current | Governance of Irish fund platform |
| PIMCO Funds: Global Investors Series plc | Director | Current | Irish UCITS fund board |
| PIMCO Select Funds plc | Director | Current | Irish fund board |
| PIMCO Fixed Income Source ETFs plc | Director | Current | Irish ETF platform board |
| PIMCO Funds Ireland plc | Director | Current | Irish fund board |
| PIMCO Specialty Funds Ireland plc | Director | Current | Irish fund board |
| Babcock International Group plc | Non-executive director | Past 5 years | Former public directorship |
| UDG Healthcare plc | Non-executive director | Past 5 years | Former public directorship |
| Current public company boards | None | N/A | No current public directorships |
Board Governance
- Independence: Listed as independent; serves on committees restricted to non-employee independent directors .
- Committee assignments and activity:
- Finance Committee (Chair; 5 meetings in 2024) .
- Audit Committee (Member; 9 meetings in 2024) .
- Executive Committee (Member; 0 meetings in 2024) .
- Attendance and engagement:
- Board held 5 meetings in 2024; all incumbent directors met ≥75% attendance for Board and committees; five independent director-only sessions held .
- AGM attendance: All directors standing for re-election at the June 6, 2024 AGM attended .
- Risk oversight context: Finance Committee oversees capital deployment priorities, financing, dividends, FX/commodities/interest rate exposures, insurance and customer financing risks . Audit Committee oversees financial reporting, internal controls, ESG disclosure controls, cybersecurity, and risk-based audit plan .
Fixed Compensation (Non-Employee Director – 2024)
| Component | Amount (USD) |
|---|---|
| Annual cash retainer | $142,500 |
| Committee Chair retainer (Finance) | $20,000 |
| Audit Committee member retainer | $15,000 |
| Lead Independent Director retainer | $0 |
| Board/Committee meeting fees | $0 |
| Total cash fees earned | $177,500 |
Performance Compensation (Non-Employee Director – 2024)
| Equity Component | Detail |
|---|---|
| Annual RSU retainer (grant-date fair value) | $200,032 (ASC 718) |
| Unvested RSUs outstanding (12/31/2024) | 627 units |
| Grant sizing methodology | $200,000 divided by closing price on date of grant |
| Vesting provisions on separation | Immediate vesting of any unvested RSUs upon retirement/resignation |
| Options awards | None disclosed for directors |
No performance metrics are tied to director compensation; equity is delivered as time-based RSUs as part of the annual retainer .
Other Directorships & Interlocks
| Company/Entity | Overlap with TT (potential interlock) | Comment |
|---|---|---|
| PIMCO Irish fund boards | TT benefit plan investments | Finance Committee reviews employee benefit plan investment performance; no related-party transactions disclosed; monitor for any PIMCO allocations to TT plans . |
| Babcock International Group plc; UDG Healthcare plc | None disclosed | Prior public boards; no conflicts disclosed . |
Related party transactions: None requiring disclosure in 2024; no loans or special payments to directors; no waivers of Code of Conduct for directors in 2024 .
Expertise & Qualifications
- Financial expert: Audit Committee members meet “audit committee financial expert” qualifications; Mr. Lee’s CRH finance roles reinforce this status .
- Strategy and capital allocation: Former CEO of CRH; provides judgment on growth/productivity and capital deployment .
- ESG and risk: Audit Committee oversees ESG disclosures and cybersecurity; Finance Committee oversees financial risk management .
- International governance: Recognized as an “international” director with Irish governance expertise .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership – ordinary shares | 8,815 shares |
| Notional shares (deferred) | None disclosed |
| Options exercisable within 60 days | 0 |
| Unvested RSUs (as of 12/31/2024) | 627 units |
| Ownership % of outstanding | <1%; no director ≥1% |
| Director ownership guideline | 5× annual cash retainer; sales restricted until guideline met |
| Hedging/pledging | Prohibited (no margin accounts; no pledging) |
Governance Assessment
- Positive signals:
- Long tenure (since 2015) with deep financial and capital allocation experience; chairs Finance Committee—strong alignment with TT’s capital deployment and risk oversight .
- Independent status across all committee service; Audit membership supports robust financial oversight; committee structures comply with NYSE/SEC independence standards .
- Attendance threshold met; regular independent director executive sessions indicate active board oversight .
- Ownership alignment through 5× retainer stock ownership requirement; anti-hedging/pledging restrictions reduce misalignment risk .
- No related-party transactions requiring disclosure in 2024; no loans or special arrangements .
- Watch items (not red flags):
- Multiple PIMCO Irish fund directorships while chairing Finance (which reviews benefit plan investment performance). No conflicted transactions disclosed; maintain oversight to ensure TT benefit plans’ managers/funds (if any) avoid conflicts with Mr. Lee’s fund board roles .
- Red flags: None disclosed (no attendance shortfalls, no pledging/hedging, no related-party transactions, no option repricing) .