Jacques Aigrain
Tradeweb MarketsAbout Jacques Aigrain
Independent director at Tradeweb Markets (TW), age 70, serving since August 2022; Board Chair since July 2023 and Chair of the Compensation Committee, also a member of the Nominating & Corporate Governance Committee . Background includes Advisor at Warburg Pincus (2014–Dec 2020), CEO of Swiss Re (2006–2009), and 20 years in global leadership roles at JPMorgan in New York, London, and Paris . Education: doctorate in economics from Université Paris-Sorbonne and master’s in economics from Université Paris Dauphine – PSL . The Board has affirmed his independence under Nasdaq and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Warburg Pincus LLC | Advisor | 2014 – Dec 2020 | Private equity advisory experience |
| Swiss Re | Chief Executive Officer | 2006 – 2009 | Led global reinsurer; executive leadership |
| JPMorgan Chase & Co. | Senior leadership roles | 20 years; NY/London/Paris | Global finance and markets expertise |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| LyondellBasell Industries N.V. | Chairman of the Board | Current | Chairman role; global chemicals industry exposure |
| Clearwater Analytics | Director | Current | SaaS/analytics industry board experience |
| WPP plc | Director | Prior | Marketing/communications exposure |
| London Stock Exchange Group (LSEG) | Director | Prior | Capital markets infrastructure; Refinitiv/LSEG link relevant to TW |
| LCH Clearnet Group Ltd | Director | Prior | Clearing infrastructure experience |
| Lufthansa AG; Resolution Ltd; Swiss International Airlines AG; Qatar Financial Authority | Director/Board positions | Prior | Diverse global governance experience |
Board Governance
- Committee assignments: Chair, Compensation Committee; Member, Nominating & Corporate Governance Committee; not a member of Audit & Risk Committee .
- Attendance: In 2024, each incumbent director attended at least 75% of Board and applicable committee meetings; Board held 5 meetings; committee meetings: Audit & Risk 8, Compensation 6, Nominating & Corporate Governance 3 .
- Independence: Board determined Aigrain and all committee members are independent per Nasdaq and SEC rules; Tradeweb is a “controlled company” due to LSEG-controlled Refinitiv but does not rely on controlled company governance exemptions; all committees fully independent with independent Chairs .
- Board leadership & engagement: Independent Board Chair; Lead Independent Director role in place; regular executive sessions without management; annual Board/Committee evaluations; stockholder engagement processes .
Fixed Compensation
| Component (2024) | Amount (USD) | Basis/Policy |
|---|---|---|
| Annual Director Cash Retainer | $100,000 | Non-Employee Director Compensation Policy (2024) |
| Board Chair Additional Cash Retainer | $50,000 | Chairperson cash supplement (2024) |
| Compensation Committee Chair Cash Retainer | $25,000 | Committee chair supplement (2024) |
| Nominating & Corporate Governance Committee Member Cash Retainer | $10,000 | Committee member supplement (2024) |
| Total Cash Fees Earned (2024) | $185,000 | Reported in Director Compensation table |
Policy updates effective March 2025: annual equity grant for all directors increased to $185,000; Audit Chair cash retainer increased to $35,000; Nominating Chair cash retainer increased to $25,000; Board Chair total additional compensation maintained but shifted to $85,000 cash and $115,000 equity to comply with equity limits .
Performance Compensation
| Equity Component (2024) | Amount/Detail | Vesting |
|---|---|---|
| Annual RSUs (Director) | $150,000 grant-date value | RSUs granted at annual meeting; vest one-year anniversary |
| Additional RSUs (Board Chair) | $150,000 grant-date value | Annual chair equity award |
| Stock Awards (Grant-Date Fair Value) | $299,958 | FASB ASC 718 fair value |
| # of RSUs Granted | 2,647 | Director award count |
| Vest Date | May 10, 2025 | One-year vesting |
No director performance conditions are disclosed; awards are time-based RSUs. For context, company executive compensation metrics (NEOs) tie pay to Constant Currency Revenue Change, Constant Currency Adjusted EBITDA Change, Constant Currency Adjusted EBITDA Margin, and Total Shareholder Return .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Considerations |
|---|---|---|
| LyondellBasell Industries N.V. | Chairman | No specific TW transactions disclosed with LYB; monitor overboarding and time commitments . |
| Clearwater Analytics | Director | No specific TW transactions disclosed with CWAN in proxy . |
| Prior LSEG/LCH roles | Director (prior) | LSEG controls ~89.8% combined voting power in TW via Refinitiv; structural governance considerations under Stockholders Agreement . |
Tradeweb’s related-party framework: Audit & Risk Committee reviews >$120,000 related person transactions; ongoing shared services and data agreements with Refinitiv/LSEG ($3.0m fees; ~$82.1m revenue in 2024) subject to standard termination provisions .
Expertise & Qualifications
- Financial, investment, and leadership expertise; extensive global financial services experience as executive and board member .
- Corporate governance and compensation oversight as Board Chair and Compensation Chair .
- Prohibitions on hedging/pledging, strong clawback, ownership guidelines indicate governance rigor .
Equity Ownership
| Ownership Detail | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (Class A, fully exchanged/converted basis) | 7,492 shares | Less than 1% of outstanding shares/voting power |
| Vested Shares (as of Dec 31, 2024) | 4,845 shares | Reported in proxy |
| RSUs Vested/vesting within 60 days of Mar 14, 2025 | 2,647 RSUs | Director 2024 award vesting |
| Stock Ownership Guidelines (Non-Employee Directors) | 5x annual cash retainer | Compliance deadline Dec 2029; RSUs count; PRSUs/PSUs don’t count until vest; options don’t count |
| Hedging/Pledging | Prohibited for directors | Aligns incentives; governance positive |
Governance Assessment
- Strengths: Independent Board Chair; independent Compensation Committee chaired by Aigrain; majority-independent Board; executive sessions; ownership guidelines; clawback; prohibition on hedging/pledging; active stockholder engagement .
- Compensation alignment: Director pay balanced between cash ($185k) and equity ($299,958 fair value), with role-based supplements consistent with governance responsibilities; RSUs vest over one year aiding alignment without short-termism .
- Red flags/risks: Controlled company structure—LSEG/Refinitiv holds ~89.8% combined voting power; Stockholders Agreement grants director designation rights to Refinitiv Owners, creating potential influence risks despite current non-reliance on exemptions; ongoing related-party agreements with Refinitiv/LSEG warrant continued oversight by independent directors, including Audit & Risk Committee .
- Attendance/engagement: 2024 attendance at least 75% for all incumbents; committee meetings active (Compensation: 6; Nominating: 3), supporting engagement in governance and oversight .
- Interlocks: No Compensation Committee interlocks disclosed; no executive officers serving on boards of entities where TW executives serve, reducing conflict risk in compensation decisions .