Aik Na Tan
Wave Life SciencesAbout Aik Na Tan
Aik Na Tan, 54, has served as an independent director of Wave Life Sciences since August 2020. She is Wave’s Singapore resident director as required under the Singapore Companies Act, and qualifies as an SEC “audit committee financial expert.” She brings over two decades of finance and operations leadership, including CFO experience, and holds a Bachelor of Accountancy from Nanyang Technological University, Singapore, where she is also a member of the Institute of Singapore Chartered Accountants .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| DuPont (incl. DuPont Company (Singapore) Pte Ltd) | Various leadership roles in accounting, treasury, six sigma, financial systems, supply chain, operations, financial and strategic planning; most recently CFO, DuPont Titanium Technologies | 1994–2015; CFO role Nov 2011–Feb 2015 | Extensive finance and operations leadership; CFO credentials |
| Chemours Company Singapore Pte Ltd | Global Finance Transformation Leader & Managing Director (post-DuPont spin-off) | 2015–2016 | Led finance transformation; regional leadership |
| Price Waterhouse | Tax Assistant (career start) | Early career | Tax and accounting foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Nanyang Technological University (NTU), Singapore | Senior Vice‑President (Administration) | Jan 2020–Present | Formerly VP (Administration) Jan 2018–Dec 2019; Chief Administrative Officer Apr–Dec 2017; Chief Financial Officer Aug 2016–Dec 2017 |
Board Governance
| Item | Detail |
|---|---|
| Independence | Determined independent under Nasdaq rules |
| Committee Assignments (2024) | Audit Committee member; committee met 7 times in 2024 |
| Financial Expertise | Designated “audit committee financial expert” (SEC Item 407) |
| Attendance | Board met 4x in 2024; no director attended <75% of Board and committee meetings |
| Years on Board | Director since Aug 2020 |
| Resident Director | Serves as Singapore resident director; must remain in office until a qualified Singapore-resident successor is appointed if not re-elected at AGM (statutory continuity requirement) |
| Board Leadership | Independent Chair (Christian Henry) provides independent leadership |
Fixed Compensation
| Component | 2024 Policy (Approved at 2024 AGM) | 2025 Proposed Policy (to be approved at 2025 AGM) | 2024 Actual – Aik Na Tan |
|---|---|---|---|
| Board Annual Cash Retainer | $40,000 (non‑employee directors) | $45,000 (non‑employee directors) | $49,375 fees earned/paid in cash in 2024 |
| Audit Committee (Member) | +$10,000 per member; +$20,000 Chair | +$10,000 per member; +$20,000 Chair | Included in cash amount above; policy allows proration for partial year/service changes |
| Other Committee Retainers | Comp Comm: +$7,500 (member), +$15,000 (Chair); N&CG: +$7,500 (member), +$15,000 (Chair); R&D: +$7,500 (member), +$15,000 (Chair) | Same structure and amounts as 2024 | N/A (not a member/chair of these committees in 2024) |
Notes: Wave’s policy provides for proration of retainers for mid‑year changes; actuals reflect fees earned during fiscal 2024 service period .
Performance Compensation
Directors receive time‑based equity (options and RSUs); no performance‑metric vesting applies.
| Award Type | Grant Date | Shares/Units | Exercise Price | Expiration | Vesting Terms |
|---|---|---|---|---|---|
| Stock Options (Annual grant) | Aug 12, 2024 | 32,230 | $5.37 | Aug 12, 2029 | Vests 100% on earlier of 2025 AGM or 1st anniversary (per 2024 policy) |
| RSUs (Annual grant) | Aug 12, 2024 | 16,115 | — | — | Vests 100% on earlier of 2025 AGM or 1st anniversary (per 2024 policy) |
Additional equity structure and context:
- 2024 Annual Equity Grant policy: option 32,230 shares + RSU 16,115, each vesting 100% at earlier of next AGM or 1‑year anniversary .
- 2025 Proposed Annual Equity Grant: option 76,200 + RSU 12,700, each vesting 100% at earlier of next AGM or 1‑year anniversary; initial/refresh grants sized at 152,400 options + 25,400 RSUs with 2‑year schedules .
- Singapore law caps non‑employee director option terms at 5 years; Wave proposes larger grants to offset shorter terms versus typical 10‑year U.S. practice .
2024 equity grant values reported (grant date fair value, ASC 718):
- Share awards: $86,538; Option awards: $100,303; Total 2024 compensation: $236,216 .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company boards (past 5 years) | None disclosed in Ms. Tan’s biography in the proxy |
| Director commitments review | Nominating & Corporate Governance Committee reviewed director commitments and found them consistent with guidelines |
Expertise & Qualifications
- Bachelor of Accountancy (NTU, Singapore); member, Institute of Singapore Chartered Accountants .
- Former CFO (DuPont Titanium Technologies) and senior administrative/finance leadership at NTU; broad operations and strategic planning experience .
- Audit Committee Financial Expert designation; meets Nasdaq financial literacy standards .
Equity Ownership
| Measure | Amount | Date/Context |
|---|---|---|
| Beneficial ownership (ordinary shares) | 156,345 shares; represents <1% of outstanding shares | As of June 6, 2025; based on 155,562,665 shares outstanding |
| Options outstanding (aggregate) | 140,230 options | As of Dec 31, 2024 |
Options and RSUs detail (as of Dec 31, 2024):
- Options: 21,000 @ $9.13 expiring Aug 18, 2025; 21,000 @ $5.97 expiring Aug 16, 2026; 21,000 @ $3.50 expiring Aug 15, 2027; 45,000 @ $4.585 expiring Aug 7, 2028; 32,230 @ $5.37 expiring Aug 12, 2029 .
- RSUs: 16,115 time‑based RSUs granted Aug 12, 2024 (annual grant) .
Governance Assessment
- Strengths: Independent director; Audit Committee member and SEC‑defined “audit committee financial expert”—supports financial oversight. Board/committee attendance compliance in 2024 underscores engagement .
- Alignment: Majority of 2024 director pay delivered in equity (options/RSUs), reinforcing alignment with shareholder interests; specific values: cash $49,375 vs equity grant values $86,538 (RSUs) and $100,303 (options) .
- Capacity: No other public company boards disclosed; N&CG Committee reviewed outside commitments and found them appropriate—reduces overboarding risk .
- Structural Considerations: As the sole Singapore‑resident director, Ms. Tan must remain until a resident successor is appointed if not re‑elected, which can temporarily constrain board refresh flexibility—monitor succession planning for resident director requirement .
- Pay Structure Watch‑Item (noted across all non‑employee directors): Proposed 2025 policy increases option grant sizes to offset Singapore’s 5‑year option term limit. While rationale is disclosed, investors may monitor total director equity dilution trends over time .
- Related‑Party Transactions: The proxy includes a related‑party transactions section overseen by the Audit Committee; the retrieved excerpts did not identify items specifically attributing a related‑party transaction to Ms. Tan in 2024 (continue to monitor full section in future filings) .
RED FLAGS to monitor:
- Dependence on a single Singapore‑resident director for statutory compliance (succession/continuity risk if not promptly replaced upon turnover) .
- Rising director option sizes under the 2025 proposal due to legal term limits (potential pay/dilution optics) .