Cincinnati Financial Expands Board
By Mark E. Ruquet
NU Online News Service, Aug. 20, 2:15 p.m. EST?An insurer listed on the California Public Employees Retirement System's "Focus List" of companies with poorly run governance has announced the expansion of its board of directors to 16.
Cincinnati Financial Corp. announced in a statement that the decision was made during a meeting of its board of directors on Aug. 16 to expand the board to 16 members, from 15.
Gretchen W. Price was named to serve as a new member of the board.
The Cincinnati-based insurer said Ms. Price is vice president, finance and accounting, global market development organization, for The Procter & Gamble Company.
She is a certified internal auditor and was a member of the Chapter Board of Governors for the Institute of Internal Auditors and the Financial Executives Institute, the company said.
Cincinnati Financial was the subject of a story on corporate governance in the National Underwriter's Financial & Investment Review (NU, July 22, page 10).
The Sacramento, Calif.-based CalPERS, after listing the insurer on its "Focus List," pushed for a stockholders' vote to change the structure of the board of directors.
The fund sought to have all board members free of any connection with the company?six of the board members are independent agents with ties to the company.
Management and board members denied any conflict in their consideration of company business. The company said it was open to discussion with stockholders and CalPERS over any concerns.
Stockholders agreed, defeating the proposal in April with 75 percent of the shareholders voting against the CalPERS initiative.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
