The Disagreement: Cincinnati Financial Versus CalPERS
When the Sacramento, Calif.-based pension fund California Public Employees Retirement System listed Cincinnati Financial Corp. on its “Focus List” of companies with poorly run governance, executives were “caught blind,” according to Kenneth W. Stecher, the insurers chief financial officer.
The company, which traces its beginnings back to 1950, was started by agents and has always retained a strong relationship with independent agents, both executives in the company and observers outside of the company have said. Founder John J. Schiff Sr. is responsible for starting that relationship, and it seems only natural that the company would want to keep it going, they said.
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