Commitment to Corporate Citizenship
Corporate Citizenship Overview
We believe we have a responsibility to be a good corporate citizen and actively contribute to the vitality and resilience of the communities we serve. From our commitment to the environment and sustainable practices to our wide-ranging civic and charitable endeavors, we’re dedicated to fostering strong, thriving communities, and we’re guided by robust governance principles to ensure we operate responsibly. And this way of working extends beyond our offices. Our employees are devoted to their communities and logged more than 143,000 hours of volunteer time in 2017.
Our Corporate Citizenship and ESG strategies are overseen by Travelers’ ESG Committee, a multi-disciplinary group of representatives from across the company with expertise in environmental, social and governance issues. This team of senior leaders, including Vice Chairmen and Executive Vice Presidents, regularly advises the company’s Operating Committee and Management Committee, as well as the Board of Directors, on ESG issues that could impact the company and ensures Travelers is a leading corporate citizen.
Environment and Sustainability
Across all aspects of our business and through public policy initiatives, Travelers promotes responsible environmental practices that seek to reduce our carbon footprint and build resilient communities. These practices, outlined in a corporate policy approved by senior management, extend to the work we do with our customers in helping them mitigate risks associated with changing climate conditions.
- Provide climate risk transparency through the annual NAIC Insurer Climate Risk Survey and CDP response.
- Conduct comprehensive vendor selection and supply chain management processes, including review of climate and environmental considerations, where appropriate.
- Provide consumer education and awareness through the Prepare & Prevent campaign.
- Develop insurance products to encourage adoption of fortified home construction, green buildings and hybrid/electric vehicles.
- Partnered with Habitat for Humanity® and Insurance Institute for Business and Home Safety (IBHS) to construct IBHS FORTIFIED™ homes in coastal areas.
- Sponsor comprehensive Coastal Wind Zone Plan to address sustainability of coastal insurance since 2009.
- Ensure all Travelers-owned campuses are ENERGY STAR® certified and undergo an annual recertification process.
- Created the annual Excellence in Community Resilience Award to recognize organizations that demonstrate leadership in addressing disaster preparedness and community resiliency.
- Multiyear partnership with The Weather Company to provide disaster readiness expertise and best practices to consumers in areas experiencing severe weather.
* To learn more, visit our Environment and Sustainability page.
Social Responsibility and Investment in our Employees and in our Communities
From charitable giving and employee volunteer activities to signature philanthropic programs, we’re dedicated to helping the communities in which we live and work. Travelers focuses on improving academic and career success, enhancing lives through arts and culture and developing thriving neighborhoods. We’re also committed to ensuring that our hiring practices and employee engagement activities cultivate a diverse, inclusive and sustainable workforce.
- Proudly committed to the protection of human rights everywhere we do business, as described in our Human Rights Statement.
- Provided more than $200 million in charitable giving through Travelers and the Travelers Foundation over the past decade, focused on supporting academic and career success, developing thriving neighborhoods and creating culturally enriched communities.
- Title sponsor of the annual Travelers Championship, which donates all net proceeds to local charities, totaling more than $14.7 million since Travelers became title sponsor in 2007.
- Partnered with KaBOOM! in 2016 to build six playgrounds in urban neighborhoods throughout the United States.
- Began a three-year, $1 million commitment to Team Rubicon in 2016 to launch its Mobile Engagement Team for disaster recovery.
- Committed to hiring and developing a diverse and sustainable workforce, including through eight Diversity Networks, leadership and development programs for top talent, and entry-level diversity recruiting programs.
- Committed to paying our employees equitably, regardless of gender, race and any other protected classification.
- Published a Supplier Code of Conduct to document our expectation that our contractors, consultants, suppliers and vendors demonstrate their commitment to ethical, humane, socially responsible and legally compliant business practices.
- Established Travelers EDGE® in 2007 to increase the number of underrepresented students who complete bachelor’s degrees and are prepared for careers. Travelers EDGE® has supported more than 400 underrepresented scholars.
- Over the past decade, Travelers EDGE® has reached students from middle school through college, with academic and career awareness programs supported by more than $23 million in financial contributions to schools, students and nonprofit partners.
- More than 143,000 employee volunteer hours logged in 2017, with key partnerships, including Habitat for Humanity® and Junior Achievement®.
- Serve as a leader in public policy through the Travelers Institute, including symposia series on disaster preparedness, consumer insurance education, cyber risks and assisting small businesses in overcoming everyday challenges.
- Launched the Small Business Risk Education program in 2012 to help women and minority small business owners learn about risk management, develop safety risk management plans and qualify for microloans.
- Conduct the annual Travelers “Business Risk Index” surveying business owners and individuals to help the public understand top risks and gauge readiness for business continuity and disaster preparedness.
Governance and Transparency
The Board of Directors and management of Travelers is committed to implementing sound corporate governance practices to ensure our company operates ethically and with integrity to promote the long-term interests of our shareholders.
- 12 of 13 Board members are independent, with Risk, Audit, Nominating and Governance, Investment and Capital Markets, and Compensation committees composed of and chaired by independent directors.
- The current board is diverse in terms of gender, ethnicity, experience and skills. In accordance with the Company’s Governance Guidelines, in selecting future director nominees, the Board considers, among other criteria, diversity of viewpoints, background, experience and other demographics.
- Governance Guidelines require an independent Board Chair or lead independent director.
- Enterprise risk management integrated in our operations; with oversight by both Board and Management Risk Committees.
- Implemented a proxy access bylaw, which allows shareholders to include director nominees in the Company’s proxy statement if certain conditions are met.
- Over 50% of annual director compensation is in the form of equity that is required to be held through the director’s retirement from the Board, aligning director interests with those of long-term shareholders.
- Ongoing engagement with numerous external organizations, including MSCI ESG Research Inc., NAIC Insurer Climate Group, Bloomberg LP ESG Group, RobecoSAM and FTSE4Good.
- 100% of employees complete training on and certify compliance with the Travelers Code of Conduct.