TRAVELERS COMPANIES, INC.

This proposal requests that Travelers publish, within its existing climate reporting, an assessment of how pricing increases and coverage reductions driven by climate risk are expected to affect the sustainability of its homeowners insurance customer base across near-, medium- and long-term climate scenarios. The proposal asks for scenario-based disclosure on customer retention and business viability as the company adjusts underwriting and pricing in response to climate-driven catastrophe risk. The proponent asserts that without this disclosure shareholders cannot fully assess the long-term financial sustainability of Travelers’ largest personal insurance segment. The proposal was submitted by As You Sow and includes a detailed WHEREAS rationale describing rising catastrophe losses, premium increases, and related customer affordability concerns.

This proposal asks the Board to adopt a formal policy, and amend governing documents if necessary, to ensure the roles of Board Chairman and Chief Executive Officer are held by separate individuals and that the Chairman be an independent director. It specifies that an independent Lead Director is not a substitute and allows the Board to appoint an interim, non-independent Chairman while it seeks an independent Chair on an accelerated basis. The proposal states the change may be phased in at the next CEO contract renewal or transition and argues separation would enhance oversight, mitigate conflicts of interest and strengthen accountability. The proposal was submitted by John Chevedden and references perceived governance and performance concerns noted by the proponent.