Rajiv Basu
ASSURANTAbout Rajiv Basu
Independent director at Assurant (AIZ) since March 2023; age 66; member of the Audit and Finance & Risk Committees . Designated “audit committee financial expert” under SEC rules; independent under NYSE/SEC standards . Career audit/advisory leader with Deloitte; fellow of the Institute of Chartered Accountants in England & Wales (ICAEW) and New York CPA; extensive global experience (London, Mumbai, New York, Singapore) . Tenure on AIZ board: 2 years (as of 2025 proxy) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte & Touche LLP | Chief Audit Quality Leader, Southeast Asia | 2020–2021 | Led audit quality program oversight |
| Deloitte & Touche LLP | Audit & Advisory Partner | 2005–2020 | Global audit/advisory leadership; risk management emphasis |
| Deloitte & Touche LLP | M&A Transaction Support Leader, Financial Services | 2004–2005 | Accounting, financial reporting, M&A diligence leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ascend (Pan-Asian leadership org.) | Officer and Board Member | 10 years | Founding member; governance/talent and culture initiatives |
| Other public company boards | — | None | No current public company directorships |
Board Governance
- Committee assignments: Audit; Finance & Risk .
- Audit Committee Financial Expert designation: Yes (Basu, Reilly, Carter) .
- Independence: Board determined Basu is independent; audit and compensation committee members are independent .
- Attendance and engagement: All directors attended at least 75% of combined Board/committee meetings in 2024 and attended the 2024 Annual Meeting; Board met 8x; Audit 11x; Compensation & Talent 6x; Finance & Risk 5x; IT 4x; Nominating & Corporate Governance 5x; executive sessions of independent directors generally at each meeting .
- Board leadership: Independent Chair (Elaine D. Rosen); Chair presides over executive sessions; CEO not on any committees .
- Other boards/interlocks: None for Basu; Board reviewed relationships and found no material transactions involving independent directors .
Fixed Compensation
| Component | FY2024 Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $110,000 |
| All Other Compensation | $750 |
| Total Cash/Other | $110,750 |
Notes: Individual meeting fees not used; cash reflects annual retainer structure; no separate disclosure of committee membership fees specific to Basu in proxy excerpts .
Performance Compensation
| Component | FY2024 Value (USD) | Structure | Vesting/Units |
|---|---|---|---|
| Stock Awards (RSUs) | $160,034 | Time-based RSUs under Directors Compensation Plan | Basu held 1,771 unvested RSUs as of Dec 31, 2024 |
| Option Awards | $0 | — | — |
| Non-Equity Incentive Plan Compensation | $0 | — | — |
- Mix and alignment: Equity comprised ~59% of total FY2024 director compensation for Basu ($160,034/$270,784), with cash at ~41% ($110,000/$270,784), supporting long-term alignment via RSUs .
Other Directorships & Interlocks
| Organization | Type | Role | Interlock/Conflict Indicator |
|---|---|---|---|
| None | Public company | — | No other public boards; no identified interlocks |
Expertise & Qualifications
- Finance, capital, and investments: 40+ years in accounting, financial reporting, M&A; ICAEW fellow; NY CPA .
- Insurance/financial services specialization: 39+ years; deep sector understanding .
- Governance & sustainability: Leadership in governance; talent/culture initiatives; Ascend founding member/officer/board .
- Risk management: Quality assurance and high standards for risk reduction .
- Global background: Lived/worked in London, Mumbai, New York, Singapore .
- Leadership: Senior global audit/advisory roles .
Equity Ownership
| Item | Value |
|---|---|
| Shares beneficially owned (Feb 14, 2025) | 411 |
| % of shares outstanding | <1% (of 50,791,921 shares outstanding) |
| Shares outstanding (reference) | 50,791,921 |
| Unvested RSUs (as of Dec 31, 2024) | 1,771 |
| RSU settlement policy | Certain director RSUs settle only upon separation from Board; Basu’s 411 shares included are deferred |
- Hedging/pledging: Not disclosed in provided excerpts; no pledging noted in ownership table .
Governance Assessment
- Strengths: Independent director; audit committee financial expert; meaningful sector expertise; strong risk/audit background enhances committee oversight effectiveness .
- Engagement: Meets attendance expectations; participates in executive sessions; Board structure emphasizes independent leadership and robust committee cadence .
- Alignment: Compensation skewed to equity RSUs (≈59% of total) and modest cash retainer, typical for independent directors; unvested RSUs and deferred settlement promote long-term alignment .
- Conflicts/related-party exposure: Board’s annual independence review found no material transactions involving independent directors; no other public company boards for Basu reduces interlock risk .
RED FLAGS: None identified in available disclosures (no related-party transactions, no option repricing, no tax gross-ups or director bonuses indicated; individual attendance above 75% not separately disclosed but Board-wide compliance affirmed) .
Reference materials: Corporate Governance Guidelines and committee charters available on Assurant IR site; committee independence affirmed; executive sessions led by independent Chair .