Sari Granat
ASSURANTAbout Sari Granat
Independent director of Assurant, Inc. since May 2022; age 54. Granat brings deep technology, risk, and governance experience as President & Chief Operating Officer of Chainalysis (2022–present) and former EVP, Chief Administrative Officer & General Counsel of IHS Markit (2015–2022). She serves on Assurant’s Compensation & Talent and Information Technology Committees and was affirmatively determined independent by the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IHS Markit | EVP, Chief Administrative Officer & General Counsel | 2015–2022 | Led IPO and two transformational public company mergers; prepared and facilitated board committee materials; led talent/culture initiatives |
| Various public/private companies | VP/SVP/EVP roles | Not specified | Oversight responsibility for finance and people teams; executive compensation disclosure |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Chainalysis | President & COO | 2022–present | Executive leadership in technology/fintech |
| Venture Global LNG, Inc. | Director | Since 2024 | Nominating Committee Member |
| Comply (f/k/a ComplySci) | Director | 2021–2022 | Board service |
| Opening Act (non-profit) | Director | 2016–2024 | Finance, Audit, and Fundraising Committees |
Board Governance
- Committee assignments: Compensation & Talent Committee member; Information Technology Committee member .
- Independence: Board affirmatively determined Granat is independent; all Board committees are independent .
- Attendance: All directors attended at least 75% of combined Board and committee meetings in 2024; all directors attended the 2024 annual meeting .
- 2024/2025 committee meeting cadence:
Committee Meetings in 2024 Board 8 Audit 11 Compensation & Talent 6 Finance & Risk 5 Information Technology 4 Nominating & Corporate Governance 5 - Director election (May 21, 2025): Votes for Sari Granat 45,131,975; against 591,402; abstentions 36,124; broker non-votes 2,597,457 .
- Executive sessions: Independent directors meet in executive session generally at each Board and committee meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-management directors) | $110,000 | Paid quarterly; directors may defer under ADC Plan; company reimburses reasonable travel expenses |
| Committee chair fees | NA for Granat | Chair fees: Board Chair $200,000; Audit $30,000; Compensation & Talent $25,000; Finance & Risk $25,000; IT $20,000; Nominating & Governance $20,000 (only for chairs) |
| 2024 cash earned (Granat) | $110,000 | Director Compensation Table for FY2024 shows $110,000 fees earned for Granat |
| Other compensation (matching gifts) | $500 | Assurant Foundation matches up to $1,000 annually; Granat $500 in 2024 |
Performance Compensation
| Equity Element | Grant Value | Vesting | Settlement/Dividends | Acceleration |
|---|---|---|---|---|
| Annual RSU grant (directors) | $160,000 grant-date fair value | Vests in 3 equal annual installments on each of the first 3 anniversaries | Settlement deferred until separation from Board; quarterly dividend equivalents accrue and are paid in cash upon separation | Full vesting upon change in control or retirement after age 55 with ≥5 consecutive years of Board service |
| 2024 stock awards (Granat) | $160,034 | RSU value as reported in FY2024 director compensation table | As per plan terms above | As per plan terms above |
No performance metrics (TSR/financial KPIs) apply to director equity awards; equity is time-based RSUs (not PSUs) .
Other Directorships & Interlocks
- Public company: Venture Global LNG, Inc. (Nominating Committee Member) .
- Private/non-profit: Comply/ComplySci (Director 2021–2022); Opening Act (Finance/Audit/Fundraising Committees 2016–2024) .
- Transactions/conflicts review: The Board considered ordinary-course, arm’s-length transactions with companies where directors (including Granat) are affiliated and determined there were no material transactions or interests; Assurant owns immaterial amounts of publicly traded bonds of companies where Granat and certain directors are affiliated .
- Related party transactions: None requiring disclosure for 2024; robust related person transaction policy and procedures in place .
Expertise & Qualifications
- Corporate governance & sustainability: Led IPO and two major public mergers; prepared/facilitated board committee materials; led employee resource groups .
- Finance/capital: Budgeting, financial planning/reporting, M&A; executive oversight of finance/operations .
- Global operations: Managed global teams; oversight of international entities, contracts, tax, employment; cross-border transactions .
- Risk management: Oversight of global risk/compliance; enterprise programs and risk taxonomy .
- Technology/data: Deep technology/fintech experience; privacy/IP strategy; enterprise technology oversight .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (as of Feb 14, 2025) | 1,006 shares; less than 1% of class |
| Composition | Includes vested RSUs and RSUs vesting on/within 60 days; settlement deferred until separation from Board |
| Stock ownership guidelines (directors) | Minimum market value of 5× annual cash retainer; 5-year compliance window from appointment; RSUs (vested/unvested) count; PSUs unearned excluded |
| Compliance status | As of Dec 31, 2024, all non-employee directors were in compliance (considering the 5-year transition period) |
| Hedging/pledging | Prohibited for employees and directors under insider trading policy |
Governance Assessment
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Strengths
- Independence, strong attendance (≥75%) and active service on Compensation & Talent (with independent consultant Pearl Meyer) and Information Technology committees strengthen board effectiveness and oversight of talent, pay, and cybersecurity/AI strategy .
- Time-based RSU structure with deferred settlement, CIC/retirement acceleration, and robust ownership guidelines/anti-hedging policies enhance alignment and minimize speculative risk .
- Shareholder support: Say-on-pay historically strong (≈96% approval in 2024); 2025 advisory vote counts indicate continued support (For 45,660,833; Against 46,574; Abstain 52,094; Broker non-votes 2,597,457) .
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Watch items
- External executive role (Chainalysis) and Venture Global LNG directorship warrant continued monitoring for any evolving interlocks; Board’s 2024 conflicts review found no material transactions or interests, and ordinary-course exposures were immaterial .
- Director RSU awards vest time-based (no performance metrics), which is standard but offers less performance linkage than PSU designs used for executives; mitigated by ownership guidelines and deferred settlement .
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2025 governance changes: Stockholders approved Charter amendments enabling a stockholder special meeting right at a 25% ownership threshold and officer exculpation; the Board recommended against a 10% special meeting threshold in the shareholder proposal (Proposal 7 failed) . These changes modestly expand stockholder rights while balancing administrative burden.
Director Compensation (FY2024 summary for Granat)
| Component | FY2024 Amount |
|---|---|
| Cash fees (retainer + any committee chair fees) | $110,000 |
| Stock awards (RSUs) | $160,034 |
| All other compensation (matching gifts) | $500 |
| Total | $270,534 |
Committee Assignments
| Committee | Role |
|---|---|
| Compensation & Talent | Member |
| Information Technology | Member |