Perry M. Traquina
Director at ALL
Board
About Perry M. Traquina
Independent director of The Allstate Corporation since 2016 (8 years), age 69. Former Chairman, CEO and Managing Partner of Wellington Management Company LLP, one of the world’s largest global investment managers. Currently chairs Allstate’s Compensation and Human Capital Committee and serves on the Risk and Return Committee; attendance at Board/Committee meetings was 100% in 2024. He also serves on the boards of Morgan Stanley and eBay Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wellington Management Company LLP | Chairman, CEO, Managing Partner | 2004 – June 2014 | Led one of the world’s largest investment firms; deep risk/return management and executive succession experience |
| Wellington Management Company LLP | Partner; President | Not disclosed | Financial statements evaluation, global platform expansion; human capital/succession planning |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Morgan Stanley | Director; Chair of Risk Committee | 2015 – present | Risk oversight; financial services and regulated markets expertise |
| eBay Inc. | Director; Chair of Risk Committee; Audit Committee member | 2015 – present | Risk oversight; audit committee experience; accounting/finance expertise |
Board Governance
- Independence: The Board determined all nominees other than the CEO are independent; Traquina is independent under NYSE and Allstate’s Director Independence Standards .
- Committees: Chair, Compensation and Human Capital Committee; Member, Risk and Return Committee; by structure, committee chairs sit on the Executive Committee alongside the Lead Director and Board Chair (no Executive Committee meetings were necessary in 2024) .
- Attendance and engagement: 100% attendance; directors hold executive sessions at every regular Board and committee meeting; committees may hire independent advisors; shareholder engagement >35% of shares engaged since 2024 annual meeting .
- Related-person transactions: None identified since the beginning of 2024 .
- Board effectiveness: Annual board/committee/director evaluations; limits on outside boards (≤4 for non-active executives); director retirement guideline age 72 (extensions permitted) .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) | Notes |
|---|---|---|---|---|
| 2024 | 155,000 | 175,058 | 330,058 | Compensation and Human Capital Committee Chair; elected to receive 100% of cash retainer in common stock |
| 2025 Director Retainer Updates | Cash Retainer ($) | Equity Retainer ($) | Effective |
|---|---|---|---|
| Approved adjustment | 135,000 | 190,000 | 2025 |
- Director stock ownership guidelines: Six times cash retainer within five years; all directors met guidelines except Ms. Turner (joined 2023) and Ms. Morris (joined 2024) — Traquina is in compliance .
- RSU grant mechanics for directors: Annual RSUs valued at fixed $ amount; 2024 grant date closing price $167.52; RSUs vest on the earlier of third anniversary or termination of Board service (subject to deferral options) .
Performance Compensation
As Compensation and Human Capital Committee Chair, Traquina oversees Allstate’s pay-for-performance design and outcomes:
| Annual Incentive Corporate Funding (% of target) | 2022 | 2023 | 2024 |
|---|---|---|---|
| AIP Funding | 57.5% | 50.0% | 188.1% |
| PSA Performance Cycles | 2021–2023 | 2022–2024 |
|---|---|---|
| PSA Payout (% of target) | 31% | 62.2% |
Key metrics and 2024 actuals used in incentive funding:
| Measure | Threshold | Target | Maximum | 2024 Actual | Funding |
|---|---|---|---|---|---|
| Performance Net Income ($M) | 2,060 | 3,660 | 5,260 | 5,213 | 197.1% |
| Market-Facing Businesses + Investments Roll-Up | — | — | — | — | 184.2% |
| Overall corporate payout | — | — | — | — | 188.1% |
PSA metrics framework (under Committee oversight):
- Measures: Average Performance Net Income ROE and Relative TSR vs peer group; ID&E metric included in active cycles, removed for 2025; payout range 0–200% .
- 2025–2027 mix: 60% Average Performance Net Income ROE; 40% Relative TSR; defined calculations and peer group methodology .
Compensation governance controls under Committee:
- Independent consultant (Pay Governance); annual independence review; clawbacks (mandatory Dodd-Frank and discretionary misconduct clawback); hedging/pledging prohibitions; majority of executive LTI performance-based .
Other Directorships & Interlocks
| Company | Industry | Relationship to ALL (potential) | Committee Roles (external) |
|---|---|---|---|
| Morgan Stanley | Financial services | Financial/intermediary; no related-person transactions disclosed | Chair, Risk Committee |
| eBay Inc. | Marketplace/e-commerce | Customer/supplier exposure unlikely; no related-person transactions disclosed | Chair, Risk Committee; Audit Committee member |
- Board service limits: Directors generally limited to ≤4 outside public boards; Traquina holds two, consistent with guidelines for non-active executives .
- Conflicts: All candidates screened for conflicts; no related-person transactions since 2024; independence affirmed .
Expertise & Qualifications
- Financial services and investment management: CEO of Wellington; deep accounting/finance and financial statements evaluation .
- Risk management: Chair of risk committees at Morgan Stanley and eBay; in-depth risk/return management in financial services .
- Succession/human capital: Executive compensation and succession planning experience; leads Compensation and Human Capital Committee .
- Global perspective and regulated markets: SEC/FINRA understanding; global platform leadership .
Equity Ownership
| Instrument | Quantity | Value/Notes |
|---|---|---|
| Director RSUs outstanding (12/31/24) | 13,661 | $2,633,704 (at $192.79 close) |
| Multiple of annual cash retainer | 28.1x | Demonstrates alignment with ownership guidelines |
| Deferred Compensation Plan – Common share units | 7,519 units | Non-voting, cash-settled; investment index options per plan |
| Hedging/Pledging | Prohibited; pledging exceptions require Chair/Lead Director approval; no exceptions disclosed for Traquina |
- Retainer elections: Traquina elected to receive 100% of cash retainer in common stock in 2024 .
- RSU conversion: RSUs granted on/after 6/1/2016 convert on the earlier of third anniversary or termination of Board service; deferral options available .
Governance Assessment
- Strengths: Independent status; 100% attendance; deep risk/return and compensation expertise; robust compensation governance (independent consultant; clawbacks; performance-heavy LTI); strong shareholder engagement (86% Say-on-Pay approval in 2024) .
- Alignment: Significant equity holding via RSUs and stock retainer election; compliance with director ownership guidelines .
- Risk oversight: Active member of Risk and Return Committee; cross-committee communication with Audit Committee chairs required per charters .
- Conflicts/Red Flags: No related-person transactions; hedging/pledging restriction in place; outside board commitments within guidelines; no apparent interlocks with direct competitors/customers/suppliers disclosed .
- Watch items: Continued scrutiny of director compensation levels as cash/equity retainers increased for 2025; maintain independent consultant oversight and clawback enforcement .
Overall, Traquina’s credentials and roles support board effectiveness in pay-for-performance and risk oversight, with strong independence and alignment signals and no disclosed conflicts.