Fred Hu
ChubbAbout Fred Hu
Fred Hu (age 61) is the Chairman and Chief Executive Officer of Primavera Capital Group, which he founded in 2011; he holds a Ph.D. in economics from Harvard University and previously served as Partner and Chairman of Greater China at Goldman Sachs, as well as an economist at the IMF and a professor/co-director at Tsinghua University . He is a new nominee to Chubb’s Board in 2025 and has been determined by the Board to be independent under NYSE standards, with the Board noting his prior consulting for Chubb did not constitute a material relationship affecting independence .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs Group Inc. | Partner; Chairman of Greater China | Prior to 2011 (dates not specified) | Senior leadership in investment banking and China strategy |
| International Monetary Fund (IMF) | Economist | Prior role (dates not specified) | Macroeconomic analysis; public policy exposure |
| Tsinghua University | Professor; Co-Director, National Center for Economic Research | Prior role (dates not specified) | Academic leadership; economics research |
| Ant Group | Director | Aug 2020 – Mar 2022 | Governance of fintech platform in China |
| Hang Seng Bank Limited | Director | May 2011 – May 2018 | Bank board oversight |
| Hong Kong Exchanges and Clearing Limited | Director | Nov 2014 – Apr 2021 | Market infrastructure governance |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Yum China Holdings Inc. | Chairman of the Board | Current | Restaurant holding company; chair role indicates leadership and governance oversight |
| Industrial and Commercial Bank of China (ICBC) | Director | Current | Global financial services; large state-affiliated bank |
| UBS Group AG | Director | Current | Global financial services; capital markets and risk oversight |
Board Governance
- Expected committee membership at Chubb: Risk & Finance Committee (member); no chair roles indicated for Mr. Hu .
- Independence: Board affirmed independence; prior consulting to Chubb’s Board assessed as non-material .
- Board activity context: Chubb’s Board met five times during 2024; all directors met at least 75% attendance thresholds. As a new nominee, Mr. Hu had no 2024 attendance record at Chubb .
| Item | Detail |
|---|---|
| Director Since | New Nominee (2025) |
| Committee Assignment | Risk & Finance – member (expected) |
| Independence | Independent under NYSE standards |
| 2024 Attendance | Not applicable (not a director in 2024) |
Fixed Compensation
Director pay at Chubb is fixed and market-based; it is not tied to corporate performance targets. The standard components and current parameter changes are as follows :
| Component | Amount/Terms |
|---|---|
| Annual cash retainer (effective as of 2025 AGM) | $150,000 cash, paid quarterly |
| Annual equity retainer (restricted stock; effective as of 2025 AGM) | $225,000 grant at AGM; becomes non-forfeitable at next AGM if continuous service |
| Committee chair fees | Audit $40,000; Compensation $30,000; Nominating & Governance $25,000; Risk & Finance $35,000 (paid quarterly) |
| Lead Director fee | $100,000 (paid quarterly) |
| Meeting fees | Eliminated for special Board/committee meetings (effective 2025) |
| Charitable match | Up to $40,000 per year of director charitable contributions |
Additional terms: Directors may elect to receive all compensation in restricted stock; the equity awards vest at the end of the plan year (next AGM) contingent on continuous service .
Performance Compensation
| Item | Detail |
|---|---|
| Pay-for-performance linkage | None; director compensation is not tied to corporate performance metrics |
| Equity award type | Time-based restricted stock; no performance metrics (no PSUs) |
| Metrics and targets | Not applicable (no TSR/financial/ESG metrics for directors) |
Other Directorships & Interlocks
| Entity | Mr. Hu Role | Interlock Consideration |
|---|---|---|
| UBS Group AG | Director (current) | Robert W. Scully, Chubb’s Audit Chair, previously served as a director of UBS; historical network, not a current interlock |
| ICBC | Director (current) | No Chubb board cross-directorship disclosed |
| Yum China | Chairman (current) | No Chubb board cross-directorship disclosed |
Chubb’s proxy discloses related-party transactions policies and lists specific 2024 transactions (e.g., Starr, BlackRock), but no related-party transactions involving Mr. Hu or Primavera are disclosed; the Board determined no material relationships affecting his independence .
Expertise & Qualifications
- Strategic and international leadership in Asia/China; deep finance and capital markets experience; corporate leadership and public policy expertise .
- Academic and policy credentials (Harvard Ph.D.; IMF economist; Tsinghua professor/co-director), enhancing risk, macro, and regulatory insight valuable to an insurer’s global board .
Equity Ownership
| As-of Date | Common Shares Beneficially Owned | Common Shares Subject to Options (60 days) | Restricted Common Shares |
|---|---|---|---|
| March 21, 2025 | 0 | 0 | 0 |
Ownership alignment framework:
- Director stock ownership requirement increased in Feb 2025 to five times the annual cash retainer (minimum $750,000) with five years to achieve; restricted stock (vested/unvested) and prior deferred units count toward the minimum .
- Directors are prohibited from pledging or hedging Chubb Common Shares under corporate policies .
- As a new nominee with no beneficial holdings as of March 21, 2025, Mr. Hu would have up to five years post-election to meet the ownership guideline .
Governance Assessment
- Strengths: Independent status affirmed; seasoned global financial and policy expertise; expected placement on Risk & Finance Committee aligns with his capital markets and risk oversight background, potentially enhancing board effectiveness in reinsurance/investment oversight .
- Alignment: Director equity ownership guidelines increased to $750,000 (5× cash retainer), with prohibition on pledging/hedging, supporting long-term alignment; Mr. Hu will need to build ownership from zero over the five-year compliance window post-election .
- Pay structure: Fixed cash and time-based equity retainer; no meeting fees; chair fees aligned to responsibility; compensation determined via independent consultant benchmarking (Farient), which supports governance rigour but lacks performance linkage by design for directors .
- Conflicts/related-party exposure: No related-party transactions disclosed involving Mr. Hu; Board applied categorical independence standards and explicitly assessed his prior consulting for immateriality; Chubb’s guidelines provide pre-approval thresholds and monitoring for related-party transactions, mitigating conflict risk .
- Engagement: Chubb provides onboarding and continuing education; Board met five times in 2024 with robust attendance, suggesting active oversight culture Mr. Hu would join, although his individual attendance data will commence post-election .