Nancy K. Buese
ChubbAbout Nancy K. Buese
Independent director since 2023; age 55. Former CFO of Baker Hughes (Nov 2022–Feb 2025; currently strategic advisor) and Newmont (Oct 2016–Nov 2022); CPA and former EY partner. Serves on Chubb’s Audit Committee; Board determined she is independent under NYSE standards. Board met five times in 2024, and all directors attended at least 75% of Board/committee meetings in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Baker Hughes Company | Chief Financial Officer; Strategic Advisor | CFO: Nov 2022–Feb 2025; Strategic Advisor currently | Financial leadership in energy sector; sustainability insights |
| Newmont Corporation | EVP & Chief Financial Officer | Oct 2016–Nov 2022 | Public company CFO; financial reporting oversight |
| MPLX / MarkWest Energy Partners, L.P. | EVP & Chief Financial Officer | MarkWest: 11 years; MPLX post-2015 (dates not specified) | Long-tenured energy midstream finance leadership |
| Ernst & Young | Partner | Not disclosed | CPA; audit and financial reporting expertise |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Williams Companies, Inc. | Director | 2018–Feb 2023 | Compensation & Management Development; Environmental, Health & Safety Committees |
| UMB Financial Corporation | Director; Audit Committee Chair | 2009–2017 | Chaired audit; governance and oversight |
Board Governance
- Committee assignments: Audit Committee member; Audit Committee chaired by Robert W. Scully; members are independent and “audit committee financial experts.” The Audit Committee held 14 meetings plus one in-depth session in 2024.
- Independence: Board determined Buese and the majority of nominees are independent under NYSE standards.
- Attendance: Board met five times in 2024; all directors attended at least 75% of Board and committee meetings of which they were members.
- Executive sessions: Independent directors hold executive sessions at each regular Board meeting led by the Lead Independent Director.
Fixed Compensation
| Component | Amount/Structure | 2024 Details for N.K. Buese |
|---|---|---|
| Annual cash retainer | $135,000 (paid quarterly) | $33,750 cash paid; remainder elected in stock |
| Annual equity retainer (restricted stock) | $190,000 grant-date fair value; vests at next AGM | $325,008 stock awards; includes 509 RSAs in lieu of cash retainer; grant date price $264.88; vest at 2025 AGM |
| Committee chair fees | Audit $40k; Comp $25k; N&G $25k; Risk & Finance $35k | Not a chair; no chair fees reported |
| Meeting fees | None in 2024 | None |
| Charitable match | Up to $40,000 per director | $40,000 reported in “All Other Compensation” |
Notes: Director compensation is fixed (cash + time-based equity) and not tied to performance metrics; directors may elect to receive fees in stock, enhancing alignment.
Performance Compensation
Directors do not receive performance-based pay. For context on pay-for-performance for executives (not applicable to directors), Chubb’s Compensation Committee evaluates five key metrics and TSR; 2024 metric outcomes are below.
| Metric (Company-level) | 2024 Result | Peer Percentile / Plan Context |
|---|---|---|
| Core operating income | $9.20B | Exceeded plan; record when adjusted for Bermuda tax; 40th percentile adj.; last on reported due to distortions |
| P&C combined ratio | 86.6% | Best among peers (100th percentile); beat plan |
| Core operating ROE | 13.9% | Exceeded plan; 48th percentile (reported and adjusted) |
| Core operating ROTE | 21.6% | Exceeded plan; 80th percentile (reported and adjusted) |
| Tangible BVPS growth | 14.1% | 60th percentile; below plan/prior year (reported) |
| Total shareholder return | 23.9% (1-yr); 14.4% (3-yr annualized) | 20th (1-yr) and 32nd (3-yr) percentiles; cumulative 3-yr TSR 49.7% |
Other Directorships & Interlocks
- Energy industry experience (Baker Hughes, MarkWest/MPLX) provides sector insight relevant to Chubb’s underwriting; Board treats climate and sustainability as full-Board topics. No specific related-party or interlock conflicts disclosed for Buese.
- Related Party Transactions Guidelines require N&G Committee review of transactions; no Buese-related transactions disclosed.
Expertise & Qualifications
- Financial expertise: Public company CFO; audit committee chair experience; CPA; EY partner; designated audit committee financial expert.
- Industry experience: Energy and mining sector finance; sustainability perspectives valuable to insurance underwriting.
- Governance: Prior public boards; audit chair; strong financial reporting oversight background.
Equity Ownership
| As of March 21, 2025 | Shares |
|---|---|
| Common Shares Beneficially Owned | 728 |
| Restricted Common Shares (voting power; vesting as director grants) | 1,227 |
| Options | None |
| Ownership % of shares outstanding | Each individual <1% |
| Pledging/Hedging | New pledging and hedging prohibited for directors; no pledging disclosed for Buese |
| Director ownership guideline | 5× annual cash retainer (effective 2025): $750,000; 5-year compliance window from initial election (Buese elected 2023) |
Governance Assessment
- Strengths: Independent audit committee membership; deep CFO/audit background enhances financial oversight; high committee activity (14 audit meetings in 2024); election to receive retainer in stock increases alignment.
- Independence/attendance: Board confirmed independence; Board met five times; directors met ≥75% attendance threshold (no Buese exceptions noted).
- Compensation alignment: Director pay is market-based, fixed, with equity grants vesting annually; optional stock in lieu of cash demonstrates skin-in-the-game.
- RED FLAGS: None disclosed specific to Buese—no related-party transactions, no delinquent Section 16 filings. Broader company policies prohibit new pledging/hedging; related-party oversight robust.
2025 Parameter changes for directors (Board-level, not individual): Maximum Board compensation pool increased to $6.5M; cash retainer raised to $150k; equity retainer to $225k; eliminated per-meeting fees. Stock ownership guideline increased to 5× cash retainer ($750k).