Olivier Steimer
ChubbAbout Olivier Steimer
Independent director of Chubb Limited since 2008 (17 years of service), age 69; Swiss banking executive with chair/CEO-level experience, including former Chairman of Banque Cantonale Vaudoise (BCV) and senior leadership at Credit Suisse. A Swiss citizen and resident, he brings deep risk, finance and governance expertise; currently chairs Chubb’s Risk & Finance Committee and serves on the Executive Committee. Core credentials span sophisticated banking/finance, enterprise risk oversight, and Swiss market insight valuable to Chubb’s board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Banque Cantonale Vaudoise (BCV) | Chairman of the Board | Oct 2002 – Dec 2017 | Led governance and strategy at a major Swiss bank |
| Credit Suisse Group | CEO, Private Banking International; Group Executive Board member | 1983 – 2002 (most recent role) | Senior global private banking leadership; Group-wide executive oversight |
| Swiss National Bank (SNB) | Bank Council member; Vice Chairman | Member 2009 – 2021; Vice Chair 2012 – 2021 | Oversight of Switzerland’s central bank governance and risk |
| Swiss Finance Institute | Foundation Board Chairman | Until June 2017 | Stewardship of Swiss financial research/education |
| SBB CFF FFS (Swiss railways) | Board member; Vice Chairman | Member from 2003; Vice Chair 2010 – 2014 | Oversight in national infrastructure enterprise |
| Piguet Galland & Cie SA | Chairman of the Board | 2009 – 2012 | Governance at Swiss private bank |
External Roles
| Organization | Role | Since/Through | Notes |
|---|---|---|---|
| Allreal Holding AG | Board member | Since 2013 | Swiss real estate manager/developer |
| Bank Lombard Odier & Co. Ltd. | Board member | Since Jan 2018 | Swiss private bank |
Board Governance
- Committee assignments: Chair, Risk & Finance Committee; Member, Executive Committee. Risk & Finance oversees enterprise risk management, capital structure, financing arrangements and investments; held four meetings in 2024. The Executive Committee did not meet in 2024.
- Independence: The Board determined Steimer is independent under NYSE standards.
- Attendance: The Board met five times in 2024; all directors attended at least 75% of aggregate Board and committee meetings of which they were members.
- Board structure: 93% independent slate; independent executive sessions held regularly; robust governance guidelines and independence standards.
Fixed Compensation
| Component | Amount (USD) | Detail |
|---|---|---|
| Fees Earned or Paid in Cash (2024) | $167,500 | Cash retainer plus chair fees as applicable |
| All Other Compensation (2024) | $33,212 | Charitable matching contributions under director program |
| Director Compensation Framework (2024) | Cash retainer $135,000; Risk & Finance Chair fee $35,000; no per‑meeting fees | Paid quarterly; meeting fees not paid in 2024 |
| Parametric Changes Effective AGM 2025 | Cash retainer $150,000; Equity retainer $225,000; Comp Committee Chair fee $30,000; special meeting fees eliminated | Outside Directors Compensation Parameters updated by Compensation Committee |
Director compensation is fixed and not tied to corporate performance targets; amounts are market-based versus peers.
Performance Compensation
| Equity Award Type | Grant Date | Shares | Grant Date Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| Restricted Stock (Director) | Date of 2024 Annual General Meeting | 718 | $190,184 (based on $264.88/share) | Becomes non‑forfeitable on date of 2025 Annual General Meeting | None (time-based award for directors) |
- Directors may elect to take all compensation in restricted stock; awards are granted at the AGM and vest at the next AGM.
Other Directorships & Interlocks
| Company | Relationship to Chubb | Potential Interlock/Conflict Noted |
|---|---|---|
| Allreal Holding AG | External board service | No Chubb-related transactions disclosed involving Allreal – |
| Bank Lombard Odier & Co. Ltd. | External board service | No Chubb-related transactions disclosed involving Lombard Odier – |
- Related party transactions are reviewed under Chubb’s guidelines by the Nominating & Governance Committee; 2024 related party disclosures reference certain counterparties (e.g., BlackRock, T. Rowe Price, Starr) but no transactions involving Steimer were disclosed.
Expertise & Qualifications
- Senior banking/finance leadership (BCV Chair; Credit Suisse Group Executive Board; Private Banking International CEO), macro risk and policy governance (SNB Bank Council Vice Chair), and Swiss market/regulatory insight.
- Committee leadership in enterprise risk and capital oversight at Chubb (Risk & Finance Committee Chair).
Equity Ownership
| Holder | Common Shares Beneficially Owned | Options (Exercisable ≤60 days) | Restricted Common Shares | Ownership % of Outstanding |
|---|---|---|---|---|
| Olivier Steimer | 22,062 | — | 718 | <1% (individual holdings of each director are <1%) |
- Director stock ownership guidelines: minimum equity ownership increased to five times the annual cash retainer (new minimum $750,000) effective as of the 2025 AGM; directors have five years to comply; all directors with ≥5 years of service (includes Steimer) satisfy the guidelines. Hedging and new pledging of Chubb shares are prohibited.
Governance Assessment
- Board effectiveness: Steimer’s chairmanship of Risk & Finance aligns with his deep banking and risk background; committee met four times in 2024, consistent with active ERM oversight. Independence affirmed, and attendance met the Board’s threshold, supporting investor confidence in engagement and oversight.
- Alignment: Mixed cash/equity director pay with time-based RS aligns director interests without encouraging excessive risk-taking; ownership guideline compliance and anti‑hedging/pledging policies strengthen alignment.
- Conflicts/related parties: No Steimer‑specific related party transactions disclosed; Chubb’s related party policies and committee oversight mitigate potential conflicts. –
- RED FLAGS: None identified for Steimer (no delinquent Section 16 filings cited for him; attendance meets threshold; no hedging/pledging; no director‑specific pay anomalies).