Robert Kelly Doherty
SELECTIVE INSURANCE GROUPAbout Robert Kelly Doherty
Independent director (age 66), director since 2015, and Lead Independent Director since 2022 at Selective Insurance Group (SIGI). Background includes founding and serving as Managing Partner of Caymen Partners (since 1999), prior senior roles at Bankers Trust (Vice Chairman; global trading/investment operations), and a B.A. from Princeton University . Board service emphasizes investment expertise and senior management experience, with committee assignments on Audit, Finance & Investments, and Executive .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Caymen Partners | Managing Partner & Founder | Since 1999 | Investment advisory leadership; private/public market experience |
| Caymen Advisors | Managing Partner | 1999–2020 | Investment advisory, private equity insights |
| Bankers Trust Company/Bankers Trust New York Corporation | Vice Chairman; various positions in global trading and investment operations | 1982–1998 (Vice Chairman 1997–1998) | Senior financial services leadership; strategy execution |
| Cyota, Inc. | Director; Non-Executive Chairman | 2000–2005 (Chairman 2002–2005) | Governance oversight at a technology firm |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Harding Loevner Funds, Inc. | Director; Lead Director & Audit Committee Member | Director since 2004; Lead Director/Audit since 2014 | Investment fiduciary; audit oversight |
Board Governance
- Current SIGI board roles: Independent Director; Lead Independent Director (since 2022); member of Audit, Finance & Investments, and Executive Committees .
- Committee meeting cadence (2024): Audit (6), Finance & Investments (5), Risk (4), Corporate Governance & Nominating (4), Compensation & Human Capital (6), Executive (1) .
- Lead Independent Director responsibilities include presiding over independent director sessions, agenda influence, serving as point of contact, ensuring mutual understanding between board and CEO, and calling executive sessions; anticipated LID tenure up to ~5 consecutive years to balance rotation and experienced leadership .
- Independence: Board determined Doherty is independent; reviewed his son’s employment as a Partner at Goldman Sachs—SIGI engaged Goldman as investment banking advisor with no fees paid in 2024 and is migrating its money market fund portal to Goldman’s Mosaic platform with no expected payments; his son’s SIGI policy was obtained at market rates via an independent agent; Board concluded these do not affect Doherty’s independence .
- Attendance and engagement: Board held 7 meetings in 2024; independent directors met 4 times without management; all directors attended at least 75% of board and committee meetings, with average attendance over 98%; all directors virtually attended the 2024 Annual Meeting .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Retainer (standard program) | $100,000 | Cash or stock election; paid after Annual Meeting |
| Lead Independent Director Fee (program) | $40,000 | Paid in cash |
| Committee Member Retainer (third standing committee only) | $8,000 | Executive Committee has no retainer unless CHCC determines otherwise |
| 2024 Cash Paid to Doherty | $140,000 | Consistent with retainer + LID role; his actual fees earned in cash |
Performance Compensation
| Equity Element | Grant Date Fair Value | Units/Detail | Vesting/Performance |
|---|---|---|---|
| Annual Director RSU Grant (2024) | $110,004 | Unvested RSUs 1,141 at 12/31/2024; per-share grant date fair value $96.41 | Non-employee director grants are RSUs under the 2024 Omnibus Stock Plan; not performance-based |
Directors had the option to receive retainer in stock; Doherty did not elect stock for the retainer in 2024 (no shares shown under annual retainer stock election) .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict |
|---|---|---|
| Harding Loevner Funds, Inc. | Lead Director; Audit Committee Member | No SIGI-related transactions disclosed; not identified as a related-party exposure in SIGI’s proxy . |
Expertise & Qualifications
- Significant investment expertise in public and private markets; advisory role in SIGI’s investment strategies, notably private equity .
- Senior management experience at a major financial services firm; familiarity with strategy development and execution .
- Financial statement/audit/public disclosure skills via Audit Committee membership; governance leadership as LID .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (common shares) | 22,673 | As of Feb 20, 2025; less than 1% of class |
| Unvested RSUs (Director grant) | 1,141 | As of Dec 31, 2024 |
| Pledged/Margin | None | No margin accounts or pledged shares among directors |
| Ownership guideline (Directors) | 5× annual retainer | Must meet within 5 years; counts RS/RSUs and plan shares; unexercised options excluded |
| Compliance status | Met or on track | All directors met or are on track to meet ownership guidelines |
Governance Assessment
- Board effectiveness: Doherty’s LID role provides a strong counterbalance to combined Chair/CEO structure, with explicit responsibilities ensuring robust independent oversight and agenda-setting influence .
- Committee oversight: Membership on Audit and Finance & Investments aligns with his investment and financial expertise; Audit’s remit includes financial integrity, auditor independence, internal controls, and related-person transactions .
- Independence/Conflicts: Family connection to Goldman Sachs reviewed—no fees paid in 2024 for banking engagement; Mosaic migration expected to result in no payments; normal-course insurance policy—Board concluded independence intact; this is a low-conflict profile but warrants ongoing monitoring of banking relationships as they evolve .
- Compensation alignment: Cash retainer and LID fee plus time-based RSUs reflect market practice; CHCC reviews director pay using peer data and an independent consultant (Exequity), reinforcing pay governance quality .
- Attendance and engagement: High aggregate attendance and independent sessions indicate active oversight and board engagement; expected annual meeting attendance met .
- Risk indicators: No pledging or margin use; hedging prohibited for directors, officers, and employees; CHCC oversees hedging/pledging policies—positive alignment and risk posture .
- Shareholder signals: 2024 say-on-pay for NEOs received >99% support, suggesting broad investor confidence in SIGI’s compensation governance framework (contextual signal) .
RED FLAGS (none material disclosed):
- Related-party exposure: Goldman Sachs advisory relationship monitored; no 2024 fees and no expected Mosaic payments; Board independence preserved .
- No evidence of director stock pledging, hedging, loans, or repricing; per policy and disclosures .