Timothy Keaney
UnumAbout Timothy F. Keaney
Independent director of Unum Group since 2012; age 63 as of the 2025 Annual Meeting. Former Vice Chairman of The Bank of New York Mellon (BNY Mellon) with extensive operations, investment and finance experience in highly regulated financial services; designated an SEC “audit committee financial expert.” Currently serves on Unum’s Audit and Risk & Finance Committees. Also serves as Chair of AlTi Global, Inc. (public company) since September 2023.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Bank of New York Mellon Corporation | Vice Chairman | 2010–2014 | Senior executive leadership in global investment services; regulatory experience (financial services) |
| The Bank of New York Mellon Corporation | CEO, Investment Services | 2013–2014 | Oversight of investment services operations |
| The Bank of New York Mellon Corporation | CEO and co-CEO, Asset Servicing | 2007–2012 | Ran global asset servicing; operational and risk management expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| AlTi Global, Inc. (NASDAQ: ALTI) | Chair of the Board | Since 2023 (Chair since Sep 2023) | Current public company directorship and leadership role |
Board Governance
- Independence: The Board determined Mr. Keaney is independent under NYSE and company standards.
- Current UNM committees (2024): Audit (member; audit committee financial expert), Risk & Finance (member).
- Board leadership/oversight context: Independent non-executive Chair (Kevin Kabat) serves as lead independent director; independent directors held 5 executive sessions in 2024.
- Meetings/attendance: Board met 8 times in 2024; average director attendance exceeded 99%, and each incumbent director attended at least 94% of applicable meetings. Committee meetings in 2024: Audit (8); Risk & Finance (4).
Fixed Compensation (Non-Employee Director Pay)
| Component | Amount | Detail |
|---|---|---|
| Annual cash retainer | $125,000 | Standard for all non-employee directors (2024 pay year) |
| Committee chair retainer | N/A | Only for chairs (+$25,000); not applicable to Keaney in 2024 |
| Board Chair retainer | N/A | Only for Board Chair (+$225,000, 50% equity); not applicable |
| 2024 cash received (Keaney) | $125,000 | Fees earned/paid in cash (or deferred) for 2024/2025 Board service |
| All other compensation (Keaney) | $5,000 | Company matching gifts/related eligible charitable match programs |
Performance Compensation (Equity for Directors)
| Grant/Units | Quantity/Value | Vesting/Notes |
|---|---|---|
| Annual RSU grant (5/23/2024) | 3,342 units; grant-date FV $174,987 | Annual director equity under 2022 Stock Incentive Plan; dividends on director RSUs accrue in cash and pay at vesting |
| Options | None | Company indicates no stock options are granted under current long-term incentive programs |
| Unvested RSUs at 12/31/2024 (Keaney) | 3,342 units | Per director RSU holdings table |
Note: Director equity is time-based RSUs (no performance metric overlay); directors also may defer cash retainers into share units.
Other Directorships & Interlocks
- Current public board: AlTi Global, Inc. (Chair since Sep 2023). Potential network reach into asset/wealth management.
- Network interlock at UNM level: Another UNM director, Joseph J. Echevarria, is Non-Executive Chair of BNY Mellon; Keaney is former Vice Chairman of BNY Mellon (potential information network link, not a related-party transaction).
- Limits on outside service: UNM policy caps at ≤3 other public boards and ≤2 other audit committees; all directors currently comply.
Expertise & Qualifications
- Audit/Accounting; Capital Management; Corporate Governance Leadership; Insurance/Financial Industry; International; Investment Markets; Regulatory/Risk Management (as profiled in his director card).
- Audit Committee Financial Expert under SEC regulations.
Equity Ownership
| Item | Amount/Status | Notes |
|---|---|---|
| Common shares owned (Keaney) | 36,449 | As of March 24, 2025 |
| Shares subject to settleable rights/units within 60 days | 4,426 | As of March 24, 2025 |
| Total beneficially owned | 40,875 (<1%) | As of March 24, 2025 |
| Unvested RSUs (not beneficial within 60 days) | 3,342 | As of Dec 31, 2024 |
| Deferred share rights (total held, incl. not settleable in 60 days) | 1,084 | As of March 24, 2025 |
| Anti-pledging/hedging | Prohibited for directors | Company policy prohibits pledging/hedging by directors |
| Shares pledged as collateral | None believed pledged | Based on director representations in beneficial ownership section |
| Stock ownership guideline | 5x annual cash retainer ($625,000) | Guideline and retention requirement |
| Compliance status | In compliance | All 11 non-employee directors met ownership requirement as of 12/31/2024 |
Governance Assessment
- Board effectiveness signals: Independent director; SEC audit committee financial expert; serves on Audit and Risk & Finance—central to financial reporting, ERM, investments, capital and cybersecurity oversight.
- Alignment and skin-in-the-game: Holds UNM equity; meets director ownership guideline; anti-pledging/anti-hedging policy in place; no share pledges indicated.
- Engagement/attendance: Board and committees were active in 2024 (Board 8 meetings; Audit 8; Risk & Finance 4); average attendance exceeded 99% and each incumbent ≥94%.
- Independence/related-party checks: Board affirmed Keaney’s independence; company reports no related-party transactions since the beginning of 2024.
- Pay structure (director): Balanced cash/equity mix consistent with peers; 2024 total for Keaney $304,987 (cash $125,000; RSUs $174,987; other $5,000).
- Say-on-pay/supportive shareholder context: 2024 say-on-pay passed with 93% support—positive governance sentiment backdrop.
- Potential conflict watchpoints (no current red flags disclosed): External chair role (AlTi) increases time commitments; network link to BNY Mellon via another UNM director (Echevarria) may enhance information flow but should be monitored for conflicts; independence and related-party policies mitigate risk.