Mary Choksi
WHITE MOUNTAINS INSURANCE GROUPAbout Mary C. Choksi
Mary C. Choksi (age 74) has served on White Mountains Insurance Group’s Board since 2017 and is currently an independent director. She chairs the Finance Committee and serves on the Executive Committee, leveraging over 40 years of investment management and board-level experience. The Board has determined she is independent under NYSE rules, and she met attendance expectations in 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Strategic Investment Group | Founding Partner; Senior Managing Director/Senior Advisor until February 2017 | 1987–2017 | Global investment strategy design and implementation for institutional and individual investors |
| Emerging Markets Management LLC | Founder and Managing Director | Until May 2011 | Emerging markets investment management leadership |
| World Bank | Pension Investment Division | Prior to 1987 | Institutional pension investment experience |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Omnicom Group (Public) | Lead Independent Director | Current | Audit (Chair), Compensation Committees |
| Franklin Templeton Mutual Funds (24 investment companies) (Public) | Director | Current | Audit Committee |
| Avis Budget Group (Public) | Director | 2007–2020 | — |
Board Governance
- Independence: Independent director as determined by the Board (7 of 10 directors independent in 2025) .
- Committee assignments: Finance Committee Chair; Executive Committee member .
- Committee activity: Finance Committee met 4 times in 2024; the Board held 6 meetings; Audit 8; Compensation/Nominating & Governance 5 .
- Attendance: Each director attended >75% of Board and assigned committee meetings in 2024; all directors attended the 2024 AGM .
- Shareholder engagement: The Board led outreach covering holders of 72% of shares; meetings held with holders of 37%; CNG Chair led discussions with holders of 20% .
| Governance Item | 2024 Detail |
|---|---|
| Independence status | Independent |
| Board meetings held | 6 |
| Audit Committee meetings held | 8 |
| CNG Committee meetings held | 5 |
| Finance Committee meetings held | 4 |
| Director attendance threshold | >75% achieved by all directors |
| AGM attendance | 100% of directors attended on May 23, 2024 |
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Annual cash retainer | $160,000 | Base director retainer $135,000 plus $25,000 for chairing a committee (Finance) |
| Equity grant | $283,604 | Annual grant of 165 common shares (valued at $1,718.81 per share on grant date May 23, 2024) |
| Other compensation | $10,000 | Matching payments under company’s charitable gift program |
| Total | $453,604 | Sum of cash, equity grant value, and other compensation |
- Director compensation structure: Non-employee directors receive cash retainers, role-based premiums (committee chair/member), and annual common share grants; no meeting fees disclosed. Audit Committee membership retainer $15,000; committee chair retainers: $35,000 (Audit), $25,000 (other committees) .
Performance Compensation
- Not applicable for directors: No performance-based metrics or awards are disclosed for non-employee directors; equity grants are time-based common shares without performance conditions .
Other Directorships & Interlocks
| Area | Details |
|---|---|
| Current public boards | Omnicom Group (Lead Independent Director; Audit Chair; Compensation); Franklin Templeton Mutual Funds (Audit Committee) |
| Prior public boards | Avis Budget Group (2007–2020) |
| Compensation committee interlocks | None: No CNG Committee member was an employee or officer of the registrant in the prior year |
| Related-party transactions | None requiring Audit Committee approval in 2024 |
Expertise & Qualifications
- Deep investment management credentials: Founder of two investment management firms; World Bank pension investment background .
- Governance and audit expertise: Current Audit Chair at Omnicom Group; audit committee service at Franklin Templeton mutual funds .
- Strategic capital deployment: Chairs WTM’s Finance Committee overseeing investment policy, capital structure, and risk management for new business opportunities .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficially owned shares | 1,708 | As of March 31, 2025 |
| Economically owned shares | 1,708 | Includes beneficially owned; excludes any disclaimed interests |
| Shares outstanding | 2,573,726 | As of March 31, 2025 |
| Ownership % of outstanding | ~0.066% | Derived from 1,708 / 2,573,726 using figures above |
| Pledged or hedged shares | Not disclosed | Company prohibits hedging of Company securities |
| Director ownership guidelines | 5x cash retainer | Directors guided to hold 5× annual cash retainer in Company shares |
- Alignment versus guidelines: With 1,708 shares and a 12/31/2024 closing price of $1,945.06, indicative holding value is ~$3.32 million, exceeding a 5× cash retainer ($135,000 × 5 = $675,000) requirement; price reference at 12/31/2024 for illustration .
Governance Assessment
- Board effectiveness: Choksi’s role as Finance Committee Chair aligns tightly with WTM’s capital allocation and investment-led model, directly overseeing investment policy, portfolio performance, capital structure, and related risk oversight—an area central to shareholder value creation .
- Independence and attendance: NYSE independence affirmed; 2024 attendance exceeded the Board’s >75% threshold, with full AGM participation—supporting reliable oversight and engagement .
- Ownership alignment: Material personal shareholding and annual equity retainers foster alignment; company-wide prohibition on hedging, robust director ownership guidelines (5x retainer) further reinforce long-term interests with shareholders .
- Conflicts and related-party risk: No related-party transactions requiring approval in 2024; audit committee oversight policy explicitly governs any such transactions. External roles are in sectors (advertising; mutual funds) distinct from WTM’s insurance/financial services core, reducing direct commercial conflict risk .
- RED FLAGS: None identified—no pledging disclosures, no related-party transactions in 2024, strong attendance, and clear independence. Hedging prohibited; no excise tax gross-ups; no single-trigger vesting on change in control .