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Safety Announces Board Refreshment and Corporate Governance Enhancement Plan
BOSTON--(BUSINESS WIRE)-- Safety Insurance Group, Inc. (NASDAQ: SAFT) (“Safety” or “Company”) announced today its latest measures as part of its ongoing
About this update from Safety Insurance Group, Inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nSafety Insurance Group, Inc. (NASDAQ: SAFT) (“Safety” or “Company”) announced today its latest measures as part of its ongoing board refreshment and corporate governance enhancement plan being implemented by Safety’s Board of Directors:\n\n\nIncreasing the size of the board from six to seven members,\n\n\nContinuation of our board refreshment and corporate governance enhancement plan with an ongoing search for highly qualified director nominees,\n\n\nAppointment of a lead independent director,\n\n\nAppointment of a new chair to the Nominating and Governance Committee, and\n\n\nAdoption of three-year term limits for the chairperson role of the key board committees.\n\n\nMary C. Moran, incoming chair of the Nominating and Governance Committee commented “These corporate governance enhancements are part of our comprehensive ongoing process being conducted by the Board, in conjunction with the Nominating and Governance Committee. These actions are based on an ongoing review of corporate governance best practices and shareholder input. While we are making this announcement today, we will continue to assess additional changes and adopt other best practices as we did when we adopted the majority vote standard in uncontested director elections in 2019. In addition to these governance changes, the Board remains actively focused on Board refreshment, as evidenced by the appointment of two diverse members over the past few years, while continuing our search for new, highly qualified complementary director nominees.”\n\nINCREASE IN THE SIZE OF THE BOARD AND REFRESHMENT PLAN\n\nAs part of a thorough review of board refreshment best practices and policies that began over three years ago, the Board unanimously approved the increase in the number of board seats from six to seven. Starting in August 2021, the Board has been evaluating highly qualified independent nominees and expects to be able to make an announcement with an update on board refreshment prior to the 2022 annual meeting. The Board will present its recommended slate of director nominees in the proxy materials that will be filed with the Securities and Exchange Commission and distributed to stockholders.\n\nLEAD INDEPENDENT DIRECTOR\n\nThe Board has appointed Thalia Meehan to the newly created role of Lead Independent Director. In this role, Ms. Meehan wi...