The St. Paul Travelers Companies Inc. said on Thursday that the company intends to reduce the number of Directors on its Board from the current 23 members to a preliminary target of 13 members. The reduction in the size of the Board will take place in connection with the 2005 annual meeting of shareholders.
The existing Board membership was determined in connection with the merger that combined The St. Paul Companies Inc. and Travelers Property Casualty Corp. in April of this year. According to the company’s by-laws, the Governance Committee of the Board is required to complete a review of the company’s governance standards and policies by Jan. 1, 2006. In connection with this review, the Board of Directors unanimously approved reducing the size of the Board.
Robert Lipp, chairman of St. Paul Travelers, said, “We are thankful for the significant contributions each of our Directors has made as we have undertaken the important work of combining our two franchises. With that integration well underway, the Board of Directors feels that a reduction of the size of the Board is appropriate.”
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