Ethics & Responsible Business Practices

At Travelers, so much of our culture is built on trust – the trust we earn from our customers in challenging times and the trust we place in each other every day. That trust is built upon honesty, integrity and accountability – values that serve as the foundation for all that we do. The commitment of our employees, officers, and directors to our Code of Business Conduct and Ethics, applicable laws and regulations, and company policies helps to ensure the long-term success of our organization.

Approach

Travelers established and maintains a Code of Business Conduct and Ethics, which applies to all of our employees, officers and directors and provides a comprehensive framework for sound ethical business decisions. The Code, which is also available in French for our employees located in Canada, provides principles for each employee to follow when acting on behalf of Travelers and sets forth our expectations on a number of topics, including conflicts of interest, compliance with laws, business ethics and use of corporate assets. Our Chief Ethics and Compliance Officer oversees communication, education and compliance with the Code. We also employ and train Legal, Compliance and Human Resources professionals to help our employees reach the right decision, regardless of the circumstances.

Our ability to achieve our goals of being the undeniable choice for the customer and an indispensable partner for our agents and brokers depends on our culture of honesty, integrity and accountability. Our commitment to transparency and integrity starts with our senior leadership. Our Chairman and CEO, Alan Schnitzer, sets the tone, including through regular companywide communications. Here’s an excerpt from one of his messages:

“[L]et me take this opportunity to restate a few important things:

• First, our reputation is our most valuable asset, and each of us has a role to play in protecting our good name. No gain is worth sacrificing our reputation.
• Second, we can never let our drive to deliver industry-leading results cloud our ethical judgment. No outcome is worth unethical behavior.
• Third, the only long-term, sustainable success in business is achieved in partnership with our employees, agents, brokers and customers – never at their expense.
• Fourth, we have the skill and creativity to solve any problem and meet any challenge. But we can only solve problems and meet challenges if we’re honest with ourselves and each other about what those problems and challenges are.”

– Alan Schnitzer, CEO

This approach remains critical to maintaining our culture of candor and continuing to deliver sustained value to our stakeholders.

Our focus on ethics includes a commitment to employing responsible business practices. Travelers maintains thoughtful and comprehensive underwriting and pricing policies and practices, including robust governance and controls designed to ensure that the company’s pricing is actuarially sound and that its underwriting and pricing practices comply with all applicable laws.

We also expect our suppliers to conduct themselves with honesty and integrity. The Travelers Supplier Code of Conduct documents our expectation that all contractors, consultants, suppliers and vendors demonstrate their commitment to ethical, humane, socially responsible and legally compliant business practices, including by maintaining a harassment-free and respectful workplace. We also proudly commit to the protection of human rights everywhere we do business, as described in our Human Rights Statement.

To learn how our ethical culture drives our ability to attract and retain talented, diverse and qualified employees, see our Human Capital Management and Diversity & Inclusion sections.

Board oversight

The Nominating and Governance Committee of the Board of Directors periodically reviews the Code of Business Conduct and Ethics and recommends changes to the Board, as appropriate. The Audit Committee, which has oversight responsibility for regulatory and compliance matters, receives a quarterly report on compliance matters, including Ethics Helpline activity. In addition, the Audit Committee meets in executive session with the Chief Ethics and Compliance Officer each quarter.