Travelers 2004 Annual Report Download - page 209
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Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not Applicable.
Item 9A. CONTROLS AND PROCEDURES
The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)) that are designed to ensure
that information required to be disclosed in the Company’s reports under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosures. Any controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired control objectives. As a result of the
merger of SPC and TPC and the consolidation of the Company’s corporate headquarters in St. Paul, Minnesota,
the Company made a number of significant changes in its internal controls over financial reporting beginning in
the second quarter of 2004. The changes involved combining the financial reporting process and the attendant
personnel and system changes. The Company’s management, with the participation of the Company’s Chief
Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the
Company’s disclosure controls and procedures as of December 31, 2004. Based upon that evaluation and subject
to the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the design
and operation of the Company’s disclosure controls and procedures provided reasonable assurance that the
disclosure controls and procedures are effective to accomplish their objectives.
In addition, except as described above, there was no change in the Company’s internal control over financial
reporting (as that term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during
the quarter ended December 31, 2004 that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting.
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