Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 27

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 27
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 and an existing member of our Board of Directors, is expected to serve as Executive Chair of the Board of Directors. To further enhance independent oversight, Mr. Deaton, our current Chair of the Board of Directors, would transition to Lead Independent Director. The Lead Independent Director would continue to play a critical role in Board oversight and governance by, among other things: ■presiding at all meetings of the Board of Directors at which the Executive Chair is not present, including executive sessions of independent directors;

Transocean 2025 P-33 Proxy Statement

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| AGENDA ITEM 6 | ​ |

■serving as the principal liaison between the Executive Chair and independent directors; ■having the authority to call meetings of the independent directors; and ■consulting with the Executive Chair on agendas for meetings of the Board of Directors and other matters pertinent to the Company and the Board of Directors. The Board of Directors believes that this leadership structure is the appropriate leadership structure for us at this time and strikes the right balance between management continuity, strategic oversight, and independent Board leadership. Executive Sessions Our independent directors met in executive session without management at each of the regularly scheduled Board of Directors’ meetings held in 2024. During 2025, the independent directors are again scheduled to meet in executive session at each regularly scheduled Board of Directors’ meeting. Upon the effectiveness of the leadership transition described under “Nominees to the Board of Directors” above, the independent directors expect to designate the Lead Independent Director, Mr. Deaton, to act as the presiding director for executive sessions. Director Attendance at Annual General Meeting We expect all of our directors to attend the 2025 Annual General Meeting. All of our directors then serving on the Board of Directors attended the 2024 Annual General Meeting. VOTING REQUIREMENT TO ELECT NOMINEES The election of each nominee requires the affirmative vote of a plurality of the votes cast at the 2025 Annual General Meeting. The plurality requirement means that the nominee who receives the largest number of votes for a board seat is elected. Shareholders are entitled to one vote per share for each of the directors to be elected. We have adopted a majority vote policy in the election of directors as part of our Corporate Governance Guidelines. This policy provides that the Board of Directors may nominate only those candidates for director who have submitted an irrevocable letter of resignation, which would be effective upon and only in the event that (1) such nominee fails to receive more votes cast “FOR” than “