01—Abstract
Summary
Summary of the 8-K filed November 2, 2016. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from Accenture plc (ACN), filed on November 2, 2016, primarily announces a significant addition to its Board of Directors.
Herbert Hainer, the former CEO and Chairman of adidas AG, has been appointed as a new director. Mr. Hainer brings extensive international leadership experience in a global consumer-facing industry, having led adidas for over 15 years. His appointment is expected to enhance the Board's expertise in strategic management and global operations.
Mr. Hainer's appointment is effective immediately and he will serve until the company's 2017 annual general meeting, at which point he will be subject to shareholder re-appointment. He has also been assigned to key Board committees: the Compensation Committee and the Finance Committee. Investors can view this as a move to strengthen corporate governance and leverage seasoned executive talent to guide Accenture's strategic direction.
02—Key points
Key Highlights
- Accenture plc appointed Herbert Hainer as a new member of its Board of Directors.
- Mr. Hainer is the former CEO and Chairman of the Executive Board of adidas AG, retiring in September 2016.
- His appointment is effective from November 2, 2016, and he will serve until the 2017 annual general meeting.
- Mr. Hainer has been appointed to serve on the Board's Compensation Committee and Finance Committee.
- New directors receive standard compensation, including a base annual fee and committee fees, with an option for cash or equity.
- A standard restricted share unit grant valued at $185,000 will be made to Mr. Hainer as a newly appointed director.
- The company also filed a news release concerning Mr. Hainer's appointment as Exhibit 99.
03—Questions
Frequently Asked Questions
Who is Herbert Hainer and why was he appointed to the Board?
Herbert Hainer is the former chief executive officer and chairman of the executive board of adidas AG, a position he held from 2001 to September 2016. His appointment to Accenture's Board of Directors is intended to bring his extensive global leadership experience and expertise in a major consumer-facing industry to the company's strategic oversight.
What compensation will Mr. Hainer receive?
Mr. Hainer will receive a pro rata portion of the standard compensation for Board service ($100,000 per annum) and committee service ($7,500 per annum for Compensation Committee and $7,500 per annum for Finance Committee), based on the remaining days in the director compensation year. He also receives a standard restricted share unit grant valued at $185,000 for newly appointed directors and may elect to receive compensation in cash or equity.
Which committees will Mr. Hainer serve on?
Mr. Hainer has been appointed to serve on the Board's Compensation Committee and the Finance Committee, indicating his direct involvement in key areas of corporate governance and financial strategy.
What is the duration of Mr. Hainer's directorship?
Mr. Hainer will serve as a director until Accenture's 2017 annual general meeting of shareholders, at which point he will be subject to re-appointment by a vote of the shareholders.
04—Continue