Summary
Allstate Corporation (ALL) filed an 8-K on September 15, 2009, to report on changes to its non-employee director compensation. The Board of Directors adopted resolutions that alter the payment schedule for the cash retainer portion of director compensation, including committee chair retainers. Effective June 1, 2010, these retainers will be paid quarterly throughout a director's term instead of a single payment near the term's commencement. Importantly, the filing explicitly states that these changes do not involve any increase in the actual compensation amounts for the non-employee directors. This information is primarily relevant for understanding corporate governance and executive compensation structures rather than immediate financial performance impacts.
Key Highlights
- 1Allstate's Board of Directors approved changes to non-employee director compensation.
- 2The primary change impacts the payment schedule of cash retainers, including committee chair retainers.
- 3Effective June 1, 2010, cash retainers will be paid on a quarterly basis.
- 4Previously, retainers were paid in a single installment near the start of a director's term.
- 5The filing clearly states that these changes do not include any increase in the compensation amounts for non-employee directors.
- 6This is an administrative change related to corporate governance and director compensation structure.