Summary
Allstate Corp announced a change in its Board of Directors, appointing Margaret M. Keane as a new director effective January 1, 2018. This appointment increases the size of the Board to 12 members. Ms. Keane's compensation will align with the company's standard director compensation policies, including an equity award under the 2017 Equity Compensation Plan for Non-Employee Directors. Investors should note that while this filing primarily concerns a board composition change, it is a standard corporate governance update. The company expects to enter into an indemnification agreement with Ms. Keane, which is customary for directors. Further details on her compensation structure are available in prior proxy statements.
Key Highlights
- 1Margaret M. Keane elected as a new director, effective January 1, 2018.
- 2Board size increased to 12 directors.
- 3Ms. Keane's compensation will follow standard non-employee director arrangements.
- 4Equity award for Ms. Keane will be granted under the 2017 Equity Compensation Plan for Non-Employee Directors.
- 5An indemnification agreement is expected to be entered into with Ms. Keane.
- 6A press release announcing the election is filed as an exhibit.
Frequently Asked Questions
Margaret M. Keane has been elected as a director to the Allstate Corporation's Board of Directors. The filing does not provide specific details about her background or the reasons for her appointment, but it is a standard board expansion and appointment.
Ms. Keane's compensation will be consistent with Allstate's established standard compensatory arrangements for non-employee directors. This includes prorated compensation and an equity award under the company's 2017 Equity Compensation Plan for Non-Employee Directors.
The filing states that Ms. Keane's compensation will be consistent with the standard arrangements for non-employee directors, with prorated amounts. There is no indication of special compensation beyond the standard equity award and director fees.
The indemnification agreement is a standard legal protection that Allstate expects to enter into with Ms. Keane. It typically protects directors from personal financial loss if they are sued as a result of their actions while serving on the board, provided they acted in good faith.