Summary
American Water Works Company, Inc. (AWK) announced on February 26, 2016, a change in its Board of Directors. The company appointed Veronica M. Hagen as an independent director, effective February 25, 2016, with her term set to conclude at the 2016 Annual Meeting of Stockholders. Ms. Hagen's appointment is a key development for the company's governance structure. She has been assigned to important committees, including the Compensation Committee and the Nominating/Corporate Governance Committee. Her compensation will consist of a prorated annual cash retainer and equity compensation in stock units, aligning her interests with those of shareholders.
Key Highlights
- 1Appointment of Veronica M. Hagen as an independent director.
- 2Ms. Hagen will serve on the Compensation and Nominating/Corporate Governance Committees.
- 3Director compensation includes a prorated annual cash retainer of $75,000.
- 4Director compensation also includes prorated stock units representing $95,000 in annual equity compensation.
- 5Ms. Hagen has no material interest in any transactions requiring reporting under Regulation S-K Item 404(a).
- 6The appointment was announced via press release filed as Exhibit 99.1.
Frequently Asked Questions
Veronica M. Hagen has been appointed as an independent director to the Board of Directors, effective February 25, 2016.
Ms. Hagen will serve on the Compensation Committee and the Nominating/Corporate Governance Committee.
Ms. Hagen will receive a prorated annual cash retainer of $75,000 and prorated stock units equivalent to $95,000 in annual equity compensation for the remainder of her term, along with reimbursement for meeting expenses.
No, Ms. Hagen does not have any direct or indirect material interest in any transaction where the Company is a participant that would require reporting under Item 404(a) of Regulation S-K.