Summary
Boston Scientific Corporation (BSX) announced a change in its Board of Directors composition through an 8-K filing on July 15, 2015, with an event date of July 9, 2015. The company expanded its Board from eleven to twelve members and appointed Donna A. James as a new director, effective July 15, 2015. Ms. James will serve until the next annual meeting of stockholders. Her appointment is intended to fill a vacancy and is part of the company's ongoing governance strategy. Ms. James will also join the Executive Compensation and Human Resources Committee and the Finance Committee, indicating an active role in key oversight functions. Her compensation as a non-employee director will include a prorated annual cash retainer and an equity award, consistent with the company's existing director compensation program. The filing also notes the intention to enter into an indemnification agreement with Ms. James, which is standard practice for directors.
Key Highlights
- 1Boston Scientific appointed Donna A. James as a new director to its Board, expanding the Board size from eleven to twelve members.
- 2The appointment of Ms. James is effective July 15, 2015, and she will serve until the company's 2016 annual meeting of stockholders.
- 3Ms. James has been appointed to serve on the Executive Compensation and Human Resources Committee and the Finance Committee.
- 4Compensation for Ms. James as a non-employee director will include a prorated cash retainer and a prorated equity award.
- 5The cash retainer for Ms. James will be $72,900, and the equity award will be valued at $149,850, both prorated for her term.
- 6The company will enter into a standard indemnification agreement with Ms. James.
- 7A press release announcing the appointment is filed as an exhibit to this 8-K.