Summary
This Form 8-K filing by Ace Limited (now Chubb Ltd) on April 25, 2007, addresses a clerical error identified in the Summary Compensation Table within their Proxy Statement dated April 10, 2007. The error specifically pertains to the reported 'Stock Awards' and 'Total Compensation' figures for Gary Schmalzriedt. The filing corrects these amounts to reflect the accurate expense recognized in 2006 under FAS 123R for restricted stock awards. For investors, this filing is a correction of a reporting error, not an indication of new financial performance or strategic changes. The corrected figures for Mr. Schmalzriedt are provided, ensuring transparency and accuracy in executive compensation disclosures. Investors should note that this is a procedural correction and does not alter the company's overall financial health or operational status as previously reported.
Key Highlights
- 1Correction of a clerical error in the Summary Compensation Table of the April 10, 2007 Proxy Statement.
- 2The error specifically affected the 'Stock Awards' and 'Total Compensation' columns for executive Gary Schmalzriedt.
- 3The corrected 'Stock Awards' value for Mr. Schmalzriedt is $2,842,110, an increase from the previously reported $2,533,598.
- 4The corrected 'Total Compensation' value for Mr. Schmalzriedt is $5,252,185.
- 5The correction reflects the accurate expense recognized in 2006 in accordance with FAS 123R for restricted stock awards.
- 6The filing ensures greater accuracy in executive compensation disclosures.