Summary
This 8-K/A filing from Ace Limited (now Chubb Ltd, but referred to as Ace Limited in the filing) serves as an amendment to a prior 8-K filed on May 20, 2011. The primary purpose of this amendment is to disclose a decision made by the Company's Board of Directors regarding the frequency of shareholder advisory votes on executive compensation, commonly known as 'say-on-pay'. The Board has determined that the company will hold an annual non-binding advisory vote on the compensation of its named executive officers. This decision follows the results of the shareholder advisory vote on the frequency of say-on-pay conducted at the company's 2011 annual general meeting. The annual advisory vote on executive compensation will be the company's policy until the next annual general meeting where an advisory vote on the frequency of say-on-pay is conducted. Investors should note that this filing does not introduce new financial results or material business developments, but rather clarifies corporate governance procedures related to executive compensation disclosure.
Key Highlights
- 1Ace Limited is amending a previous 8-K filing dated May 20, 2011.
- 2The amendment relates to the company's policy on 'say-on-pay' shareholder advisory votes.
- 3The Board of Directors has decided to hold an annual non-binding advisory vote on executive compensation.
- 4This policy was determined after considering the results of the 2011 annual general meeting's say-on-pay frequency vote.
- 5The annual say-on-pay vote will continue until the next shareholder advisory vote on the frequency of such votes.
- 6No other changes were made to the original Form 8-K filing.
- 7The filing is an administrative update on corporate governance practices.