Summary
Freeport-McMoRan Inc. (FCX) announced on December 19, 2013, the appointment of two new independent directors to its Board of Directors: Lydia H. Kennard and Frances Fragos Townsend. These appointments, effective immediately and continuing until the 2014 annual meeting of stockholders, expand the Board to sixteen members. Both new directors are classified as non-management directors and will receive compensation as outlined in the company's previous proxy statement. This strategic expansion of the Board suggests a move towards potentially strengthening governance or bringing in diverse expertise. Investors should note that there are no disclosed arrangements or prior transactions between the new directors and the company that would require further disclosure under SEC regulations. The company has also provided a press release as an exhibit to this filing detailing these appointments.
Key Highlights
- 1FCX appointed Lydia H. Kennard and Frances Fragos Townsend as new directors to its Board.
- 2The appointments are effective immediately and will last until the 2014 annual meeting of stockholders.
- 3The Board of Directors will now comprise sixteen members.
- 4The new directors are considered non-management directors.
- 5Compensation for the new directors will follow the company's standard director compensation policy.
- 6No undisclosed arrangements or transactions requiring Regulation S-K Item 404(a) disclosure exist for the new directors.
- 7A press release announcing these appointments is included as an exhibit.