Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K report on January 9, 2014, to announce a change in its board of directors. Effective January 8, 2014, Julie Richardson was appointed as a new director. This appointment is significant for investors as it brings new oversight and expertise to the board, particularly with her inclusion on the Audit Committee and the Finance, Investment and Risk Management Committee (FIRMCo). The filing details Ms. Richardson's independence and outlines her compensation for board service. This includes per-meeting fees for board and committee attendance, insurance benefits, travel expense reimbursement, and a pro-rata portion of the annual retainer and restricted stock award for the current board service year. Investors can view this as a standard update regarding corporate governance and board composition.
Key Highlights
- 1Julie Richardson appointed as a new director to the Board of Directors, effective January 8, 2014.
- 2Ms. Richardson appointed to serve on the Audit Committee and the Finance, Investment and Risk Management Committee (FIRMCo).
- 3The Board determined Ms. Richardson meets independence requirements from the NYSE and the Company's Corporate Governance Guidelines.
- 4Ms. Richardson will receive $2,500 per Board meeting attended and $2,000 per committee meeting attended (excluding FIRMCo).
- 5Additional compensation includes Group Term Life and Accidental Death and Dismemberment insurance.
- 6Ms. Richardson will receive a pro-rata portion of compensation for non-employee directors, including an annual cash retainer and a restricted stock award.
- 7The restricted stock award will be granted shortly after the filing of the company's 2013 Form 10-K and will vest at the end of the 2013-2014 Board service year.