Summary
The Hartford Financial Services Group, Inc. (HIG) announced on October 19, 2017, the election of two new independent directors, Stephen P. McGill and Greig Woodring, to its Board of Directors, effective December 20, 2017. Both directors have been appointed to key board committees: Mr. McGill to Compensation and Management Development, and Finance, Investment and Risk Management; and Mr. Woodring to Audit, and Finance, Investment and Risk Management. These appointments are designed to strengthen the board's expertise in critical areas of corporate governance and financial oversight. Investors can note that both new directors are deemed independent and have no material related-party transactions with the company. Their compensation for the remainder of the 2017-2018 board service year will consist of a pro-rata cash retainer of $41,700 and restricted stock units valued at $66,700, with additional benefits including life and accidental death insurance and travel expense reimbursement as per the company's standard non-management director compensation policy.
Key Highlights
- 1Two new independent directors, Stephen P. McGill and Greig Woodring, elected to the Board.
- 2Mr. McGill appointed to Compensation and Management Development and Finance, Investment and Risk Management Committees.
- 3Mr. Woodring appointed to Audit and Finance, Investment and Risk Management Committees.
- 4Director appointments are effective December 20, 2017.
- 5Both directors meet independence requirements and have no related-party transactions.
- 6Compensation for the remainder of the 2017-2018 service year includes pro-rata cash ($41,700) and equity ($66,700) retainers.
- 7Directors will also receive Group Term Life and Accidental Death and Dismemberment insurance, and travel expense reimbursement.