Summary
This 8-K filing from Alcoa Inc. (though the request mistakenly identifies it as Howmet Aerospace Inc.) reports on two key corporate governance changes effective January 17, 2014. The Board of Directors' size was increased from 11 to 12 members, and Carol L. Roberts was appointed as a new director. Ms. Roberts will serve a term expiring in 2016 and has been assigned to the Audit Committee of the Board. These changes are primarily administrative and related to board composition. Investors should note that Ms. Roberts will receive standard compensation for non-employee directors, and Alcoa will enter into an indemnity agreement with her, consistent with arrangements for other directors. The filing also includes amendments to Alcoa's By-Laws reflecting the board size increase and references an attached press release announcing Ms. Roberts' appointment.
Key Highlights
- 1Alcoa Inc. increased its Board of Directors size from 11 to 12 members.
- 2Carol L. Roberts was appointed as a new director to the Board.
- 3Ms. Roberts' term as director will expire at the 2016 annual shareholder meeting.
- 4Ms. Roberts has been appointed to the Audit Committee of the Board of Directors.
- 5Board size increase and director appointment were effective January 17, 2014.
- 6Compensation for Ms. Roberts will be consistent with other non-employee directors.
- 7An indemnity agreement will be entered into with Ms. Roberts, standard for Alcoa directors.