Summary
Intercontinental Exchange, Inc. (ICE) filed an 8-K on September 17, 2015, to announce a key board appointment. The company's Board of Directors was expanded from 10 to 11 members with the appointment of the Right Honourable William J. Hague. Mr. Hague, a former senior UK government official, has been appointed as an independent director to the ICE Board and also to the board of its subsidiary, ICE Futures Europe (IFEU). He is slated to become Chairman of the IFEU Board in January 2016, succeeding the retiring Sir Bob Reid. This appointment signifies ICE's strategic move to strengthen its board with experienced leadership, particularly in international and governmental affairs, given Mr. Hague's extensive background in UK politics. Investors should note that Mr. Hague will receive standard compensation for non-employee directors, including cash retainers and restricted stock units, and will be reimbursed for expenses. He will also receive a one-time payment to offset speaking engagements he declined due to a conflict of interest with E&Y's role as ICE's auditor.
Key Highlights
- 1ICE expanded its Board of Directors from 10 to 11 members.
- 2The Right Honourable William J. Hague was appointed as a new independent director to the ICE Board.
- 3Mr. Hague was also appointed as a director to ICE Futures Europe (IFEU), a subsidiary.
- 4He is set to assume the role of Chairman of the IFEU Board in January 2016.
- 5Mr. Hague's compensation includes annual cash retainers and restricted stock units for both ICE and IFEU roles.
- 6A one-time payment of £20,000 was approved for Mr. Hague to compensate for forfeited speaking engagements.
- 7Mr. Hague meets all independence requirements for NYSE and SEC.