Summary
Kinder Morgan, Inc. (KMI) filed an 8-K on December 11, 2015, to report a change in its Board of Directors. Specifically, Michael J. Miller, the nominee of funds advised by Highstar Capital LP, resigned from the board. This resignation was triggered by Highstar's ownership stake falling below a threshold stipulated in a shareholders agreement, thereby forfeiting their right to nominate a director. This event resulted in a reduction of KMI's board size to 15 directors. Importantly, the filing clarifies that Mr. Miller's departure was not due to any disagreements with the company regarding its operations, policies, or practices. For investors, this filing primarily signifies a minor governance adjustment rather than a material operational or strategic shift.
Key Highlights
- 1Michael J. Miller, director and nominee of Highstar Capital LP, resigned from the Kinder Morgan, Inc. Board of Directors.
- 2The resignation is effective December 11, 2015.
- 3Highstar Capital LP's ownership stake in KMI fell below the threshold required to nominate a director under a shareholders agreement.
- 4Mr. Miller's resignation was not due to any disagreement with the company's operations, policies, or practices.
- 5The size of Kinder Morgan's Board of Directors has decreased to 15 members.
- 6This filing is an 8-K Current Report filed on December 11, 2015.