Summary
ONEOK Inc. (OKE) announced a change to its Board of Directors in an 8-K filing dated August 6, 2009. The company expanded its board from 11 to 12 members and appointed Gerald B. Smith as a new director, effective August 4, 2009. Mr. Smith brings significant financial and governance experience, having served in various leadership roles at investment management firms and other public company boards, including as a director of ONEOK Partners GP, L.L.C. His appointment is part of the company's ongoing efforts to strengthen its governance and strategic oversight. Mr. Smith's appointment is expected to enhance the Board's expertise, particularly in areas of audit and compensation, as he will serve on both of these committees. His compensation will be in line with that of other non-management directors, consisting of an annual cash retainer and a stock retainer, both pro-rated for his service period. This move signals ONEOK's commitment to bringing in qualified independent directors to guide the company.
Key Highlights
- 1Gerald B. Smith appointed to ONEOK's Board of Directors, expanding the board to 12 members.
- 2Mr. Smith will serve on the Audit and Compensation Committees of the Board.
- 3Mr. Smith possesses extensive experience in investment management and corporate governance, including prior service with ONEOK Partners GP, L.L.C.
- 4He is the founder, chairman, and CEO of Smith, Graham & Company Investment Advisors.
- 5Mr. Smith also holds board positions with Charles Schwab Family of Funds (Chairman of Investment Oversight Committee) and Cooper Industries (Lead Independent Director and Deputy Chairman).
- 6Compensation for Mr. Smith includes a pro-rated annual cash retainer of $60,000 and a pro-rated stock retainer of 2,000 shares.
- 7Expenses related to Board and committee meeting attendance will be reimbursed.