Summary
Philip Morris International Inc. (PM) filed a Form 8-K on September 13, 2011, primarily to announce a change in its Board of Directors and related by-laws. The company elected Robert B. Polet to its Board of Directors and appointed him to key committees: Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs. Mr. Polet has been determined to be an independent director. In conjunction with Mr. Polet's appointment, the size of the Board of Directors was increased from ten to eleven members. This change was reflected in an amendment to the Company's Amended and Restated By-Laws. Investors should note that Mr. Polet will receive compensation for his board service according to the company's existing non-employee director compensation programs, detailed in the company's April 1, 2011 proxy statement.
Key Highlights
- 1Appointment of Robert B. Polet to the Board of Directors.
- 2Mr. Polet appointed to the Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.
- 3Mr. Polet is considered an independent director under NYSE listing standards and company guidelines.
- 4The size of the Board of Directors was increased from ten to eleven members.
- 5By-Laws were amended to reflect the increase in board size.
- 6Mr. Polet's compensation for board service will follow existing non-employee director compensation programs.