Summary
This Form 8-K filing by Rockwell Automation, Inc. (ROK) on June 8, 2005, reports a material definitive agreement concerning adjustments to the annual retainer fees for its Board of Directors' committee service. Effective July 1, 2005, the company's Board of Directors approved several increases in these fees. Notably, the retainer for the Audit Committee Chair will rise from $10,000 to $12,500, and for the Compensation and Management Development Committee Chair, it will increase from $5,000 to $9,000. Other committee chair and member retainers also see modest increases. These adjustments reflect a commitment to fairly compensate board members for their oversight and governance responsibilities. While not a direct financial performance indicator, these changes in director compensation can be viewed by investors as a signal of the board's perceived value and the company's financial health, allowing it to attract and retain experienced individuals for these critical roles.
Key Highlights
- 1Rockwell Automation's Board of Directors approved increases to annual retainer fees for committee service, effective July 1, 2005.
- 2The retainer for the Audit Committee Chairman will increase from $10,000 to $12,500.
- 3The retainer for the Compensation and Management Development Committee Chairman will increase from $5,000 to $9,000.
- 4Retainer fees for service on the Compensation and Management Development Committee will increase from $4,000 to $6,000.
- 5The retainer for the Chairman of the Board Composition and Governance Committee will increase from $5,000 to $6,000.
- 6Retainer fees for service on the Technology, Environmental and Social Responsibility Committee will increase from $2,000 to $3,000, and its Chairman's retainer will increase from $3,000 to $5,000.
- 7Retainers for regular Audit Committee and Board Composition and Governance Committee members will remain unchanged.