Summary
This Form 10-K/A filing for The Charles Schwab Corporation, filed on August 13, 2002, serves as an amendment to its original report for the fiscal year ended December 31, 2001. The primary focus of this amendment is to provide supplemental information regarding "Certain Relationships and Related Transactions" as per proposed new NYSE rules concerning director independence and committee composition. The filing details the employment and compensation of family members of key board members within the company during 2001, including children and a daughter-in-law of directors serving on audit and compensation committees. This disclosure is framed within the context of the company developing additional corporate governance guidelines in response to potential NYSE regulatory changes.
Key Highlights
- 1Amendment to the 2001 10-K filing, specifically addressing Item 13: Certain Relationships and Related Transactions.
- 2Disclosure of family member employment within the company for directors serving on Audit and Compensation Committees.
- 3Details include aggregate cash compensation and stock options granted to family members of directors.
- 4Mr. Stephen T. McLin's son and daughter-in-law were employed, receiving approximately $60,000 and $53,000 respectively, plus stock options.
- 5Mr. Roger O. Walther's daughter, employed as VP of Business Development, earned approximately $140,000 and received substantial stock options before leaving in May 2002.
- 6Mr. Charles R. Schwab's daughter, employed as VP of Consumer Education, earned approximately $200,000 and received stock options.
- 7The company is actively considering corporate governance guidelines in light of proposed NYSE rules on director independence.