Ameren Corp Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on December 9, 2005, by Ameren Corporation and its subsidiaries (Union Electric Company, Central Illinois Public Service Company, Ameren Energy Generating Company, CILCORP Inc., Central Illinois Light Company, and Illinois Power Company). The report details corporate governance actions regarding executive compensation approved by the Board of Directors effective January 1, 2006.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is a perquisite allowance of up to $10,000 annually for tax and financial planning services for Named Executive Officers.
Material Changes
- Executive Compensation: The Board approved annual base salaries for the CEO and four most highly compensated officers for 2006 (details in Exhibit 10.1).
- Bonus Targets: The CEO's 2006 bonus target was increased from 85% to 90% of base salary. Bonus targets for other executive officers remained unchanged from 2005 levels.
- Perquisites: A new benefit was approved allowing reimbursement of up to $10,000 annually for tax and financial planning services for Named Executive Officers and certain other executives.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on operational outlook, or discussion of risks and contingencies. The document is strictly a disclosure of a material definitive agreement regarding executive compensation.
Investor Verification Checklist
- Review Exhibit 10.1 for specific 2006 base salary figures for Named Executive Officers.
- Verify the total number of executive officers eligible for the new $10,000 tax planning perquisite.
- Confirm the impact of the CEO's increased bonus target on total executive compensation costs for 2006.