Business Context and Reporting Period
This Form 8-K filing by American Electric Power Company, Inc. (AEP) reports a corporate governance event dated January 22, 2013. The filing details the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the election of Oliver G. Richard, III as a director. His initial term continues until the 2013 annual meeting of shareholders. He has been appointed to the Human Resources Committee, the Nuclear Committee, and the Policy Committee.
Management Commentary and Compensation
The Board determined Mr. Richard is an "independent" director under applicable governance principles and SEC rules. As a non-employee director, his compensation package includes:
- Annual cash retainer: $92,000
- Annual stock unit award: $138,000
- Human Resources Committee retainer: $10,000
Mr. Richard brings experience as Chairman of CleanfuelUSA and owner of Empire of the Seed LLC, with prior executive leadership at Columbia Energy Group.
Investor Verification Points
- Confirm the independence status of the new director against current NYSE and SEC rules.
- Verify the total annual compensation cost for the new director against the company's existing director compensation policy.
- Review the composition of the Human Resources, Nuclear, and Policy Committees following this appointment.