Business Context and Reporting Period
This Form 8-K Current Report was filed by Colgate-Palmolive Company on March 9, 2012, regarding events occurring on March 8, 2012. The filing addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to a specific related-party transaction:
- Related Party Transaction: During 2011, Colgate purchased advertising services from Google, Inc. on arm's length terms totaling approximately $7 million.
Material Changes
The primary material change reported is the appointment of Mr. Nikesh Arora to the Board of Directors, effective March 15, 2012. Mr. Arora was previously the Senior Vice President and Chief Business Officer of Google, Inc. The filing notes that the 2011 advertising transactions with Google were reviewed and approved by the independent directors in accordance with the Company's Related Person Transaction Policy.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. No specific risks or contingencies are disclosed other than the standard disclosure of the related-party transaction approval process.
Key Facts for Investor Verification
- Mr. Nikesh Arora was elected to the Board of Directors effective March 15, 2012.
- Mr. Arora brings experience in finance and information technology from his tenure at Google, T-Mobile, and Fidelity Investments.
- Colgate's 2011 advertising spend with Google was approximately $7 million and was approved by independent directors.
- This filing does not contain quarterly or annual financial results.