Pfizer board to meet with investors

Pfizer has announced that its board of directors will meet the largest institutional shareholders of the firm to discuss the governance policies and practices of the company, including matters relating to executive remuneration.

The company claims to be the first to instigate regular meetings between its directors and institutional investors to discuss governance, with this invitation extended to shareholders responsible for the evaluation of governance practices.

Representatives owning approximately 35 per cent of the company will be present at this meeting, with the first such assembly planned for this autumn.

Constance Horner, lead director of the board of directors, said: “We believe this meeting with our shareholders on our governance and compensation policies will give us valuable insights and help us maintain the highest standards in corporate governance.”

She added her personal commitment to attend these meetings to take in shareholder opinion on the matters of corporate governance and executive pay.

Jeff Kindler, chairman and chief executive officer of the firm, commented that open dialogue with stakeholders in Pfizer will help it become a better firm through improved practices.

Constance Horner was appointed as lead director of Pfizer in February 2007, replacing Dr Stanley O Ikenberry, who left the board the following month upon reaching the compulsory retirement age of the company.