0001104659-22-107121.txt : 20230317 0001104659-22-107121.hdr.sgml : 20230317 20221007161526 ACCESSION NUMBER: 0001104659-22-107121 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20221007 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL BUSINESS MACHINES CORP CENTRAL INDEX KEY: 0000051143 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER & OFFICE EQUIPMENT [3570] IRS NUMBER: 130871985 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 1 NEW ORCHARD ROAD CITY: ARMONK STATE: NY ZIP: 10504 BUSINESS PHONE: 9144991900 MAIL ADDRESS: STREET 1: 1 NEW ORCHARD RD CITY: ARMONK STATE: NY ZIP: 10504 CORRESP 1 filename1.htm

 

 

International Business Machines Corporation

Corporate Law Department

One New Orchard Road 

Armonk, NY 10504

 

VIA EDGAR

 

October 7, 2022

 

United States Securities and Exchange Commission

Division of Corporation Finance

Disclosure Review Program

100 F Street, N.E.

Washington, D.C. 20549

 

Attention: Jennifer Gowetski and Amanda Ravitz
  Division of Corporation Finance
  Disclosure Review Program

 

Re:  International Business Machines Corporation
  Definitive Proxy Statement on Schedule 14A
  Filed March 7, 2022
  File No. 001-02360

 

Dear Ms. Gowetski and Ms. Ravitz:

 

This letter is being submitted in response to the comment letter dated September 2, 2022, from the staff (the “Staff”) of the Division of Corporation Finance of the United States Securities and Exchange Commission with respect to the above referenced filing of International Business Machines Corporation (the “Company”).

 

For your convenience, we have set forth below the Staff’s comments in bold followed by the Company’s response thereto.

 

General

 

1.Please expand your discussion to address how the experience of the Lead Director is brought to bear in connection with your board’s role in risk oversight.

 

 

 

 

2.Please expand upon the role that your Lead Director plays in the leadership of the board. For example, please enhance your disclosure to address whether or not your Lead Director may:
   
·represent the board in communications with shareholders and other stakeholders;
   
·require board consideration of, and/or override your CEO on, any risk matters; or
   
·provide input on the design of the board itself.

 

3.Please expand upon how your board administers its risk oversight function. For example, please disclose:
   
·the timeframe over which you evaluate risks (e.g., short-term, intermediate-term, or long-term) and how you apply different oversight standards based upon the immediacy of the risk assessed;
   
·whether you consult with outside advisors and experts to anticipate future threats and trends, and how often you re-assess your risk environment;
   
·how the board interacts with management to address existing risks and identify significant emerging risks;
   
·whether you have a Chief Compliance Officer and to whom this position reports; and
   
·how your risk oversight process aligns with your disclosure controls and procedures.

 

Response:

 

The Company appreciates the Staff’s comments and respectfully believes that the disclosures in its Definitive Proxy Statement on Schedule 14A for its 2022 Annual Meeting of Stockholders with respect to the Company’s board leadership structure and role in risk oversight are responsive to Item 407(h) of Regulation S-K. Notwithstanding this belief, the Company will review its proxy disclosures regarding the topics discussed in the Staff’s comments and, beginning with its Definitive Proxy Statement on Schedule 14A for its 2023 Annual Meeting of Stockholders, enhance such disclosures in accordance with the Staff’s comments.

 

If the Staff has any questions concerning this response letter or requires further information, please do not hesitate to contact me at (914) 499-4825.

 

  Very truly yours,
   
  /s/ Frank Sedlarcik
 

Frank Sedlarcik

Vice President, Assistant General Counsel and Secretary

 

 

 

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