Our Strategic Imperatives
1~$52.5 Billion	Innovate and lead Improve Pfizer’s ability to innovate in biomedical R&D and develop a new generation of high-value, highly differentiated medicines and vaccines.Revenues in 2017
		9Products with Direct Product and/or Alliance Revenues of Greater than $1 Billion in 2017

2 Distinct Business Segments:

Pfizer Innovative Health (~$31.4 Billion 2017 Revenues) 6 Primary Therapeutic Areas: Internal Medicine, Vaccines, Oncology, Inflammation & Immunology, Rare Disease and Consumer Healthcare

Pfizer Essential Health (~$21.1 Billion 2017 Revenues) 4 Product Categories: Global Brands (Legacy Established Products & Peri-LOE Products), Sterile Injectable Pharmaceuticals, Biosimilars and Pfizer CentreOne

			Maximize value125+ Invest and allocate our resources in ways that create the greatest long-term returns for our shareholders.Countries Where We Sell Our Products
3			Earn greater respect87 Earn society’s respect by generating breakthrough therapies, improving access, expanding the dialogue on healthcare and acting as a responsible corporate citizen.Projects in Clinical Research & Development(1)
4			Own our culture~$7.7 Billion Build and sustain a culture where colleagues view themselves as owners, generating new ideas, dealing with problems in a straightforward way, investing in open and candid conversations and working as teammates on challenges and opportunities.2017 Research & Development Expense
			58Manufacturing Sites Worldwide Operated by Pfizer Global Supply(2)
			~90,200Employees Globally(2)

Notice of 20162018 Annual Meeting and Proxy Statement

This Notice of 2016 Annual Meeting and Proxy Statement only relates to the proposals described above and does not relate to the pending Allergan plc (Allergan) transaction. In November 2015, Pfizer and Allergan entered into a definitive merger agreement pursuant to which they agreed to combine their respective businesses under a single company. In connection with the proposed transaction, Allergan has filed with the U.S. Securities and Exchange Commission (the SEC) a registration statement on Form S-4 that includes a joint proxy statement/prospectus of Pfizer and Allergan. Investors and security holders are advised to read the joint proxy statement/prospectus because it contains important information about the proposed transaction and the parties to the transaction.

Proxy Voting

It is important that your shares be represented and voted at the Meeting. You can vote your shares by completing and returning your proxy card/voting instruction card or by voting electronically via the Internet or by telephone. If you are attending the meeting, you will be asked to present your admission ticket or proof of ownership of Pfizer stock and government-issued photo identification as described in the Proxy Statement. See details under “How to Vote” below.

HOW TO VOTE

VOTING YOUR SHARES IS QUICK AND EASY—YOU CAN EVEN VOTE USING YOUR SMARTPHONE OR TABLET.

HOW TO VOTE			For registered holders and PfizerSavings Plan participants: (Shares are registered in your name with Pfizer’stransferPfizer's transfer agent, Computershare, or held in thePfizerthe Pfizer Savings Plan)		For beneficial owners: (Shares are held in a stock brokerage account or by abanka bank or other holder of record)
Electronically*Internet*		Using your mobile device – scan this QR codewww.investorvote.com/pfe		Using your mobile device – scan this QR code
		Electronically via the Internet at www.investorvote.com/PFE			Electronically via the Internet atwww.proxyvote.com
By telephone*Telephone*		Within the U.S., U.S. territories & Canada +1-800-652-VOTE (8683) – toll-free Outside of the U.S., U.S. territories & Canada +1-781-575-2300 – standard rates apply		+1-800-454-VOTE (8683) – toll-free
	Mail
By mail		CompletingComplete, sign and return the enclosed proxy card			CompletingComplete, sign and return the enclosed voting instruction card
* You will need to provide your control number that appears on the right handright-hand side of the enclosed proxy card or voting instruction card.

MATERIALS TO REVIEW

This booklet contains our Notice of 20162018 Annual Meeting and Proxy Statement. Our 20152017 Financial Report is included as Appendix A to this Notice of 2016 Annual Meeting and Proxy Statement and is followed by certain Corporate and Shareholder Information. NeitherNone of Appendix A, nor the Corporate and Shareholder Information, noror the accompanying Letter to Shareholders isfrom our Chairman and CEO, are a part of our proxy solicitation materials.

If you received a Notice of Internet Availability and would like a printed copy of the materials, please follow the instructions provided in your notice. Alternatively, follow the instructions included on how to vote online.

This Notice of 20162018 Annual Meeting and Proxy Statement and a proxy or voting instruction card are being mailed or made available to shareholders starting on or about March 15, 2016.2018.

Margaret M. Madden

Senior Vice President and Corporate Secretary, Chief Governance Counsel

March 15, 20162018

Table of Contents

Proxy Statement Summary

Here are highlights of important information you will find in this Proxy Statement. As it is only a summary, please review the complete Proxy Statement before you vote.

Our Director Nominees

You are being asked to vote on the election of the following 1112 Directors. All Directors are elected annually by the affirmative vote of a majority of votes cast. DetailedFor detailed information about each Director’s background, skill sets and areas of expertise, can be found beginning on page 8.please see“Director Nominees”later in this Proxy Statement.

* Age is as of the date of the 2016 Annual Meeting.

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Board Composition

We seekOur goal is to buildmaintain a diverse boardBoard representing a wide breadthrange of experience and perspectives. HereBelow we provide highlights regardinghighlight the composition of our Director nominees.

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Corporate Governance Highlights

Pfizer is committed to exercising goodand maintaining strong corporate governance practices. We believe that good governance promotes the long-term interests of our shareholders, strengthens Board and management accountability and improves our standing as a trusted member of society.

Board and Other Governance Informationthe communities we serve.

* As of April 28, 2016Pfizer  2018 Proxy Statement   /   3

2015 SHAREHOLDER OUTREACH & PROXY ACCESS ADOPTION2017 Shareholder Outreach

We believe that engaging ina robust shareholder outreach program is an essential elementcomponent of maintaining our strong corporate governance.governance practices. In our discussions with investors, we seek their input on a variety of corporate governance topics and other issues that may impact our business or reputation. We strive for a collaborative approach with investors to issuessolicit and understand a variety of importance toperspectives. During 2017, we solicited feedback from investors that affectrepresenting approximately 40% of our businessoutstanding shares and to gain valuable insights into the current and emerging issues about which investors care most. In 2015, we engaged with 42over 30 global institutional investors representing 34%nearly 30% of our outstanding shares. Such engagement included the participation of our Lead Independent Director when requested. Overall, investors’ sentiment was positive with respect to our Board of Directors, our corporate governance practices (including our robust shareholder engagement program) and our executive compensation program. This information was summarized and shared with the Board of Directors.

As a resultOne area of particular focus during our engagements with investors was the right of our shareholders to call a special meeting. In part due to shareholder engagement efforts and our commitment to corporate governance excellence,feedback we received, the Board took action in December 2015 our Board adopted a proxy access by-law, enabling Pfizer2017 to amend the company’s By-laws to reduce the percentage of outstanding stock required for shareholders to include their own director nominees in Pfizer’s proxy materials along with candidates nominated by the Board, so long as they meet certain requirements, as set forth in our By-laws.call a special meeting of shareholders from 20% to 10%.

For more information about our 20152017 shareholder engagement program and the actions we took in response to shareholder feedback, including adopting proxy access, see“Governance – Shareholder Outreach,” beginning on page 25 and “— Board Information — Corporate Governance Committee Report”,and“Governance —Shareholder Outreach” on page 22.later in this Proxy Statement.

Executive Compensation Highlights

Pfizer’s pay-for-performance compensation philosophy is set by the Compensation Committee of the Board,Board. Our goal is intended to align each executive’s compensation with Pfizer’s short-term and long-term performance and to provide the compensation and incentives needed to attract, motivate and retain key executives who are crucial to Pfizer’s long-term success.

		To achieve these objectives:
		•	We position total direct compensation and each compensation element at approximately the median of our pharmaceutical peerPharmaceutical Peer and general industry comparatorGeneral Industry Comparator companies.
		•	We align annual short-term incentive awards with annual operating, financial and strategic objectives, as well as with business unit/function and individual performance.objectives.
	•	We align long-term incentive awards with the interests of our shareholders by delivering value based on operating results and absolute and relative shareholder return, encouraging stock ownership and promoting retention of key talent.
	•	A significant portion of the total compensation opportunity for our executives is “at-risk” through both our short- and long-term incentive awards, the payout of which is directly related to the achievement of pre-established performance metrics directly tied to our business goals and strategies and, for long-term incentive awards, Pfizer’s total shareholder return (TSR) and our progress against the performance goals of our strategic and operating plans, as well as our performance against that of our peers.

OUR COMPENSATION PRACTICES

Pfizer continues to implement and maintain leading practices in its compensation program, including:

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20152017 KEY ELEMENTS OF EXECUTIVE COMPENSATION

Direct compensation for our executives in 20152017 consisted of the following key elements:

Element		Type/Description		Objective
Annual Salary (Cash)		The fixed amount of compensation for performing day-to-day responsibilities is set based on market data, job scope and responsibilities, and experience.experience		Provides competitive level of fixed compensation that helps to attract and retain high-performing executive talent
Annual Short-Term Incentive Compensation/ Incentive/GlobalPerformancePlan (GPP) (Cash)		Our annual incentive plan pool is funded based on performance against Pfizer’s short-term financial goals (revenue, adjusted diluted earnings per share (EPS) and cash flow from operations). Individual awards are based on businessbusiness/operating unit and individual performance measured over the current year.year 2017 Performance Metrics		Provides incentives for achieving short-term incentives tied to corporate performance against three operational metrics and links individual awards to both company and individual performance based on achievement of financial and strategic goals
		2015 Performance Metrics
				results that create sustained future growth
Long-TermAnnual Long-Term IncentiveCompensation (100% PerformancePerformance- Based Equity)		•   5-Year Total Shareholder Return Units (TSRUs) •   7-Year Total Shareholder Return Units (TSRUs) •   Performance Share Awards (PSAs)		TSRUs provide direct alignment with shareholders as awards are tied to absolute total shareholder return over a five- orand seven-year period PSAs align executive compensation to operational goals through performance against a combination of operating income* over three one-year periods and TSR relative to the NYSE ARCA Pharmaceutical Index (DRG Index) over a three-year performance period

2015 Named Executive Officer2017 NAMED EXECUTIVE OFFICER (NEO) Pay MixPAY MIX

The illustration below uses year-end salary and target annual short-term and long-term incentive awards for the NEOs to show the percentage each pay element comprises of our NEOs’ target direct compensation for 2017.

CEO - 2015— 2017 Target Direct Compensation		Other NEOs -— 2017 Target Direct Compensation (Average)

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2015 NEO PERFORMANCE YEAR TOTAL DIRECT COMPENSATIONKEY PLANNING CYCLE

The Compensation Committee evaluates pay and performance using Total Direct Compensation (TDC) on a performance-year basis for our NEOs rather than using the values shown in the 2015 Summary Compensation Table (SCT). The Committee believes its approach better reflects pay for performance during 2015. The table below provides 2015 performance year TDC, which is comprised of year-end base salary, 2015 performance year annual incentive awards paid in 2016, and 2016 long-term incentive award values, which include the full valuegraphic illustrates key elements of the PSA award approved by the Compensation Committee. For additional information, see “2015 NEO Total Direct Compensation (TDC)” later in this Proxy Statement.annual compensation planning cycle:

OUR COMPENSATION PRACTICES

Pfizer continues to implement and maintain leading practices in its compensation program, including these practices:

It is important toFor additional information about Pfizer, please view our 2017 Financial Report (see “Appendix A”) and our 2017 Annual Review at www.pfizer.com/annual. Please note that the performance year compensation information in the table above for Mr. Read and the other NEOsneither our 2017 Financial Report, nor our 2017 Annual Review is a tool the Compensation Committee uses to assess compensation and is not intended as a substitute for amounts reflected in the SCT. No guarantee exists that the NEOs will actually receive the full valuepart of the total direct compensation noted above. The actual payout attributable to long-term incentive awards will be based on future performance, stock price and dividends.our proxy solicitation materials.

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Item 1– Election of Directors

ElevenTwelve members of our Board are standing for re-election, to hold office until the next Annual Meeting of Shareholders. A majority of the votes cast is required for the election of Directors in an uncontested election (which is the case for the election of Directors at the 20162018 Annual Meeting). A majority of the votes cast means that the number of votes cast “for” a Director nominee must exceed the number of votes cast “against” that nominee. Our Corporate Governance Principles contain detailed procedures to be followed in the event that one or more Directors do not receive a majority of the votes cast “for” his or her election at the Annual Meeting.

Each nominee elected as a Director will continue in office until our next Annual Meeting and until his or her successor has been duly elected and qualified, or until his or her earlier death, resignation, removal or retirement.

We expect each nominee for election as a Director to be able to serve if elected. If any nominee is not able to serve, the persons appointed by the Board of Directors and named as proxies in the proxy materials or, if applicable, their substitutes (the Proxy Committee) may vote itstheir proxies for substitute nominees, unless the Board chooses to reduce the number of Directors serving on the Board.

The Board has determined that all Director nominees (other than Mr. Ian C. Read)Read and Dr. Albert Bourla) are independent of the company and management and meet Pfizer’s criteria for independence (see “Director Independence” below).

Criteria for Board Membership

The Corporate Governance Committee focuses on Board succession planning on a continuous basis. In performing this function, the Committee is responsiblerecruits and recommends the nominees for recruiting and recommendingelection as Directors to the full Board of Directors nominees for election as Directors. The goal is to achieve a Board that provides effective oversight of the company through the appropriate balance of diversity of perspectives, experience, expertise, skills, specialized knowledge, and other qualifications and attributes of the individual Directors.

Important general criteria and considerations for Board membership include:

	GENERAL CRITERIA:
	General Criteria •	Proven integrity and independence, with a record of substantial achievement in an area of relevance to Pfizer. Generally should have prior •   Prior or current leadership experience with major complex organizations, including within the scientific, government service, educational, finance, marketing, technology or not-for-profit sectors, with some members of the Board being widely recognized as leaders in the fields of medicine or biological sciences.
	•	Commitment to enhancing Pfizer’s long-term growth.
	•	Demonstrated ability, with broad   Broad experience, diverse perspectives, and the ability to exercise sound judgment, and should possess a judicious and critical temperament that will enable objective appraisal of management’s plans and programs.
	•	Diverse composition   Diversity with respect to gender, ethnicethnicity, background, professional experience and professional experience.
		perspectives.

The Committee also considers, on an ongoing basis, the background, experience and skills of the incumbent Directors that are important to Pfizer’s current and future business needs, including, among others, experience and skills in the following areas:

		DIRECTOR SKILLS CRITERIA:Director Skills Criteria
		•	business and operations leadership;	•	risk management;
		•	medicine, science or research and development (R&D); Business Leadership & Operations	•	government and public policy; Finance & Accounting		Government & Public Policy
		•	healthcare and related fields (including pharmaceuticals); Medicine & Science	•	international business; International Business		Academia
	•	finance and accounting; Healthcare & Pharma	•	academia/education; and Risk Management		Technology
	•	leadership and management development; Talent Management	•	technology.

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ANNUAL CRITERIA AND DIRECTOR EVALUATIONS

The Corporate GovernanceBoard and each Committee and the full Board conduct ongoing evaluations of Directors and nomineesrigorous annual self-evaluations to help ensure satisfaction of the criteria for Board membership. Themembership (see “Evaluating Board and each committee also conduct annual self-evaluations.Effectiveness” below). Based on these activities and their review of the current composition of the Board, the Corporate Governance Committee and the Board believe that the criteria for Board membership have been satisfied.

Retirement Policy

Under Pfizer’s Corporate Governance Principles, a Director is generally required to retire when he or she reaches age 73 or at the first Annual Meeting of Shareholders following his or her 73rd birthday. On the recommendation of the Corporate Governance Committee, the Board may waive this requirement as to any Director if it deems a waiver to be in the best interests of the company.

Selection of Candidates

Director Skill Set Considerations; Use of Matrix

In recruiting and selecting Board candidates, the Corporate Governance Committee takes into account the size of the Board and considers a “skills matrix,matrix.” which indicatesThis skills matrix helps the Committee determine whether a particular Board member or candidate possesses one or more of the “skill sets,” as well as whether those skills and/or other attributes qualify him or her for service on a particular committee. The Committee also considers a wide range of additional factors, including each Director’s and candidate’s projected retirement date, to assist in Board succession planning; other positions the Director or candidate holds, including other boards of directors on which he or she serves; and the independence of each Director and candidate, to ensure that a substantial majority of the Board is independent. While the company does not have a formal policy on Board diversity, we believe the composition of the Board should be diverse in terms of gender, ethnicity, background, professional experience and perspectives.

POTENTIAL DIRECTOR CANDIDATESPotential Director Candidates

On an ongoing basis, the Corporate Governance Committee considers potential Director candidates identified on its own initiative, as well as candidates referred or recommended to it by other Directors, members of management, search firms, shareholders and other sources (including individuals seeking to join the Board).

Shareholders who wish to recommend candidates may contact the Corporate Governance Committee in the manneras described in “CommunicationsHow to Communicate with Our Directors.” below. All candidates are required to meet the criteria outlined above, as well as those discussed under“Director Independence”” below and in our Corporate Governance Principles and other governing documents, as applicable, as determined by the Corporate Governance Committee in its sole discretion.Committee. Shareholder nominations must be made according to the procedures required under our By-laws (including via our proxy access by-law) and described in this Proxy Statement under the heading“Submitting Proxy Proposals and Director Nominations for the 20172019 Annual Meeting.”Shareholder-recommended candidates and shareholder nominees whose nominations comply with these procedures and who meet the criteria referred to above will be evaluated by the Corporate Governance Committee in the same manner as the Corporate Governance Committee’s nominees.

Retirement Policy

Under Pfizer’s Corporate Governance Principles, a Director is required to retire when he or she reaches age 73. A Director elected to the Board prior to his or her 73rd birthday may continue to serve until the annual shareholders meeting following his or her 73rd birthday. On the recommendation of the Corporate Governance Committee, the Board may waive this requirement as to any Director if it deems a waiver to be in the best interests of the company.

Our 20162018 Director Nominees

The Corporate Governance Committee and the Board believe that each nominee for Director brings a strong and unique set of attributes,perspectives, experiences and skills to Pfizer and that thePfizer. The combination of these nominees creates an effective and well-functioning Board that has an optimal balance of experience, leadership, competencies, qualifications and skills in areas of importance to Pfizer and serves the company and our shareholders well.

YOUR BOARD OF DIRECTORS RECOMMENDS A VOTEFOR
THE ELECTION OF EACH OF THESE NOMINEES AS DIRECTOR.

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ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Director Nominees

Lead Independent Director   Director Since:DIRECTOR SINCE:2006   Lead Independent Director since April 2015AGE:72   Board Committees: BOARD COMMITTEES: Science and Technology (Chair)   Other Current Public Boards:KEY SKILLS: Medicine & Science Healthcare & Pharma Academia Business Leadership &  Operations OTHER CURRENT PUBLIC BOARDS: Alnylam Pharmaceuticals, Inc. and Seres Therapeutics, Inc.			Dennis A. Ausiello, M.D., 70 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Director, Center for Assessment Technology and Continuous Health (CATCH). Physician-in-Chief, Emeritus, at Massachusetts General Hospital and Chief of Medicine at Massachusetts General Hospital from 1996 until April 2013. Jackson Distinguished Professor of Clinical Medicine at Harvard Medical School. President of the Association of American Physicians in 2006. Member of the InstituteNational Academy of Medicine of the National Academies of Science and a Fellow of the American Academy of Arts and Sciences. Director of Alnylam Pharmaceuticals, Inc., Seres Therapeutics, Inc., and TARIS BioMedical LLC and several nonprofit organizations.LLC.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS:Medicine & Science/Healthcare & Pharma/Academia: Medicine, Science & Healthcare/Academia:Dr. Ausiello’s experience and training as a practicing physician (Board certified(Board-certified in nephrology), a scientist and a nationally recognized leader in academic medicine enable him to bring valuable insights to the Board, including through his understanding of the scientific nature of our business and the ability to assist us in prioritizing opportunities for drug development.   R&D/Business Leadership & Operations: Dr. Ausiello oversaw a large research portfolio and an extensive research and education budget at Massachusetts General Hospital, giving him a critical perspective on drug discovery and development and providing a fundamental understanding of the potential pathways contributing to disease. Leadership:Through his past experience as the Chief of Medicine at Massachusetts General Hospital, Dr. Ausiello also brings leadership, oversight and finance experience to the Board.

DIRECTOR SINCE:2017 AGE:58 BOARD COMMITTEES: Corporate Governance and Science and Technology KEY SKILLS: Business Leadership & Operations Risk Management Finance & Accounting OTHER CURRENT PUBLIC BOARDS: CarMax, Inc., Urban One, Inc. and W.R. Berkley, Inc.	Ronald E. Blaylock
	Founder, Managing Partner of GenNx360 Capital Partners, a private equity firm focused on investing in industrial and business services companies in the U.S. middle market, since 2006. Prior to launching GenNx360 Capital Partners, Mr. Blaylock founded and managed Blaylock & Company, an investment banking firm. Also held senior management positions at UBS, PaineWebber Group and Citicorp. Director Since:of CarMax, Inc., Urban One, Inc. (formerly Radio One, Inc.) and W.R. Berkley, Inc., an insurance holding company. Director of Syncreon U.S., a for-profit private company. Member of the Board of Trustees of Carnegie Hall. Member of the Board of Overseers of New York University Stern School of Business. Member of the Board of Trustees of Prep for Prep, a not-for-profit organization.	KEY SKILLS & EXPERIENCE:1997 Business Leadership & Operations/Risk Management: Mr. Blaylock’s extensive experience in private equity and investment banking brings business leadership, financial expertise and risk management skills to the Board. In addition, Mr. Blaylock’s service on the nominating and corporate governance committee of another public company enables him to bring valuable insights to Pfizer’s Board and Corporate Governance Committee. Finance & Accounting: Mr. Blaylock’s significant financial background, including as the founder and managing partner of GenNx360 Capital Partners and the founder of Blaylock & Company, brings substantial financial expertise and a unique perspective on issues of importance relating to finance to the Board.

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DIRECTOR SINCE:2018 AGE:56 KEY SKILLS: Business Leadership & Operations Talent Management International Business Healthcare & Pharma Medicine & Science OTHER CURRENT PUBLIC BOARDS: None	Albert Bourla, DVM, Ph.D.
	Chief Operating Officer of Pfizer since January 2018; Group President, Pfizer Innovative Health from June 2016 until December 2017; Group President, Global Innovative Pharma Business of Pfizer (responsible for Vaccines, Oncology and Consumer Healthcare since 2014) from February 2016 until June 2016. President and General Manager of Established Products Business Unit of Pfizer from 2010 until 2013. Area President Europe, Africa, Asia and Pacific of Pfizer Animal Health from 2009 until 2010. Area President Europe, Africa and Middle East of Pfizer Animal Health from 2005 until 2009.   Board Committees:member of the Pfizer Foundation, which promotes access to quality healthcare. Board member and serves on the Executive Committee of the Biotechnology Innovation Organization, the world’s largest biotechnology trade association.	KEY SKILLS & EXPERIENCE: Business Leadership & Operations/Talent Management/International Business/Healthcare & Pharma: Dr. Bourla has over 25 years of leadership experience and a demonstrated track record for delivering strong business results. Dr. Bourla has deep knowledge of the healthcare industry as he has held a number of senior global positions across a range of businesses and geographies over the course of his career, which enables him to provide important insights and perspectives to our Board on the company’s commercial, strategic, manufacturing and global product development functions. In addition, his experiences on the Executive Committee of the Biotechnology Innovation Organization provides him with a broader perspective on issues facing our industry. Medicine & Science: Dr. Bourla brings expertise in medicine and science to the Board through his prior experiences working within Pfizer’s Animal Health business and as a veterinarian.

DIRECTOR SINCE:1997 AGE:70 BOARD COMMITTEES: Audit, (Chair), Compensation, Regulatory and Compliance and Science and Technology   Other Current Public Boards:KEY SKILLS: Business Leadership & Operations Talent Management Risk Management Finance & Accounting OTHER CURRENT PUBLIC BOARDS: American International Group, Inc. and Avon Products, Inc.			W. Don Cornwell 68 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Chairman of the Board and Chief Executive Officer of Granite Broadcasting Corporation (Granite) from 1988 until his retirement in August 2009, and served as Vice Chairman of the Board until December 2009. Granite filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in December 2006 and emerged from its restructuring in June 2007. Director of American International Group, Inc. and Avon Products, Inc. Director of the Edna McConnell Clark Foundation. DirectorFoundation and Trustee of the Wallace Foundation from 2002 until 2012 and previously served as aBig Brothers Big Sisters of New York City. Former Director of CVS Caremark (including two years as Chair of its Compensation Committee) for over 10 years. Trustee of Big Brothers/Sisters of New York.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership/Leadership & Operations/Talent Management/Risk Management: Through Mr. Cornwell’s 38-year career as an entrepreneur driving the growth of a consumer-focused media company, an executive in the investment banking industry and a director of several significant consumer product and healthcare companies, he has valuable business, leadership and management experience and brings important perspectives on the issues facing Pfizer. Mr. Cornwell founded and built Granite, a consumer-focused media company, through acquisitions and operating growth, enabling him to provide insight and guidance on strategic direction and growth.   Finance and& Accounting: Mr. Cornwell’s strong financial background, including his work at Goldman Sachs prior to co-founding Granite and his service and leadership on the audit, finance and investment committees of other companies, also provides financial expertise to the Board, including an understanding of financial statements, corporate finance, accounting and capital markets.

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ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Director Since:DIRECTOR SINCE:2015   Board Committees:AGE:61 BOARD COMMITTEES: Audit, Regulatory and Compliance,Corporate Governance and Science and Technology   Other CurrentKEY SKILLS: Business Leadership & Operations International Business Risk Management Finance & Accounting Government & Public Boards:Policy OTHER CURRENT PUBLIC BOARDS: The Bank of New York Mellon Corporation, Unum Group and Xerox Corporation			Joseph J. Echevarria 59 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Chief Executive Officer of Deloitte LLP (Deloitte), a global provider of professional services, from 2011 until his retirement in 2014. During his 36-year tenure with Deloitte, he served in various leadership roles, including Deputy Managing Partner, Southeast Region Audit Managing Partner and U.S. Managing Partner and Chief Operating Officer. Director of The Bank of New York Mellon Corporation, Unum Group, a provider of financial protection benefits, and Xerox Corporation. Member of the President’s Export Council and former member of the Presidential Commission on Election Administration. CEOFormer Chair of My Brother’s Keeper Alliance. Member of the Board of Trustees of the University of Miami.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS:Business Leadership & Operations/International Business/Risk Management: Business Leadership/International Business:Mr. Echevarria’s 36-year career at Deloitte brings financial expertise and international business, leadership and leadershiprisk management skills to the Board.   Finance and& Accounting: Mr. Echevarria’s financial acumen, including his significant previous audit experience, expertise in accounting issues and his service on the audit committee of another public company, is an asset to Pfizer’s Board and Audit Committee.   Government/Government & Public Policy: Pfizer also benefits from Mr. Echevarria’s breadth and diversity of experience, which includes his public service on the President’s Export Council.

Director Since:DIRECTOR SINCE:2009 Board Committees: Corporate Governance, Regulatory and Compliance (Chair) and Science and Technology Other Current Public Boards: Mattel, Inc.

Frances D. Fergusson, Ph.D., 71 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE: President Emeritus of Vassar College since 2006 and President from 1986 to 2006. Served on the Mayo Clinic Board for 14 years, the last four years as its Chairman, and as President of the Board of Overseers of Harvard University from 2007 through 2008. Director of Wyeth from 2005 until 2009. Director of Mattel, Inc. She serves as a Trustee of the J. Paul Getty Trust (executive committee) and Second Stage Theatre, and as a Director on the executive committee of The John and Mable Ringling Museum of Art Foundation, Inc.

2011   KEY ATTRIBUTES, EXPERIENCE AND SKILLS:AGE:65   Leadership/Academia:Dr. Fergusson has strong leadership skills, having served as President of Vassar College for 20 years and, during her tenure, developing a long-term financial plan and strengthening the College’s financial position. She has also headed strategic planning projects at Vassar College and other organizations. Healthcare:Dr. Fergusson’s service on the boards of not-for-profit organizations, including the Mayo Clinic (which she chaired from 1998 to 2002), enables her to bring to the Board experience and knowledge of healthcare from various perspectives.

ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Director Since:2011 Board Committees: Corporate Governance, Regulatory and Compliance and Science and Technology (Chair)   Other Current Public Boards:KEY SKILLS: Academia Medicine & Science Healthcare & Pharma OTHER CURRENT PUBLIC BOARDS: None			Helen H. Hobbs, M.D., 63 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
Investigator, of the Howard Hughes Medical Institute since 2002, Professor of Internal Medicine and Molecular Genetics and Director of the McDermott Center for Human Growth and Development at the University of Texas Southwestern Medical Center. Member of the American Society for Clinical Investigation and the Association of American Physicians. Elected to the National Academy of Medicine in 2004, the American Academy of Arts and Sciences in 2006, and the National Academy of Sciences in 2007. She receivedReceived both the Clinical Research Prize (2005) and Distinguished Scientist Award (2007) from the American Heart Association. In 2012, she received the inaugural International Society of Atherosclerosis Prize and in 2015 she received bothPrize. Received the Pearl Meister Greengard Award and the Breakthrough Prize in Life Sciences.Sciences (2015), the Passano Award (2016), the Gill Award (2016) and the Schottenstein Prize (2017).		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Academia/Medicine & Science/Healthcare:Healthcare & Pharma: Dr. Hobbs’ background reflects significant achievements in academia and medicine. She has served as a faculty member at the University of Texas Southwestern Medical Center for more than 20 years and is a leading geneticist in the arena of metabolism and heart disease, areas in which Pfizer has significant investments and experience. Pfizer benefits from her experience, expertise, achievements and achievementsrecognition in both medicine and science.

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Director Since:DIRECTOR SINCE:2007   Board Committees:AGE:70 BOARD COMMITTEES: Compensation (Chair) and Science and Technology   Other Current Public Boards:KEY SKILLS: Business Leadership & Operations International Business Healthcare & Pharma OTHER CURRENT PUBLIC BOARDS: MetLife, Inc., The Simply Good Foods Company and Nielsen Holdings N.V.Unifi, Inc.			James M. Kilts 68 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Founding Partner, Centerview Capital, a private equity firm, since 2006. Vice Chairman, The Procter & Gamble Company (Procter & Gamble), from 2005 to 2006. Chairman and Chief Executive Officer, The Gillette Company (Gillette), from 2001 to 2005 and President, Gillette, from 2003 to 2005. President and Chief Executive Officer, Nabisco Group Holdings Corporation (Nabisco), from 1998 until its acquisition in 2000. Director of MetLife, Inc., The Simply Good Foods Company and Unifi, Inc. Executive Chairman of the Board of Conyers Park Acquisition Corporation from 2016 until its merger with The Simply Good Foods Company in 2017. Non-Executive Director of the Board of Nielsen Holdings N.V.,PLC from 2006 until 2017, Chairman of the Board of Nielsen Holdings N.V. (from Januaryfrom 2011 until December 2013)2013 and Chairman of the Nielsen Company B.V. (fromfrom 2009 until 2014), Director of MetLife, Inc.,2014. Chairman of Big Heart Pet Brands until March 2015 and Director of Meadwestvaco Corporation until April 2014. EmeritusLife Trustee of Knox College and Trustee of the University of Chicago, a memberChicago. Member of the Board of Overseers of Weill Cornell Medical College,Medicine and Founder and Co-Chair, Steering Committee, of the Kilts Center for Marketing at the University of Chicago Booth School of Business.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership/Leadership & Operations/International Business: Mr. Kilts’ tenure as CEO of Gillette and Nabisco and as Vice Chairman of Procter & Gamble provides valuable business, leadership and management experience, including expertise in cost management, value creation and resource allocation. In addition, Mr. Kilts’his knowledge of consumer businesses has given him insights oninto reaching consumers and on the importance of innovation - innovation—both important aspects of Pfizer’s business. Through Mr. Kilts’his service on various compensation committees, including ours, heMr. Kilts has a strong understanding of executive compensation and related areas.   Healthcare:Healthcare & Pharma: Through his service on the board of MetLife, Inc., an insurance company, Mr. Kilts offers a view of healthcare from another perspective.

10DIRECTOR SINCE:2018 AGE:65 BOARD COMMITTEES: Corporate Governance and Science and Technology KEY SKILLS: Medicine & Science Healthcare & Pharma Academia OTHER CURRENT PUBLIC BOARDS: None	Pfizer2016 Proxy StatementDan R. Littman, M.D., Ph.D.
	Helen L. and Martin S. Kimmel Professor of Molecular Immunology at the Skirball Institute of Biomolecular Medicine of NYU Langone Medical Center since 1995 and an Investigator of the Howard Hughes Medical Institute since 1987. Professor of Microbiology and Immunology at the University of California, San Francisco from 1985 to 1995. Member of the National Academy of the Sciences and the Institute of Medicine. Fellow of the American Academy of Arts and Sciences and the American Academy of Microbiology. Founding Scientific Advisory Board Member of Vedanta Biosciences. Member of Scientific Advisory Boards at ChemoCentryx, Inc., the Cancer Research Institute and the Ragon Institute of MGH, MIT and Harvard. Founder and a scientific advisor to Orca Pharmaceuticals. Awarded the New York City Mayor’s Award for Excellence in Science and Technology (2004), the Ross Prize in Molecular Medicine (2013) and the Vilcek Prize in Biomedical Science (2016).	KEY SKILLS & EXPERIENCE: Medicine & Science/Healthcare & Pharma/Academia: Dr. Littman’s background reflects significant achievements in medicine, healthcare and academia. He has served as a faculty member at the NYU Langone Medical Center for more than 20 years and is a renowned immunologist and molecular biologist. Pfizer benefits from his experience, expertise, achievements and recognition in both medicine and science. In addition, his experiences as a member of the National Academy of the Sciences and the Institute of Medicine enables him to bring a broad perspective of the scientific and medical community to the Board.

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ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Director Since:DIRECTOR SINCE:2013   Board Committees:AGE:54 Audit, Corporate Governance BOARD COMMITTEES: Compensation, Regulatory and Compliance and Science and Technology   Other Current Public Boards:KEY SKILLS: Business Leadership & Operations International Business Finance & Accounting Talent Management Technology Risk Management OTHER CURRENT PUBLIC BOARDS: Adobe Systems Incorporated			Shantanu Narayen 52
	POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE: Chairman, President and Chief Executive Officer and Director of Adobe Systems Incorporated (Adobe), a producer of creative and digital marketing software. Prior to his appointment as CEO in December 2007, Mr. Narayen held various leadership roles at Adobe, including President and Chief Operating Officer, Executive Vice President of Worldwide Products, and Senior Vice President of Worldwide Product Development. Director of Dell Inc. from 2009 until October 2013 and Director of Metavante Technologies Inc. from 2007 until 2009. He serves as2013. President of the Board of Adobe Foundation, which funds philanthropic initiatives around the world. Vice Chairman of US-India Strategic Partnership Forum.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership & Operations/International Business/Finance:Finance & Accounting/Talent Management: Mr. Narayen’s experience as Chairman, President and CEO of Adobe brings strong leadership and management skills to the Board, and his past roles in worldwide product development provide valuable global operations experience. He also serves as a member and Vice Chairman of US-India Strategic Partnership Forum. His past experienceexperiences as a director on other public boards provides a broad perspective on issues facing public companies and governance matters.   Technology:Technology/Risk Management: Pfizer benefits from Mr. Narayen also bringsNarayen’s extensive knowledge in technology, product innovation and leadership in the digital marketing category through his experience in the technology industry. In addition, his deep knowledge and understanding of business risks through his leadership at a strongglobal technology backgroundcompany provide further insight and perspective to Pfizer’s Board, as well as a diversity of experience that benefits Pfizer.the Board.

Director Since:DIRECTOR SINCE:2007   Board Committees:AGE:60 BOARD COMMITTEES: Audit Compensation(Chair), Regulatory and Compliance and Science and Technology   Other Current Public Boards:KEY SKILLS: Business Leadership & Operations Risk Management International Business Finance & Accounting Healthcare & Pharma OTHER CURRENT PUBLIC BOARDS: American International Group, Inc., Intuit Inc. and Visa Inc.			Suzanne Nora Johnson 58 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Retired Vice Chairman, Goldman Sachs Group, Inc. (Goldman Sachs), since 2007. During her 21-year tenure with Goldman Sachs, she served in various leadership roles, including Chair of the Global Markets Institute, Head of Global Research, and Head of Global Health Care. Director of American International Group, Inc., Intuit Inc. and Visa Inc. Member of the Board of Governors of the American Red Cross; Vice Chair, Board of Trustees of The Brookings Institution; Co-ChairmanCo-Chair of the Board of Trustees of the Carnegie Institution of Washington; and memberCo-Chair of the Investment Committee of the Board of Trustees of the University of Southern California.California; and member of the Global Agenda Council on the Future of Financial and Monetary Systems for the World Economic Forum.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership & Operations/Risk Management:Management/International Business: Ms. Nora Johnson’s careers in law and investment banking, including serving in various leadership roles at Goldman Sachs, provide valuable business experience and critical insights oninto the roles of the law and finance when evaluating strategic transactions. Finance & Accounting: Ms. Nora Johnson also brings financial expertise to the Board, providing an understanding of financial statements, corporate finance, accounting and strategic transactions to our business.capital markets.   Healthcare/Healthcare & Pharma:Ms. Nora Johnson’s extensive knowledge of healthcare through her role in healthcare investment banking and her involvement with not-for-profit organizations, such as in scientific research (The Carnegie Institution), and healthcare policy (RAND Corporation and The(The Brookings Institution) and healthcare services (the American Red Cross), provide touchstones of public opinion and exposure to diverse, global points of view. Finance & Accounting:Ms. Nora Johnson also brings financial expertise to the Board, providing an understanding of financial statements, corporate finance, accounting and capital markets.

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ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Chairman and Chief Executive Officer   Director Since:DIRECTOR SINCE:2010   Other CurrentAGE:64 KEY SKILLS: Business Leadership & Operations International Business Healthcare & Pharma Finance & Accounting Government & Public Boards:Policy Talent Management Risk Management OTHER CURRENT PUBLIC BOARDS: Kimberly-Clark Corporation			Ian C. Read 62 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
	Chairman of the Board since December 2011 and Chief Executive Officer of Pfizer since December 2011.2010. President and Chief Executive Officer from December 2010.2010 until December 2011. Previously, he served as Senior Vice President and Group President of the Worldwide Biopharmaceutical Businesses, which he led from 2006 through December 2010. In that role, he oversaw five global business units—Primary Care, Specialty Care, Oncology, Established Products and Emerging Markets. Mr. Read began his career with Pfizer in 1978 as an operational auditor. He worked in Latin America through 1995, holding positions including Chief Financial Officer, Pfizer Mexico, and Country Manager, Pfizer Brazil. In 1996, he was appointed President of Pfizer’s International Pharmaceuticals Group, with responsibility for Latin America and Canada. He became Executive Vice President, Europe, in 2000, was named a Corporate Vice President in 2001, and assumed responsibility for Canada, in addition to Europe, in 2002. Mr. Read later became accountable for operations in both the Africa/Middle East region and Latin America as well. Director of Kimberly-Clark Corporation. Mr. Read also serves on the Boards of Pharmaceutical Research and Manufacturers of America (PhRMA), International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) and the Partnership offor New York City.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership & Operations/International Business/Pharma:Healthcare & Pharma/Finance & Accounting/Government & Public Policy/Talent Management/Risk Management:Mr. Read brings over 35 years of business, operating and leadership experience to the Board. His extensive knowledge of the biopharmaceutical industry in general, including his service on PhRMA and IFPMA, and Pfizer’s worldwide biopharmaceutical business in particular, provides crucial insight to our Board on the company’s strategic planning and operations. Mr. Read provides an essential link between management and the Board on management’s business perspectives, and the combination of his knowledge of the business and his leadership skills makemakes his role as Chairman and CEO optimal at this time. Further,In addition, his experience as a member of another public company board provides him with an enhanced perspective on issues applicable to public companies.

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ITEM 1 – ELECTION OF DIRECTORSDIRECTOR NOMINEES

Director Since:2009 Board Committees: Audit, Corporate Governance (Chair) and Science and Technology Other Current Public Boards: Wells Fargo & Company

Stephen W. Sanger, 70 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE: Chairman of General Mills, Inc. (General Mills), a packaged food producer and distributor, from 1995 until his retirement in 2008 and its Chief Executive Officer from 1995 to 2007. Former Chairman of the Grocery Manufacturers of America. Recipient of the Woodrow Wilson Award for Public Service in 2009. Chaired the Fiscal Policy Committee of the Business Roundtable and served as a director of Catalyst. Director of Wells Fargo & Company. Director of Target Corporation from 1996 until 2013.

DIRECTOR SINCE:2014 AGE:58 BOARD COMMITTEES: Audit, Compensation (Chair) and Science and Technology KEY ATTRIBUTES, EXPERIENCE AND SKILLS:   Business Leadership/Leadership & Operations Finance & Accounting Talent Management/Finance:With more than 12 years’ experience as Chairman and CEO of General Mills, Mr. Sanger has valuable business, leadership and management experience, including experience in acquisitions through the purchase of Pillsbury, creating one of the world’s largest food companies. Operations/Risk Management:As CEO of General Mills, Mr. Sanger improved sales and market position, developed innovative ideas and streamlined operations, expertise which benefits Pfizer. In addition, Mr. Sanger has experience leading a company whose products are subject to FDA regulation, lending insight into the regulated nature of our consumer healthcare business.

Management International Business   Director Since:OTHER CURRENT PUBLIC BOARDS:2014 Board Committees: Compensation, Regulatory and Compliance and Science and Technology Other Current Public Boards: Thomson Reuters Corporation			James C. Smith 56 POSITION, PRINCIPAL OCCUPATION AND BUSINESS EXPERIENCE:
President, and Chief Executive Officer and Director of Thomson Reuters Corporation, a provider of intelligent information for businesses and professionals, since January 2012, and its Chief Operating Officer from September 2011 to December 2011 and Chief Executive Officer, Thomson Reuters Professional Division, from 2008 to 2011. Prior to the acquisition of Reuters Group PLC by The Thomson Corporation (Thomson) in 2008, he served as Chief Operating Officer of Thomson and as President and Chief Executive Officer of Thomson Learning’s Academic and Reference Group. Member of the International Business Council of the World Economic Forum, the International Advisory Boards of British American Business and the Atlantic Council.		KEY SKILLS & EXPERIENCE:   KEY ATTRIBUTES, EXPERIENCE AND SKILLS: Business Leadership/Leadership & Operations/Finance & Accounting/Talent Management:Management/International Business:Mr. Smith’s experience as President and CEO of Thomson Reuters Corporation brings valuable leadership, finance, international business, talent and management skills. Operations/International Business:skills to our Board. Pfizer benefits from Mr. Smith’s organizational expertise and leadership experience, honed duringin numerous senior management roles and on notable merger and acquisition activity, including the mergeracquisition and subsequent integration of two of the information industry’s preeminent firms, as well as his strong operational and international expertise fromexpertise. Mr. Smith’s previous experience running global Human Resources for the Thomson Corporation informs his experience as Chief Operating Officer.strong advocacy for culture and talent development.

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Governance

Overview

Pfizer is committed to exercising goodstrong corporate governance practices. We believe that good governance promotes the long-term interests of our shareholders, strengthens Board and management accountability and improves our standing as a trusted member of society.the communities we serve. We maintain and enhance our long record of excellence in corporate governance by regularly refining our corporate governance policies and procedures to reflect evolving practices and issues raised by our shareholders and other stakeholders.

Our governance structure and processes are based onguided by key governance documents, including our Corporate Governance Principles. The Principles and Committee Charters, which govern the operation of the Board of Directors and its Committees and guide the Board and our Executive Leadership Team in the execution of their responsibilities. The Principles are reviewed at least annually by the Corporate Governance Committee and the full Board and are updated periodically in response to changing regulatory requirements, evolving practices, issues raised by our shareholders and other stakeholders, and otherwise as circumstances warrant. Our Corporate Governance Principles are included as ““Annex 1”to this Proxy Statement.

GOVERNANCE MATERIALS AVAILABLE ON OUR WEBSITEBoard Information

Board Leadership Structure

The Board recognizes that one of its key responsibilities is to evaluate and determine its optimal leadership structure to ensure independent oversight of senior management, as well as a highly engaged and high-functioning Board. Based on its experience, considerable engagement with shareholders, and an assessment of research on this issue, the Board understands that numerous viewpoints concerning a board’s optimal leadership structure exist.

Given the dynamic and competitive environment in which we operate, the Board believes that the right leadership structure may vary as circumstances warrant. Under our By-laws and Corporate Governance Principles, the Board can and will change its leadership structure if it determines that doing so is appropriate and in the best interest of Pfizer and its shareholders at any given time. Consistent with this understanding, the independent Directors do not view any particular board leadership structure as preferred and consider the Board’s leadership structure on at least an annual basis. This consideration includes the evaluation of alternative leadership structures in light of the company’s current operating and governance environment, a review of peer company leadership structures, and investor feedback, with the goal of achieving the optimal model for Board leadership and effective oversight of senior leaders by the Board.

The Board recognizes that in circumstances where the positions of Chairman and CEO are combined, investors believe it is imperative that the Board elect a strong Lead Independent Director with a clearly defined role and set of responsibilities. Our Corporate Governance Principles align with the Board’s goal of achieving the optimal model for Board leadership and investor preferences. See“Our Lead Independent Director”below.

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		2017 Annual Review of Leadership Structure
		Following a thorough review by the Corporate Governance Committee, the independent Directors most recently reconsidered the Board’s leadership structure in December 2017 and determined that it would maintain the current leadership structure, with Mr. Read as Chairman. The independent Directors believe that this structure provides Pfizer with strong and consistent leadership.
		These determinations were based on the independent Directors’ continued strong belief that Mr. Read:
		•	hasextensive experiencein and knowledge of the research-based biopharmaceutical industry and regulatory environment;
		•	continues to demonstrate theleadership and visionnecessary to lead the Board and the company in our challenging industry and macroeconomic environments;
		•	possesses afundamentally investor-driven viewpoint;and
		•	exercises leadership that has generatedstrong operational performanceand strengthenedcolleague engagementin our ownership culture.
		Given the regulatory and market environment in which we operate, having one person in both the CEO and Chairman roles, with deep industry expertise and company knowledge, provides decisive and effective leadership internally and externally.
		OUR BOARD LEADERSHIP STRUCTURE IS FURTHER STRENGTHENED BY:
		•	thestrong, independent oversight function exercised by our Board—which consists entirely of independent Directors other than Mr. Read and Dr. Bourla (see “Director Independence” below);
		•	theindependent leadership provided by Pfizer’s Lead Independent Director;
		•	theindependence of all members of our Board Committees—Audit, Compensation, Corporate Governance, Regulatory and Compliance and Science and Technology;
		•	the company’scorporate governance principles, policies and practices; and
		•	Board and committeeprocesses and procedures that provide substantial independent oversight of our CEO’s performance,including regular executive sessions of the independent Directors, an annual evaluation of our CEO’s performance against predetermined goals, and a separate evaluation that, among other things, assesses the CEO’s interactions with the Board in his role as Chairman.
			EXECUTIVE SESSIONS		DIRECTOR NOMINEE INDEPENDENCE
			Executive sessions of the independent Directors generally take place at every regular Board meeting. Led by our Lead Independent Director, the independent Directors review and discuss, among other things, management succession planning, the criteria to evaluate the performance of the CEO and other senior management, the performance of the CEO against those criteria, and the compensation of the CEO and other senior management.

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OUR LEAD INDEPENDENT DIRECTOR

At Pfizer, the Lead Independent Director position has a clearly defined role and set of responsibilities and entails significant responsibility for independent Board leadership. In February 2018, the independent Directors selected Mr. Shantanu Narayen, contingent upon his election as a Director at the 2018 Annual Meeting, to serve as Lead Independent Director following the 2018 Annual Meeting. During Mr. Narayen’s nearly five years of service on Pfizer’s Board, he has consistently demonstrated strong leadership skills and risk oversight abilities in addition to deep expertise in technology and innovative product development. The independent Directors are confident in Mr. Narayen’s ability to serve as Lead Independent Director. Upon becoming Lead Independent Director, Mr. Narayen will also serve as an ex-officio member of each of the Board’s Committees.

Pfizer’s current Lead Independent Director, Dr. Dennis A. Ausiello, held the position since the 2015 Annual Meeting. Contingent upon his election as a Director at the 2018 Annual Meeting, Dr. Ausiello will continue to serve as a Director and as a member of the Audit Committee, the Regulatory and Compliance Committee and the following Board policiesScience and other corporate governance materials are publishedTechnology Committee.

The Role of the Lead Independent Director

The position of Lead Independent Director at Pfizer has a clear mandate, significant authority and well-defined responsibilities under a Board-approved Charter. These responsibilities and authority include the following:

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The Board’s Role in Risk Oversight

Management is responsible for assessing and www.pfizer.com/about/corporate_governance/corporate_governance.jsp:managing risk, including through the Enterprise Risk Management (ERM) program, subject to oversight by the Board. The ERM program provides a framework for risk identification and management. Each risk is assigned to a member or members, as appropriate, of our Executive Leadership Team (ELT) — the heads of our principal businesses and corporate functions. The Board believes that its leadership structure and the ERM program support the risk oversight function of the Board.

The Board executes its oversight responsibility for risk assessment and risk management directly and through its Committees:

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The Board’s Oversight of Company Strategy

The Board and its Committees are involved in overseeing our corporate strategy, including major business and organizational initiatives, capital allocation priorities and potential business development opportunities. The Board engages in discussions regarding our corporate strategy at nearly every Board meeting and, at least annually, receives a formal update on the company’s short- and long-term objectives, including the company’s operating plan and long-term corporate strategic plan. The Board’s Committees oversee elements of our strategy associated with their respective areas of responsibility.

The Board’s Role in Succession Planning

MANAGEMENT SUCCESSION PLANNING

Succession planning for Pfizer’s senior management positions, which ensures continuity of leadership over the long-term, is critical to the company’s success. The Board is responsible for planning for succession to the position of CEO, as well as certain other senior management positions. The topic is discussed regularly in executive sessions. To assist the Board, the CEO annually provides the Board with an assessment of other senior managers and their potential to succeed him. The CEO also provides the Board with an assessment of persons considered potential successors to certain senior management positions.

In addition, the Corporate Governance Committee will review periodically with the CEO the succession plans relating to positions held by elected corporate officers and will make recommendations to the Board with respect to the selection of individuals to hold these positions.

In late 2017, Pfizer announced the appointment of Albert Bourla to the newly created position of Chief Operating Officer (COO), effective January 1, 2018. The Board determined that the addition of a COO would enable Mr. Read to spend more time focusing on the company’s long-term strategic goals while we continue to expand and develop strong executive leaders essential to Pfizer’s long-term success. In addition, we announced that effective January 1, 2018, John Young, then Group President, Pfizer Essential Health, would become Group President, Pfizer Innovative Health, and Angela Hwang, then Global President and General Manager for Pfizer Inflammation & Immunology, would succeed John Young as Group President, Pfizer Essential Health.

BOARD SUCCESSION PLANNING

The Corporate Governance Committee focuses on Board succession planning on a continuous basis. In performing this function, the Committee is responsible for recruiting and recommending nominees for election as Directors to the full Board of Directors. The goal is to achieve a Board that provides effective oversight of the company through the appropriate balance of diversity of perspectives, experience, expertise and skills.

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Evaluating Board Effectiveness

The Board is committed to continuous improvement and annual self-evaluations are an important tool for evaluating effectiveness. The Board and each Committee conduct a rigorous annual self-evaluation of their performance and effectiveness.

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Board and Committee Information

During 2017, the Board of Directors met seven times. Each of our incumbent Directors attended at least 75% of the total meetings of the Board and the Board Committees on which he or she served that were held during the time he or she was a Director in 2017. In accordance with our Corporate Governance Principles, all Directors then in office attended our 2017 Annual Meeting.

The table below provides membership and meeting information for each of the standing Board Committees for 2017.⁽¹⁾