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T. Rowe Price elects Olympia Snowe to its board

BALTIMORE (AP) -- T. Rowe Price Group Inc. said Thursday that it has elected former U.S. Senator Olympia Snow as a director of the company.

Snowe served in the U.S. Senate from 1995 to 2013 and as a member of the U.S. House of Representatives from 1979 to 1995. She is currently chairman and CEO of Olympia Snowe LLC, a policy and communications consulting firm.

T. Rowe Price said Snowe's leadership and public policy experience will serve the company well.

The investment firm said in a regulatory filing that non-employee directors received an annual retainer of $75,000 in 2012. Each director also received a $1,500 fee for each committee meeting attended. Board members are granted their choice of 4,200 restricted shares or restricted stock units upon their appointment, and their choice of options to acquire 4,200 common shares, 1,250 restricted shares, or 1,250 stock units annually.

T. Rowe Price on Thursday also declared its regular quarterly dividend of 38 cents per share, payable Sept. 27 to shareholders of record as of Sept. 13.

Shares of the company fell 80 cents to $73.93 in midday trading, in line with broader market declines.