In a bid to soothe the tempers of their biggest investors, Pfizer board members will begin meeting regularly with fund managers and others who hold big blocks of stock. The topic: executive pay and management practices. After the disaster that was Hank McKinnell, not to mention the research setbacks, the board could be described as having a delayed reaction. The first meeting will reportedly take place in the third quarter with about 30 investors who together hold 35 percent of Pfizer shares.

The move, which was approved at a Pfizer board meeting today, is the latest attempt by ceo Jeff Kindler to make nice to the Street. Remember, he quietly reached out to vice chairman Dave Shedlarz after beating him for the No. 1 job and convincing him to stay by sharing various responsibilities. Meanwhile, cfo Alan Levin is leaving, creating a vacuum until a high-profile replacement is found.

“Given the share price performance, it is probably prudent to at least sit down and explain to your shareholders where you are going,” Les Funtleyder, a health care analyst with Miler Tabak, tells Bloomberg News. “I would assume there is certainly investor discontent over the fact the shares haven’t responded too much to the changes the company has been making.”

Not too much? That’s being nice. The 52-week price range: $22.16 to $28.60, and today the shares are hovering below $26.