Summary
This 8-K filing from Abbott Laboratories reports on key governance and shareholder actions taken at their Annual Meeting of Shareholders on April 28, 2017. The most significant change is the amendment to the company's by-laws, reducing the size of the Board of Directors from twelve to eleven members, effective April 28, 2017. This change was approved by the Board of Directors on February 16, 2017. Shareholders also voted on several proposals at the meeting, including the election of directors, ratification of auditors, executive compensation, frequency of executive compensation votes, and approval of equity incentive and employee stock purchase plans. Notably, all proposals presented by management received strong shareholder support, with high percentages of votes in favor. A shareholder proposal requesting an independent Board Chairman was rejected.
Key Highlights
- 1Abbott Laboratories reduced its Board of Directors size from twelve to eleven members, effective April 28, 2017.
- 2The company held its Annual Meeting of Shareholders on April 28, 2017.
- 3Shareholders overwhelmingly elected the entire slate of directors presented.
- 4Ernst & Young LLP was ratified as the company's independent auditor.
- 5Shareholders provided advisory approval for executive compensation with 94.78% of votes cast in favor.
- 6An advisory vote to hold future executive compensation votes annually passed with 89.43% of votes cast in favor.
- 7A shareholder proposal for an independent Board Chairman was rejected by a majority of votes cast.