Summary
This 8-K filing from Automatic Data Processing Inc. (ADP) reports on the outcomes of the Annual Meeting of Stockholders held on November 8, 2011. The primary focus for investors is the overwhelming approval of all director nominees and the ratification of the independent auditor. Key proposals, including the election of the Board of Directors and the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year beginning July 1, 2011, received strong support from shareholders. Additionally, the advisory vote on executive compensation, while not binding, also saw a majority in favor. The company also provided clarity on the frequency of future executive compensation votes.
Key Highlights
- 1All director nominees were overwhelmingly elected to the Board of Directors.
- 2The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2011 was overwhelmingly ratified.
- 3A significant majority of votes were cast in favor of the advisory resolution on executive compensation.
- 4Shareholders voted to hold an advisory vote on executive compensation every year.
- 5The company confirmed that the next advisory vote on the frequency of executive compensation votes will occur no later than the 2017 Annual Meeting of Stockholders.
- 6A substantial number of shares (409,600,927) were represented at the meeting, indicating strong shareholder participation.