Summary
This 8-K filing from Automatic Data Processing, Inc. (ADP) reports preliminary results from its 2017 Annual Meeting of Stockholders held on November 7, 2017. The primary focus of this report is the voting outcomes on several key proposals, including the election of directors, advisory votes on executive compensation and its frequency, the ratification of the independent auditor, and a shareholder proposal regarding by-laws. Investors should note that these are preliminary results and are subject to final certification. The preliminary voting indicates strong support for the company's nominated directors and the ratification of Deloitte & Touche LLP as the independent auditor. The advisory vote on executive compensation also received preliminary approval. A shareholder proposal to repeal certain by-law amendments was approved, but the company noted that no such amendments were made after the specified date, rendering the vote's impact nominal. The filing also provides preliminary vote tallies for director nominees, including those proposed by Pershing Square, which did not receive majority support.
Key Highlights
- 1Preliminary results from ADP's 2017 Annual Meeting of Stockholders indicate strong support for the election of the company's nominated directors.
- 2The advisory vote to approve executive compensation received a preliminary 'For' majority.
- 3Stockholders voted in favor of ratifying Deloitte & Touche LLP as ADP's independent registered public accounting firm for the fiscal year.
- 4The advisory vote on the frequency of 'Say When on Pay' indicated a preference for a one-year cycle.
- 5A shareholder proposal to repeal certain by-law amendments was approved, though the company stated no such amendments had been adopted since August 2, 2016, making the vote's outcome without practical effect.
- 6Preliminary results show that nominees put forth by Pershing Square did not secure a majority of the votes cast.