8-KShareholder Matters

ALLSTATE CORP 8-K Report, Shareholder Vote Results (May 27, 2016)

Filed May 27, 2016For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

This 8-K filing from Allstate Corp. details the final voting results from its Annual Stockholders Meeting held on May 24, 2016. The key outcomes for investors include the overwhelming re-election of all ten director nominees, demonstrating strong shareholder confidence in the current board. Additionally, shareholders provided advisory approval for the executive compensation package of the Named Executive Officers and ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accountant for 2016, indicating broad support for management's decisions in these critical areas. Conversely, two shareholder proposals did not receive majority support. The proposal to require an independent board chairman and the proposal requesting a policy on reporting political contributions were both voted down. These results suggest that while shareholders are generally aligned with the company's governance and compensation practices, there is not widespread support for these specific proposed changes at this time.

Key Highlights

  • 1All ten director nominees were re-elected with a substantial majority of votes cast.
  • 2Shareholders provided advisory approval for the executive compensation of Allstate's Named Executive Officers (Say-on-Pay).
  • 3The appointment of Deloitte & Touche LLP as the independent registered public accountant for 2016 was ratified by a significant majority of votes.
  • 4A shareholder proposal to adopt a policy requiring an independent board chairman did not receive majority support.
  • 5A shareholder proposal concerning the reporting of political contributions also failed to gain majority shareholder approval.
  • 6Broker non-votes were noted for several proposals, indicating shares held by brokers that were not voted on certain matters.

Frequently Asked Questions

The most significant outcomes were the re-election of all ten director nominees, advisory approval of executive compensation, and the ratification of the independent auditor. Two shareholder proposals, one on an independent board chairman and another on political contribution reporting, did not pass.

Yes, the advisory vote on the compensation of the Named Executive Officers (often referred to as 'Say-on-Pay') received the support of a majority of the shares present and entitled to vote. This indicates general shareholder satisfaction with the current executive compensation structure.

No, neither of the two shareholder proposals that were voted on received majority support from shareholders. These proposals related to requiring an independent board chairman and reporting political contributions.

Deloitte & Touche LLP was ratified by shareholders as Allstate's independent registered public accountant for the fiscal year 2016.