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Amcor plc 8-K Report, Shareholder Vote Results (Nov 8, 2019)

Filed November 8, 2019For Securities:AMCRAMCCF

Summary

This 8-K filing from Amcor plc (AMCR) on November 8, 2019, details the outcomes of its Annual General Meeting held on November 5, 2019, and announces a quarterly cash dividend. Key investor takeaways include the overwhelming approval of all director nominees, the ratification of PricewaterhouseCoopers LLP as the auditor, and the advisory approval of the company's executive compensation. The board has committed to holding an annual advisory vote on executive compensation going forward, aligning with the majority shareholder preference. Additionally, the company declared a quarterly cash dividend of $0.115 per ordinary share, payable on December 17, 2019. This demonstrates a continued commitment to returning value to shareholders. While the election of directors and auditor ratification were strongly supported, the advisory vote on executive compensation showed a notable percentage of 'against' votes, which investors should monitor.

Key Highlights

  • 1All ten director nominees were overwhelmingly elected for a one-year term.
  • 2Shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the 2020 fiscal year.
  • 3The company's executive compensation was approved by a majority vote on a non-binding advisory basis.
  • 4Shareholders overwhelmingly supported holding an annual advisory vote on executive compensation.
  • 5The Board of Directors has committed to holding an advisory vote on executive compensation annually.
  • 6A quarterly cash dividend of $0.115 per ordinary share was declared, payable on December 17, 2019.
  • 7The dividend payment details for both ordinary shares and CHESS Depositary Instruments (CDIs) were provided.

Frequently Asked Questions

The Annual General Meeting saw the election of all ten director nominees, the ratification of PricewaterhouseCoopers LLP as the auditor for fiscal year 2020, and advisory approval of the company's executive compensation. Shareholders also expressed a strong preference for annual advisory votes on executive compensation, a decision the board has committed to.

Amcor declared a quarterly cash dividend of $0.115 per ordinary share, payable on December 17, 2019, to shareholders of record as of November 28, 2019.

While the election of directors and auditor ratification received strong support, the advisory vote on executive compensation had a notable percentage of 'against' votes (231,560,615 out of 508,074,000 total votes cast on the matter excluding abstentions). The board has noted this and committed to annual advisory votes.

Holders of ordinary shares trading on the New York Stock Exchange will receive the dividend in US dollars. Holders of CHESS Depositary Instruments (CDIs) trading on the Australian Securities Exchange will receive an unfranked dividend in Australian cents, which is a conversion of the US dollar dividend based on a specified exchange rate.