8-KShareholder Matters

Amcor plc 8-K Report, Shareholder Vote Results (Nov 9, 2020)

Filed November 9, 2020For Securities:AMCRAMCCF

Summary

Amcor plc (AMCR) filed an 8-K on November 9, 2020, detailing the results of its Annual General Meeting of Shareholders held on November 4, 2020. The report indicates a strong shareholder turnout with over 1.1 billion ordinary shares represented out of more than 1.5 billion entitled to vote. Key outcomes include the election of ten directors for one-year terms, with all nominees receiving overwhelming support from shareholders and a significant number of broker non-votes primarily on one director's election. The shareholders also overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year 2021. Furthermore, the company's executive compensation plan received approval through a non-binding, advisory vote, though with a notable percentage of 'against' votes and abstentions compared to the accounting firm ratification, suggesting some shareholder dissent or concern regarding executive pay.

Key Highlights

  • 1Amcor plc held its Annual General Meeting on November 4, 2020, with strong shareholder participation.
  • 2Ten directors were elected for one-year terms, with all nominees receiving substantial 'for' votes.
  • 3Graeme Liebelt was the director with the highest number of 'against' votes and broker non-votes, though still overwhelmingly approved.
  • 4PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for fiscal year 2021 with strong shareholder approval.
  • 5The company's executive compensation plan was approved by a non-binding, advisory vote, albeit with a higher 'against' vote percentage than director elections or auditor ratification.
  • 6A significant number of broker non-votes (40,115,274) were recorded for the director elections and executive compensation proposals, indicating shares held by brokers that were not voted by the beneficial owners.

Frequently Asked Questions

The main outcomes were the election of ten directors for one-year terms, the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2021, and the approval of the company's executive compensation plan via a non-binding advisory vote.

Yes, all ten director nominees were elected for one-year terms. While all received a majority of 'for' votes, Graeme Liebelt had a higher number of 'against' votes and broker non-votes compared to other directors, though still a significant majority in favor.

Broker non-votes occur when a broker holds shares in 'street name' for a beneficial owner but has not received voting instructions from that owner. The high number of broker non-votes (over 40 million) for the director elections and executive compensation proposals suggests that a substantial portion of shares held by brokers were not voted by their beneficial owners on these specific matters.

Shareholders approved the company's executive compensation plan through a non-binding, advisory vote. The vote was 1,011,481,542 in favor, 58,325,831 against, and 5,375,300 abstentions.