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Baker Hughes Co 8-K Report, Shareholder Vote Results (May 13, 2019)

Filed May 13, 2019For Securities:BKR

Summary

This 8-K filing by Baker Hughes Co (BKR) details the outcomes of its 2019 Annual Meeting of Stockholders held on May 10, 2019. The meeting addressed key governance matters, including the election of directors, an advisory vote on executive compensation, and the ratification of the independent auditor. All proposals put forth were overwhelmingly approved by shareholders. Specifically, all nine nominated directors were elected, the executive compensation plan received strong advisory support, and KPMG LLP was ratified as the company's auditor for fiscal year 2019. This filing also announces significant changes in board leadership, with Lorenzo Simonelli appointed as Chairman of the Board and W. Geoffrey Beattie named Lead Director, alongside updated committee appointments.

Key Highlights

  • 1All nine nominated directors were successfully elected to the Board for a one-year term.
  • 2Shareholders provided strong advisory approval for the company's executive compensation program.
  • 3KPMG LLP was ratified as Baker Hughes' independent registered public accounting firm for fiscal year 2019, indicating continued confidence in their audit services.
  • 4Lorenzo Simonelli has been elected as the Chairman of the Board.
  • 5W. Geoffrey Beattie has been appointed as the Lead Director.
  • 6The filing details specific committee appointments for key governance functions, including the Audit, Compensation, and Governance & Nominating Committees.

Frequently Asked Questions

The main topics voted on were the election of nine members to the Board of Directors, an advisory vote to approve the Company's executive compensation program, and the ratification of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2019.

Yes, all proposals were overwhelmingly approved. Each nominated director was elected, the advisory vote on executive compensation was approved, and KPMG LLP was ratified as the independent auditor.

Lorenzo Simonelli was elected as Chairman of the Board, and W. Geoffrey Beattie was appointed as Lead Director.

Broker non-votes occur when a broker holding shares in 'street name' for a beneficial owner does not receive voting instructions from the owner and therefore does not vote those shares on certain matters. The relatively low number of broker non-votes for the director elections and executive compensation vote, compared to the total votes cast, suggests broad shareholder participation or that many shares were voted by their beneficial owners.