Summary
Boston Scientific Corporation (BSX) filed an 8-K on May 12, 2011, detailing key outcomes from its Annual Meeting of Stockholders held on May 10, 2011. The most significant announcements for investors revolve around the approval of two key employee incentive plans: the 2011 Long-Term Incentive Plan (2011 Plan) and the amended and restated 2006 Global Employee Stock Ownership Plan (GESOP). Both plans received overwhelming stockholder approval and are set to become effective in June and July 2011, respectively. Furthermore, the filing confirms the election of all director nominees and the advisory approval of executive compensation. The voting results indicate strong support from shareholders for the company's governance and compensation practices, with a clear preference for annual advisory votes on executive compensation.
Key Highlights
- 1Stockholders approved the Boston Scientific Corporation 2011 Long-Term Incentive Plan, effective June 1, 2011.
- 2Stockholders approved the amendment and restatement of the 2006 Global Employee Stock Ownership Plan (GESOP), effective July 1, 2011.
- 3All director nominees presented at the Annual Meeting were elected.
- 4The advisory vote on executive compensation received approval from stockholders.
- 5Stockholders voted in favor of an annual frequency for advisory votes on executive compensation.
- 6Ernst & Young LLP was ratified as the company's independent registered public accounting firm for 2011.