What were the main outcomes of Caterpillar's 2020 Annual Shareholders Meeting?

The meeting resulted in the election of all director nominees, ratification of the independent auditor (PwC), and advisory approval of executive compensation. Several shareholder-initiated proposals concerning lobbying, board independence, and shareholder action by written consent were not approved.

Were there any significant shareholder proposals that did not pass?

Yes, three shareholder proposals failed to gain approval: a proposal requesting a report on lobbying activities, a proposal advocating for an independent Board Chairman, and a proposal to allow shareholder action by written consent.

What is the significance of the shareholder vote on executive compensation?

The advisory vote on executive compensation was approved, indicating that shareholders, in general, are satisfied with the company's compensation practices for its named executive officers. However, this vote is non-binding and serves as an important signal to the Board.

Who is Caterpillar's independent registered accounting firm for 2020?

PricewaterhouseCoopers LLP was ratified by shareholders as Caterpillar's independent registered accounting firm for 2020.

CAT 8-K: Shareholder Matters

Summary

Caterpillar Inc. (CAT) filed an 8-K on June 15, 2020, detailing the results of its Annual Shareholders Meeting held on June 10, 2020. All director nominees were elected, and the appointment of PricewaterhouseCoopers LLP as the independent registered accounting firm for 2020 was ratified. Additionally, shareholders approved executive compensation on an advisory basis. However, several shareholder proposals did not pass, including those related to lobbying activities, requiring an independent Board Chairman, and allowing shareholder action by written consent.

Key Highlights

1All incumbent director nominees were successfully elected to the Board.
2PricewaterhouseCoopers LLP was ratified as Caterpillar's independent auditor for 2020.
3Shareholders approved executive compensation on an advisory basis.
4A shareholder proposal for an annual report on lobbying activities and expenditures was not approved.
5A shareholder proposal to require an independent Chairman of the Board was not approved.
6A shareholder proposal to permit shareholder action by written consent did not pass.

CATERPILLAR INC 8-K Report, Shareholder Vote Results (Jun 15, 2020)

Summary

Key Highlights

Frequently Asked Questions