Summary
This Form 8-K/A filing by Costco Wholesale Corporation serves as an amendment to a previous 8-K report filed on February 1, 2017. The primary purpose of this amendment is to formally disclose the company's decision regarding the frequency of shareholder advisory votes on executive compensation, also known as 'say-on-pay'. Following a shareholder advisory vote at the 2017 Annual Meeting of Shareholders, held on January 26, 2017, the company has confirmed its intention to continue holding these advisory votes on executive compensation on an annual basis. This decision aligns with Costco's established practice and the expressed preference of its shareholders, as indicated by the advisory vote's outcome.
Key Highlights
- 1Costco Wholesale Corporation filed an amendment (8-K/A) to its previous 8-K report.
- 2The amendment clarifies the frequency of future shareholder advisory votes on executive compensation ('say-on-pay').
- 3Shareholders voted in favor of holding 'say-on-pay' votes annually.
- 4Costco intends to continue its practice of annual 'say-on-pay' advisory votes.
- 5The decision aligns with the company's prior practices and shareholder sentiment.
- 6The filing does not alter any other information previously reported in the original 8-K.
- 7Richard A. Galanti, Executive Vice President and Chief Financial Officer, signed the report.
Frequently Asked Questions
The main purpose of this amended 8-K filing is to officially disclose Costco's decision on how often it will conduct future shareholder advisory votes on executive compensation, following a vote at the company's 2017 Annual Meeting of Shareholders.
The shareholder advisory vote was in favor of holding the executive compensation advisory votes on an annual basis.
Yes, Costco intends to continue its practice of holding shareholder advisory votes on executive compensation annually, in line with the shareholder vote and its prior practices.
No, the filing explicitly states that it is solely for the purpose of disclosing the frequency of executive compensation advisory votes and makes no other modifications to the original 8-K report.