Summary
Emerson Electric Co. (EMR) filed an 8-K report on February 3, 2011, detailing the outcomes of its Annual Meeting of Stockholders held on February 1, 2011. The meeting saw the retirement of two directors, R. B. Horton and V. R. Loucks, Jr. A significant event was the stockholder approval of the new 2011 Stock Option Plan, which is designed to incentivize and retain key personnel. The report also includes the final voting results for all proposals presented, including the election of directors, re-approval of performance measures for the 2006 Incentive Shares Plan, ratification of the appointment of KPMG LLP as the independent auditor for fiscal year 2011, and advisory votes on executive compensation and its frequency. Investors should note the strong approval for the 2011 Stock Option Plan, signaling management's commitment to long-term performance-based compensation. The company also received overwhelming support for its independent auditor and a favorable advisory vote on executive compensation, with a majority of stockholders favoring an annual vote on executive pay. Conversely, a stockholder proposal requesting a sustainability report was not approved.
Key Highlights
- 1Two directors, R. B. Horton and V. R. Loucks, Jr., retired from the Board of Directors.
- 2Stockholders approved the Emerson Electric Co. 2011 Stock Option Plan.
- 3The five nominated directors were elected by a substantial majority of votes.
- 4Performance measures for the Emerson Electric Co. 2006 Incentive Shares Plan were re-approved.
- 5KPMG LLP was ratified as the independent registered public accounting firm for fiscal year 2011.
- 6Stockholders provided a non-binding advisory vote approving executive compensation.
- 7The majority of stockholders voted for an annual advisory vote on executive compensation.
- 8A stockholder proposal for a sustainability report was not approved.