Summary
This Form 8-K/A filing from Exelon Corporation, dated May 3, 2011, serves as an amendment to a previous 8-K filed on May 5, 2011. The primary purpose of this amendment is to formally report the Exelon Board of Directors' decision regarding the frequency of advisory shareholder votes on executive compensation, often referred to as 'say-on-pay'. Following the company's annual shareholder meeting on May 3, 2011, where shareholders were overwhelmingly in favor (approximately 95%) of an annual advisory vote on executive compensation, the Board has committed to holding such a vote every year. This decision aligns with management's recommendation and provides shareholders with a consistent opportunity to voice their opinions on executive pay.
Key Highlights
- 1Exelon Corporation amended a prior 8-K filing from May 5, 2011.
- 2The amendment specifically addresses the outcome of the 'say-on-pay' vote from the annual shareholder meeting held on May 3, 2011.
- 3Shareholders overwhelmingly supported holding an advisory vote on executive compensation annually, with approximately 95% of shares voting in favor.
- 4The Exelon Board of Directors has decided to implement an annual advisory vote on executive compensation based on the shareholder vote and management's recommendation.
- 5This annual vote on executive compensation will continue until the next required vote on the frequency of such shareholder advisory votes.
- 6The filing includes standard forward-looking statements and disclaimers regarding potential risks and uncertainties that could affect future results.
- 7Investors are directed to Exelon's 2010 10-K and Q2 2011 10-Q filings for further risk factor and operational details.