Summary
This 8-K filing from Fastenal Company (FAST) reports on two key events following their Annual Shareholders Meeting on April 22, 2014. Firstly, in line with the company's 2012 director age-limitation policy, two long-serving directors, Robert A. Kierlin (Chairman) and Stephen M. Slaggie, retired from the board. Consequently, CEO Willard D. Oberton assumed the additional role of Chairman of the Board. Secondly, the filing details the voting results from the Annual Meeting. Shareholders overwhelmingly approved the election of nine directors, ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2014, and also approved, on an advisory basis, the compensation of the company's named executive officers. The attendance at the meeting constituted a quorum, indicating strong shareholder engagement.
Key Highlights
- 1Robert A. Kierlin, Chairman, and Stephen M. Slaggie retired from the Board of Directors due to the company's age-limitation policy.
- 2Willard D. Oberton, currently CEO, assumed the additional title of Chairman of the Board.
- 3All nine nominated directors were elected by shareholders.
- 4KPMG LLP was ratified as Fastenal's independent registered public accounting firm for the fiscal year ending December 31, 2014.
- 5Shareholders approved, on an advisory basis, the compensation of the company's named executive officers.
- 6A quorum was present at the Annual Meeting, with over 265 million shares represented.
- 7There were 40,255,638 broker non-votes recorded for the director elections and executive compensation vote.