8-KShareholder Matters

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (Apr 30, 2015)

Filed April 30, 2015For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing from First Citizens BancShares, Inc. (FCNCA) reports the results of its annual shareholder meeting held on April 28, 2015. The meeting addressed several key items, including the election of directors, an advisory vote on executive compensation ('say-on-pay'), the ratification of the independent auditor, and a shareholder proposal concerning voting rights. Investors will note that all 13 director nominees were overwhelmingly elected, and the appointment of Dixon Hughes Goodman LLP as independent accountants was ratified by a significant margin. The 'say-on-pay' resolution also received strong support, indicating shareholder approval of the disclosed executive compensation. However, a shareholder proposal related to the voting rights of a class of stock was narrowly defeated, with a majority voting against it.

Key Highlights

  • 1All 13 director nominees were elected to serve one-year terms, receiving substantial 'For' votes.
  • 2The 'say-on-pay' resolution, an advisory vote on executive compensation, was approved by a strong majority.
  • 3The appointment of Dixon Hughes Goodman LLP as the independent public accountants for 2015 was ratified with overwhelming shareholder support.
  • 4A shareholder proposal regarding the voting rights of a class of stock was voted down, with a significant majority voting against it.
  • 5Broker non-votes were noted in the director elections, but did not impact the outcome.
  • 6The filing provides detailed voting results for each agenda item, offering transparency into shareholder sentiment.

Frequently Asked Questions

The main outcomes include the election of 13 directors, the approval of the company's executive compensation plan on an advisory basis ('say-on-pay'), the ratification of the independent auditor, and the defeat of a shareholder proposal concerning voting rights.

Shareholders overwhelmingly voted 'For' the election of all 13 director nominees. While there were some 'Withheld' votes and broker non-votes, the support for each nominee was very strong.

The non-binding, advisory 'say-on-pay' resolution to approve compensation paid to named executive officers was approved by a significant majority of shareholders.

No, the shareholder proposal regarding the voting rights of a class of stock was not approved. The majority of votes cast were 'Against' the proposal.