8-KShareholder MattersExhibits & Filings

FIRST CITIZENS BANCSHARES INC /DE/ 8-K Report, Shareholder Vote Results (Apr 30, 2021)

Filed April 30, 2021For Securities:FCNCAFCNCPFCNCBFCNCOFCNCN

Summary

This 8-K filing from First Citizens BancShares, Inc. /DE/ reports the results of its Annual Meeting of shareholders held on April 27, 2021. The primary outcomes were the election of 11 directors, a non-binding advisory vote on executive compensation (say-on-pay), and the ratification of KPMG LLP as the independent public accountants for 2021. All proposals presented to shareholders received strong support, indicating shareholder confidence in the company's current leadership and financial oversight. Notably, all 11 director nominees were elected, and the say-on-pay proposal received an overwhelming majority of votes in favor. The ratification of KPMG LLP as the independent auditor also passed with substantial approval. These positive voting outcomes suggest a stable and supportive shareholder base for First Citizens BancShares as it moves forward.

Key Highlights

  • 1All 11 director nominees for the upcoming year were successfully elected by shareholders.
  • 2The non-binding advisory 'say-on-pay' proposal, regarding executive compensation, received substantial shareholder approval.
  • 3KPMG LLP was ratified as the company's independent public accountants for the fiscal year 2021 with strong support.
  • 4The voting results indicate broad shareholder confidence in the election of directors and the company's executive compensation practices.
  • 5There were a significant number of 'broker non-votes' for the director elections and the say-on-pay proposal, a common occurrence in such meetings.
  • 6The ratification of the independent accountants saw minimal opposition and no abstentions or broker non-votes, suggesting clear consensus.

Frequently Asked Questions

The main outcomes were the election of 11 directors, a non-binding advisory vote to approve executive compensation (say-on-pay), and the ratification of KPMG LLP as the independent public accountants for 2021. All proposals were passed by shareholders.

All 11 director nominees received a high majority of 'For' votes, with a significant number of votes withheld and broker non-votes. This indicates strong shareholder support for the proposed board members.

The 'say-on-pay' vote is a non-binding advisory resolution where shareholders express their opinion on the compensation of the company's named executive officers. The strong 'For' vote suggests that shareholders approve of the executive compensation as disclosed in the proxy statement.

No, the ratification of KPMG LLP as the independent public accountants for 2021 passed with overwhelming support. There were very few votes against the proposal and no abstentions or broker non-votes recorded for this item.