Summary
Freeport-McMoRan Inc. (FCX) filed an 8-K on June 16, 2011, detailing the results of its 2011 annual meeting of stockholders held on June 15, 2011. The primary focus of the filing is the outcome of various shareholder votes. Key outcomes include the overwhelming election of all twelve director nominees and the ratification of Ernst & Young LLP as the independent auditor for the fiscal year 2011. However, investors should note that shareholders, on an advisory basis, did not approve the compensation of named executive officers. The company will now hold an annual advisory vote on executive compensation going forward, as approved by shareholders. Additionally, a stockholder proposal concerning director candidate requirements was not approved. Overall, the meeting indicates strong support for the board and audit firm, but highlights shareholder concerns regarding executive compensation practices.
Key Highlights
- 1All twelve director nominees were successfully elected to serve on the board.
- 2Shareholders voted against, on an advisory basis, the compensation of the company's named executive officers.
- 3Shareholders approved, on an advisory basis, holding annual future advisory votes on executive compensation.
- 4The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2011 was ratified.
- 5A stockholder proposal requesting specific requirements for director candidates was not approved.
- 6A substantial majority of outstanding shares (approximately 78.6%) were represented at the annual meeting.