Summary
Flextronics International Ltd. (FLEX) filed an 8-K/A on August 29, 2011, to amend a prior filing from July 27, 2011. The primary purpose of this amendment is to update information regarding the frequency of shareholder advisory votes on executive compensation. The company is clarifying the outcome of its 2011 Annual General Meeting (AGM) held on July 22, 2011, where shareholders indicated a preference for an annual vote on executive compensation. In response to this shareholder preference, the Board of Directors, on the recommendation of the Nominating and Corporate Governance Committee, has resolved to hold an advisory vote on executive compensation every year at the annual general meeting. This practice will continue until the next required advisory vote on frequency or until the Board determines otherwise is in the best interest of shareholders. This filing provides transparency on the company's response to shareholder feedback on corporate governance matters.
Key Highlights
- 1Flextronics International Ltd. (FLEX) filed an 8-K/A on August 29, 2011, amending a previous filing.
- 2The amendment specifically addresses Item 5.07 concerning the submission of matters to a vote of security holders.
- 3At the July 22, 2011 Annual General Meeting (AGM), shareholders expressed a preference for an annual advisory vote on executive compensation.
- 4The Board of Directors has accepted the recommendation to hold an advisory vote on executive compensation every year.
- 5This annual advisory vote will continue until the next mandated frequency vote or until the Board determines a different frequency is appropriate.
- 6The filing demonstrates the company's responsiveness to shareholder governance preferences.
- 7The company's Chief Financial Officer, Paul Read, signed the report.