8-KShareholder Matters

GILEAD SCIENCES, INC. 8-K Report, Shareholder Vote Results (May 14, 2010)

Filed May 14, 2010For Securities:GILD

Summary

Gilead Sciences, Inc. (GILD) filed an 8-K on May 14, 2010, to report the outcomes of its annual stockholders' meeting held on May 11, 2010. The meeting saw a strong turnout, with a significant majority of outstanding shares represented, establishing a quorum. Key decisions included the election of all 13 director nominees, all of whom received substantial support from shareholders. Additionally, the company's selection of Ernst & Young LLP as its independent registered public accounting firm for fiscal year 2010 was overwhelmingly ratified.

Key Highlights

  • 1Gilead's 2010 annual stockholders' meeting was held on May 11, 2010, with a quorum established by the representation of 759,666,323 shares, out of 902,033,996 entitled to vote.
  • 2All 13 director nominees were elected to serve for the ensuing year, with each nominee receiving a substantial majority of the votes cast for them.
  • 3The selection of Ernst & Young LLP as Gilead's independent registered public accounting firm for the fiscal year ending December 31, 2010, was ratified by stockholders with overwhelming approval.
  • 4A significant majority of votes were cast in favor of ratifying Ernst & Young LLP, with 746,535,143 votes for, 12,146,723 against, and 984,457 abstentions.
  • 5Stockholders approved a proposal requesting the Board of Directors to adopt majority voting standards in the company's charter documents.
  • 6The proposal for majority voting standards received strong support, with 572,282,889 votes in favor, indicating shareholder desire for enhanced governance practices.

Frequently Asked Questions

The primary outcomes reported are the election of 13 directors, the ratification of Ernst & Young LLP as the independent auditor for fiscal year 2010, and the approval of a stockholder proposal to adopt majority voting standards.

All 13 director nominees received substantial support. For example, John F. Cogan received 688,044,910 votes for his election, with only 1,946,787 votes withheld and a significant number of broker non-votes.

While the election of directors and the ratification of the auditor received overwhelming support, the proposal for adopting majority voting standards, though approved, saw a notable number of votes against (116,960,161) and abstentions (748,647), indicating varying shareholder views on governance changes.

The 8-K filing was signed by Robin L. Washington, Senior Vice President and Chief Financial Officer, on behalf of Gilead Sciences, Inc.