8-KShareholder MattersOther EventsExhibits & Filings

GARMIN LTD 8-K Report, Shareholder Vote Results (Jun 12, 2017)

Filed June 12, 2017For Securities:GRMN

Summary

Garmin Ltd. filed an 8-K on June 12, 2017, reporting on its annual general meeting of shareholders held on June 9, 2017. The primary focus of the filing is the outcomes of shareholder votes on several key corporate matters. Investors should note the approval of the 2016 Annual Report, including financial statements, and the appropriation of earnings, which directly impacts the company's financial health and distribution of profits. A significant outcome for shareholders is the approval of a cash dividend totaling $2.04 per share, payable in four equal installments. The first installment was set for June 30, 2017. Additionally, the filing details the re-election of directors and executive management, including Min H. Kao as Executive Chairman, and the approval of compensation structures for both executive management and the Board of Directors for the upcoming fiscal year. The appointment of Ernst & Young LLP as the Independent Registered Public Accounting Firm for 2017 was also ratified.

Key Highlights

  • 1Shareholders approved the 2016 Annual Report and consolidated financial statements.
  • 2A cash dividend of $2.04 per share was approved, to be paid in four equal installments.
  • 3The first dividend installment of $0.51 per share was scheduled for June 30, 2017.
  • 4Directors and Executive Management were discharged from liability for the fiscal year ended December 31, 2016.
  • 5Several directors, including Executive Chairman Min H. Kao, were re-elected for terms extending until the 2018 annual general meeting.
  • 6The appointment of Ernst & Young LLP as the Independent Registered Public Accounting Firm for fiscal year 2017 was ratified.
  • 7Shareholders approved compensation plans for Executive Management and the Board of Directors for fiscal year 2018.

Frequently Asked Questions

Garmin Ltd. shareholders approved a total cash dividend of $2.04 per share. This dividend will be paid out of Garmin's reserve from capital contribution in four equal installments of $0.51 per share.

The first installment of $0.51 per share was payable on June 30, 2017. The Board of Directors expected to set payment and record dates for the remaining three installments for September 29, 2017, December 29, 2017, and March 30, 2018.

Shareholders re-elected Donald H. Eller, Joseph J. Hartnett, Min H. Kao, Charles W. Peffer, Clifton A. Pemble, and Rebecca R. Tilden as directors. Min H. Kao was also re-elected as Executive Chairman of the Board of Directors. The terms for these re-elections extend until the completion of the 2018 annual general meeting of shareholders.

While most proposals passed with a significant majority, there were varying numbers of 'Against', 'Abstain', and 'Not Voted' entries for several items, particularly in director re-elections and compensation approvals, indicating some shareholder dissent or abstention on those specific matters.