Summary
Honeywell International Inc. filed an 8-K on April 22, 2013, detailing the outcomes of its Annual Shareowner Meeting held on April 22, 2013. The primary purpose of this filing was to report the voting results on several key proposals and director elections. Investors would be interested to note that all director nominees were overwhelmingly elected, and the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2013 received strong approval. However, the meeting also saw the rejection of several shareholder proposals, including those related to an independent board chairman, the right to act by written consent, and the elimination of accelerated vesting in a change of control scenario. The advisory vote on executive compensation, while passing, showed a significant number of 'against' votes, which may warrant further attention.
Key Highlights
- 1All director nominees presented at the Annual Shareowner Meeting were elected with substantial majority support.
- 2PricewaterhouseCoopers LLP was approved as the independent accountant for 2013, indicating shareholder confidence in their auditing services.
- 3The advisory vote on the compensation of named executive officers passed, but a notable percentage of shareholders voted against it.
- 4Shareholders voted against the proposal to have an independent board chairman.
- 5The proposal granting shareowners the right to act by written consent was not approved.
- 6Shareowners also did not approve the proposal to eliminate accelerated vesting in the event of a change in control.