Summary
Intuit Inc. (INTU) announced on October 28, 2009, the adoption of a new policy regarding stockholder advisory votes on executive compensation. Beginning with the 2010 annual meeting, shareholders will have the opportunity to cast a non-binding advisory vote on the company's executive compensation practices. This initiative aligns with the growing trend of 'say-on-pay' proposals aimed at increasing transparency and accountability in executive remuneration. The company's Board of Directors and management view this advisory vote as a valuable mechanism for soliciting stockholder feedback on their compensation philosophy, policies, and decisions concerning named executive officers. While the vote is non-binding, Intuit's Compensation Committee will consider the results when determining future executive compensation. This move is designed to foster greater alignment between shareholder interests and executive rewards.
Key Highlights
- 1Intuit Inc. (INTU) has adopted a policy for an annual advisory stockholder vote on executive compensation.
- 2The 'say-on-pay' vote will commence with the 2010 annual meeting.
- 3Stockholders will vote on the company's compensation philosophy, policies, and decisions for named executive officers.
- 4The advisory vote is non-binding.
- 5The Compensation Committee will consider the advisory vote results in future compensation decisions.
- 6The company believes this policy will enhance stockholder engagement and transparency in executive compensation.
- 7The policy was adopted by the Board of Directors in October 2009.