8-KOther Events

INTUIT INC. 8-K Report, Corporate Update (Oct 28, 2009)

Filed October 28, 2009For Securities:INTU

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.

Frequently Asked Questions

The main announcement is that Intuit Inc. has adopted a policy instituting an annual advisory stockholder vote on executive compensation, starting with the 2010 annual meeting.

No, the advisory vote is non-binding. However, the company's Compensation Committee will take the results into consideration when determining future executive compensation.

The policy will take effect beginning with Intuit's annual meeting in 2010.

Intuit believes that seeking stockholder views on executive compensation is useful and appropriate for designing and implementing compensation programs effectively. It aims to increase transparency and align shareholder interests.