Summary
This 8-K filing from L3Harris Technologies (formerly Harris Corporation) details the voting results from its 2017 Annual Meeting of Shareholders, held on October 27, 2017. The meeting saw overwhelming shareholder support for the election of all twelve director nominees, with each receiving a substantial majority of 'For' votes and a minimal number of 'Against' votes. Additionally, shareholders provided advisory approval for the compensation of named executive officers and overwhelmingly favored holding such advisory votes on executive compensation annually. Beyond the voting results, the company also announced changes to the annual compensation of its non-employee directors, effective January 1, 2018. These changes involve a shift from per-meeting attendance fees to increased annual retainers and a higher stock equivalent unit credit, reflecting a change in the structure of director compensation. The ratification of Ernst & Young LLP as the independent registered public accounting firm was also approved by shareholders.
Key Highlights
- 1All twelve director nominees were overwhelmingly elected by shareholders to serve a one-year term.
- 2Shareholders provided non-binding advisory approval for the compensation of the company's named executive officers with strong support.
- 3A significant majority of shareholders voted for an annual advisory vote on executive compensation, aligning with the Board's recommendation.
- 4The company's independent registered public accounting firm, Ernst & Young LLP, was ratified for the fiscal year ending June 29, 2018.
- 5Effective January 1, 2018, non-employee director compensation will see changes, including the elimination of per-meeting cash attendance fees.
- 6Annual cash retainers for Board members and committee Chairpersons (Audit and Management Development and Compensation) are increasing.
- 7The annual value of stock equivalent units for non-employee directors is also increasing, indicating a greater emphasis on equity-based compensation.