Summary
This 8-K filing from Lockheed Martin Corporation (LMT) reports the results of its Annual Meeting of Stockholders held on April 26, 2018. The meeting saw a strong quorum of 91.9% of outstanding shares, indicating significant shareholder engagement. Key outcomes include the re-election of all eleven directors, the ratification of Ernst & Young LLP as the independent auditor for 2018, and approval of the Amended and Restated Directors Equity Plan. Additionally, shareholders provided advisory approval for the compensation of named executive officers and rejected a proposal to adopt stockholder action by written consent.
Key Highlights
- 1All eleven incumbent directors were overwhelmingly re-elected, demonstrating shareholder confidence in the current board's leadership.
- 2Ernst & Young LLP was ratified as the independent auditor for the fiscal year ending December 31, 2018.
- 3The Amended and Restated Directors Equity Plan was approved by a majority of votes cast.
- 4Shareholders provided advisory approval for the compensation of Lockheed Martin's named executive officers (Say-on-Pay), indicating general satisfaction with executive compensation practices.
- 5A proposal to allow for stockholder action by written consent was rejected, suggesting shareholders prefer traditional annual meeting processes for significant decisions.
- 6A high percentage of outstanding shares (91.9%) were represented at the meeting, highlighting robust shareholder participation.
- 7The filing includes the Amended and Restated Directors Equity Plan as an exhibit.
Frequently Asked Questions
The main outcomes were the re-election of all directors, the ratification of the independent auditor (Ernst & Young LLP), the approval of the Amended and Restated Directors Equity Plan, advisory approval of executive compensation, and the rejection of a proposal for stockholder action by written consent.
The only proposal that did not pass was the stockholder proposal to adopt stockholder action by written consent, which was rejected by a majority of the votes cast. All other proposals, including the election of directors and advisory votes on compensation, received majority approval.
Ernst & Young LLP have been ratified as Lockheed Martin's independent auditors for the year ending December 31, 2018.
The 'Say-on-Pay' vote is an advisory, non-binding vote where shareholders express their opinion on the compensation of the company's named executive officers. The approval of this proposal indicates that shareholders were generally satisfied with the compensation packages disclosed in the proxy statement.