Summary
Lockheed Martin Corporation (LMT) held its Annual Meeting of Stockholders on April 27, 2023, with a strong 88.04% quorum represented. The meeting's primary outcomes involved the re-election of all 13 incumbent directors, who received overwhelming support from shareholders. Additionally, stockholders overwhelmingly approved the compensation of Named Executive Officers on an advisory basis, commonly known as "Say-on-Pay," and favored an annual frequency for such votes. The company also received strong support for ratifying the appointment of Ernst & Young LLP as its independent auditor for the fiscal year ending December 31, 2023. Conversely, several shareholder proposals, including those seeking an independent board chairman, a human rights impact assessment report, and a report on greenhouse gas emissions reduction, were rejected by a significant margin. This indicates shareholder alignment with current board leadership and corporate governance practices, while also highlighting a divergence on specific environmental and social governance (ESG) initiatives.
Key Highlights
- 1All 13 incumbent directors were overwhelmingly re-elected to the Board.
- 2Shareholders approved, on an advisory basis, the compensation of Named Executive Officers ('Say-on-Pay').
- 3An annual frequency for advisory votes on executive compensation was approved.
- 4Ernst & Young LLP was ratified as the independent auditor for the fiscal year ending December 31, 2023.
- 5Shareholder proposals requesting an independent board chairman, a human rights impact assessment report, and a report on GHG emissions reduction were all rejected.