Summary
This Form 8-K filing from McDonald's Corporation reports on the outcomes of its Annual Shareholders' Meeting held on May 19, 2011. The primary focus is the voting results on various proposals, including the re-election of directors, the ratification of independent auditors, executive compensation, and changes to the company's corporate governance structure. Key to investors, the meeting saw overwhelming approval for the re-election of all five nominated directors and the appointment of Ernst & Young LLP as independent auditors for 2011. Shareholders also supported an advisory vote on executive compensation and approved holding these advisory votes annually. Significant governance changes were enacted with the approval to eliminate super-majority voting requirements and to declassify the board of directors. Conversely, several shareholder proposals concerning animal welfare (controlled atmosphere stunning), children's nutrition, and beverage containers were not approved by the majority of shareholders.
Key Highlights
- 1All five nominated directors were overwhelmingly re-elected at the Annual Shareholders' Meeting.
- 2Shareholders approved the appointment of Ernst & Young LLP as McDonald's independent auditors for 2011.
- 3An advisory vote on executive compensation was approved, and shareholders voted in favor of holding such advisory votes on an annual basis.
- 4Significant corporate governance changes were approved, including the elimination of super-majority voting requirements in the company's charter.
- 5The proposal to declassify McDonald's board of directors received shareholder approval.
- 6Shareholder proposals regarding controlled atmosphere stunning, children's nutrition, and beverage containers were not approved.
- 7McDonald's announced a quarterly cash dividend on May 18, 2011, as detailed in an accompanying investor release.