Summary
MetLife Inc. filed an amendment to its Current Report on Form 8-K to disclose its Board of Directors' decision regarding the frequency of "say-on-pay" votes. Following the company's 2011 annual stockholder meeting, where approximately 93% of voting shares favored an annual frequency, the Board has officially approved an annual say-on-pay vote. This means shareholders will have the opportunity to vote on executive compensation annually through 2017. This amendment clarifies the company's response to shareholder sentiment on executive compensation oversight. The decision aligns with the "say-on-pay" provisions mandated by the Securities Exchange Act of 1934, providing investors with a regular, non-binding mechanism to express their views on the compensation packages awarded to named executive officers. Investors should note this action reflects MetLife's commitment to shareholder engagement on this critical governance issue.
Key Highlights
- 1MetLife Inc. filed an 8-K/A amendment on June 22, 2011, regarding its 2011 annual stockholder meeting.
- 2The amendment specifically addresses the frequency of "say-on-pay" votes for executive compensation.
- 3Shareholders at the April 26, 2011, annual meeting voted overwhelmingly (93%) in favor of annual say-on-pay votes.
- 4MetLife's Board of Directors formally approved an annual frequency for future say-on-pay votes on June 21, 2011.
- 5The company expects to hold annual say-on-pay votes annually through 2017.
- 6This decision is in response to shareholder preference and mandated by Section 14A of the Exchange Act.