01—Abstract
Summary
Summary of the 8-K filed May 20, 2024. Cited figures are marked; the original filing is the authoritative source.
Otis Worldwide Corporation filed this Form 8-K to report the results of its 2024 Annual Meeting of Shareholders, held on May 16, 2024.
As of the March 18, 2024 record date, 404,180,723 shares of common stock were issued and outstanding, and 359,019,252 shares were represented at the meeting, which constituted a quorum. The filing states that shareholders voted on four matters, which are described in the Company's Definitive Proxy Statement on Schedule 14A filed April 5, 2024. Shareholders elected all eleven director nominees to terms expiring at the 2025 Annual Meeting.
Each nominee received more votes for than against. Judith F. Marks had the most opposition, with 18,395,045 votes against and 3,799,613 abstentions.
Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 295,869,858 votes for and 36,552,568 against. They ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2024, with 358,111,417 votes for and 567,055 against.
A proposal to adopt a revised policy on majority voting in director elections was not approved, receiving 39,695,754 votes for and 293,386,557 against, with 792,543 abstentions. Broker non-votes totaled 25,144,398 for the director, compensation, and majority voting proposals.
02—Key points
Key Highlights
- Annual Meeting of Shareholders held May 16, 2024, with a quorum of 359,019,252 shares out of 404,180,723 shares outstanding as of the March 18, 2024 record date.
- All eleven director nominees were elected to terms expiring at the 2025 Annual Meeting; each received more votes for than against.
- Judith F. Marks received the most opposition among nominees, with 18,395,045 votes against and 3,799,613 abstentions.
- Advisory say-on-pay proposal approved, with 295,869,858 votes for and 36,552,568 against.
- PricewaterhouseCoopers LLP ratified as independent auditor for 2024, with 358,111,417 votes for and 567,055 against.
- Proposal to adopt a revised majority voting policy for director elections was not approved, with 39,695,754 votes for and 293,386,557 against.
- Common stock (OTIS) and the 0.318% Notes due 2026 and 0.934% Notes due 2031 are listed on the New York Stock Exchange.
03—Questions
Frequently Asked Questions
When and where was the 2024 Annual Meeting held, and was there a quorum?
The meeting was held on May 16, 2024. The record date was March 18, 2024, when 404,180,723 shares were issued and outstanding. A quorum of 359,019,252 shares was represented at the meeting.
Which directors were elected, and did any receive significant opposition?
Eleven nominees were elected to serve until the 2025 Annual Meeting or until their successors are elected and qualified. Each nominee received more votes for than against. Judith F. Marks had the highest number of votes against (18,395,045) and abstentions (3,799,613). Shailesh G. Jejurikar had 6,525,314 votes against.
How did shareholders vote on executive compensation?
Shareholders approved the advisory proposal on named executive officer compensation, with 295,869,858 votes for, 36,552,568 votes against, 1,452,428 abstentions, and 25,144,398 broker non-votes.
Why was the majority voting policy proposal significant?
The proposal to adopt a revised majority voting policy in director elections was not approved. It received 39,695,754 votes for, 293,386,557 votes against, and 792,543 abstentions, with 25,144,398 broker non-votes.
Who is the independent auditor for 2024?
Shareholders approved PricewaterhouseCoopers LLP as Otis's independent registered public accounting firm for 2024, with 358,111,417 votes for, 567,055 against, and 340,780 abstentions.
04—Continue