01—Abstract
Summary
Summary of the 8-K filed May 16, 2025. Cited figures are marked; the original filing is the authoritative source.
Otis Worldwide Corporation held its 2025 Annual Meeting of Shareholders on May 15, 2025.
Of the 395,629,196 shares of common stock outstanding as of the March 17, 2025 record date, 358,121,969 shares were represented, which constituted a quorum. The filing reports voting results on four proposals described in the Company's Definitive Proxy Statement on Schedule 14A filed April 4, 2025. Shareholders elected all eleven director nominees to terms expiring at the 2026 Annual Meeting.
The most significant outcome for investors is that the advisory say-on-pay proposal on executive compensation was not approved, with 131,352,789 votes for, 202,204,629 votes against, and 1,074,705 abstentions. Shareholders also did not approve a proposal on reporting of political contributions and expenditures, with 132,918,428 votes for and 199,404,220 against. Shareholders ratified PricewaterhouseCoopers LLP as the independent auditor for 2025, with 357,214,770 votes for and 631,907 against.
Among the director votes, Shailesh G. Jejurikar (310,839,013 for, 23,533,611 against) and Judith F. Marks (311,396,772 for, 18,655,440 against, 4,579,911 abstentions) received the largest numbers of votes against, though both were elected.
02—Key points
Key Highlights
- Shareholders did not approve the advisory vote on named executive officer compensation: 202,204,629 votes against versus 131,352,789 for, plus 1,074,705 abstentions.
- All eleven director nominees were elected to terms expiring at the 2026 Annual Meeting, with Judith F. Marks and Shailesh G. Jejurikar receiving the most votes against among nominees.
- PricewaterhouseCoopers LLP was ratified as independent registered public accountants for 2025, with 357,214,770 votes for and 631,907 against.
- The shareholder proposal on reporting political contributions and expenditures was not approved, with 132,918,428 votes for and 199,404,220 against.
- A quorum was present, with 358,121,969 of 395,629,196 outstanding common shares represented at the May 15, 2025 meeting.
- Broker non-votes of 23,489,846 were recorded on the director elections, the say-on-pay proposal, and the political contributions proposal.
03—Questions
Frequently Asked Questions
Did shareholders approve Otis's executive compensation?
No. The advisory vote on named executive officer compensation was not approved, with 131,352,789 votes for, 202,204,629 votes against, 1,074,705 abstentions, and 23,489,846 broker non-votes.
Who was elected to the Otis Board of Directors?
Eleven nominees were elected to terms expiring at the 2026 Annual Meeting: Thomas A. Bartlett, Jeffrey H. Black, Jill C. Brannon, Nelda J. Connors, Kathy Hopinkah Hannan, Shailesh G. Jejurikar, Christopher J. Kearney, Judith F. Marks, Margaret M. V. Preston, Shelley Stewart, Jr., and John H. Walker.
Which auditor did shareholders approve for 2025?
Shareholders approved PricewaterhouseCoopers LLP as Otis's independent auditor for 2025 until the next annual meeting in 2026, with 357,214,770 votes for, 631,907 against, and 275,292 abstentions.
What was the outcome of the political contributions proposal?
The proposal regarding reporting on political contributions and expenditures was not approved, with 132,918,428 votes for, 199,404,220 votes against, 2,309,475 abstentions, and 23,489,846 broker non-votes.
04—Continue