Summary
PACCAR Inc (PCAR) filed an 8-K on April 27, 2012, detailing executive compensation adjustments and the outcomes of its annual stockholder meeting held on April 24, 2012. The Compensation Committee approved a Long Term Performance Cash Award (LTIP Cash Award) for the 2009-2011 cycle, which significantly increased the total compensation for several Named Executive Officers. Notably, M. C. Pigott received a substantial LTIP Cash Award of $12,579,410, bringing his total compensation for that period to that amount, as his Non-Equity Incentive Plan Compensation was $0. The annual meeting saw the election of three Class II directors, including M. C. Pigott and W. R. Staley, to serve until 2015, with overwhelming support from shareholders. The meeting also addressed several stockholder proposals. Proposal 2, regarding a Director Vote Threshold, was approved, indicating shareholder support for such measures. However, Proposals 3 and 4, concerning supermajority vote provisions and the annual election of all directors, respectively, were not approved, suggesting shareholder preference for the existing governance structures on these specific matters.
Key Highlights
- 1PACCAR's Compensation Committee approved Long Term Performance Cash Awards (LTIP Cash Awards) for the 2009-2011 cycle, impacting Named Executive Officer compensation.
- 2M. C. Pigott's total compensation for the 2009-2011 cycle was significantly boosted by an LTIP Cash Award of $12,579,410, as he received no non-equity incentive plan compensation.
- 3The annual stockholder meeting was held on April 24, 2012, with routine matters of business conducted.
- 4Three Class II directors, including M. C. Pigott and W. R. Staley, were elected to serve until 2015 with high approval rates.
- 5A stockholder proposal regarding a Director Vote Threshold (Item 2) was approved by shareholders.
- 6Stockholder proposals to eliminate supermajority vote provisions (Item 3) and for the annual election of all directors (Item 4) were not approved.