Summary
Pfizer Inc. (PFE) filed an 8-K report on May 1, 2018, detailing the results of its Annual Meeting of Shareholders held on April 26, 2018. The meeting primarily involved voting on routine corporate matters, including the election of directors, ratification of auditors, executive compensation, and shareholder-proposed initiatives. All incumbent director nominees were overwhelmingly re-elected, and the company's choice of KPMG LLP as its independent registered public accounting firm for fiscal year 2018 received strong shareholder approval. Shareholders also approved, on an advisory basis, the compensation of the company's Named Executive Officers, indicating general satisfaction with the executive pay structure. The Pfizer Inc. French Sub-Plan under the 2014 Stock Plan was also approved. However, several shareholder proposals, including those concerning the right to act by written consent, an independent chair policy, and a report on lobbying activities, did not receive majority support.
Key Highlights
- 1All director nominees presented at the Annual Meeting of Shareholders were elected with substantial 'For' votes.
- 2KPMG LLP was ratified as Pfizer's independent registered public accounting firm for fiscal year 2018 with overwhelming shareholder approval.
- 3Shareholders approved, on an advisory basis, the compensation of the Company's Named Executive Officers.
- 4The Pfizer Inc. French Sub-Plan under the 2014 Stock Plan received shareholder approval.
- 5Shareholder proposals regarding the right to act by written consent, an independent chair policy, and a report on lobbying activities were not approved by shareholders.
- 6The voting results demonstrate strong shareholder confidence in the current Board of Directors and the company's auditor.
- 7The significant number of broker non-votes (923,139,453 for most director votes and executive compensation) suggests a substantial portion of shares held in 'street name' did not have voting instructions from beneficial owners on these matters.