Summary
This 8-K filing from Public Storage (PSA) provides an update on a previously reported shareholder vote concerning executive compensation. Specifically, it confirms that the company's Board of Trustees has decided to implement an annual advisory vote on the compensation of its named executive officers. This decision was made in consideration of the outcome of a shareholder advisory vote held at the 2011 Annual Meeting of Shareholders on May 5, 2011, where shareholders approved, on an advisory basis, holding such a vote. Investors should note that this is an advisory vote, meaning the Board of Trustees is not legally bound by the outcome, but it signifies shareholder sentiment regarding executive pay. The next advisory vote on executive compensation is scheduled to take place at the company's 2012 Annual Meeting of Shareholders. This confirms a step towards increased shareholder engagement on executive compensation matters.
Key Highlights
- 1Public Storage (PSA) confirms its Board of Trustees will hold an annual advisory vote on executive compensation.
- 2This decision follows an advisory shareholder vote at the May 5, 2011, Annual Meeting.
- 3The advisory vote approved holding an annual vote on named executive officers' compensation.
- 4The company is committed to conducting this advisory vote annually.
- 5The next advisory vote on executive compensation will occur at the 2012 Annual Meeting of Shareholders.
- 6This filing serves as an amendment (8-K/A) to a previous report.