Summary
This 8-K filing from QUALCOMM INC/DE (QCOM), filed on March 13, 2011, reports the results of its Annual Meeting of Stockholders held on March 8, 2011. The meeting covered seven proposals, all of which were approved by shareholders, reflecting strong support for management's recommendations. Key outcomes include the re-election of all 13 director nominees, approval of amendments to incentive and stock purchase plans to increase share reserves, and ratification of PricewaterhouseCoopers LLP as the independent auditor. Investors can take comfort in the overwhelming approval of directors and the company's compensation practices, with a majority voting in favor of executive compensation. The advisory vote on the frequency of executive compensation votes indicated a preference for an annual vote. While a shareholder proposal for a majority vote standard for director elections also passed, the company has retained its plurality vote standard for uncontested elections, as outlined in the proxy statement.
Key Highlights
- 1All 13 director nominees were overwhelmingly elected, receiving affirmative votes from a majority of outstanding shares.
- 2Shareholders approved amendments to the 2006 Long-Term Incentive Plan, increasing the share reserve by 65 million shares.
- 3The 2001 Employee Stock Purchase Plan was amended to increase its share reserve by 22 million shares.
- 4PricewaterhouseCoopers LLP was ratified as QUALCOMM's independent registered public accounting firm for fiscal year 2011.
- 5An advisory vote on executive officer compensation received strong support, with over 1.15 billion shares voting 'FOR'.
- 6The advisory vote on the frequency of executive compensation votes showed a preference for annual votes (765 million shares FOR).
- 7A shareholder proposal to move to a majority vote standard for director elections was approved by a majority of votes cast, though specific implementation details were previously outlined.