Summary
QUALCOMM INC/DE (QCOM) filed an 8-K/A amendment on May 7, 2014, providing an update on a shareholder vote held on March 3, 2014. The primary focus of this filing is the outcome of a non-binding advisory vote on the frequency of future "say-on-pay" votes concerning executive compensation. A significant majority of the shares voted in favor of holding these advisory votes on an annual basis. Following this shareholder sentiment, the Compensation Committee of the Board of Directors has decided to implement annual advisory votes on executive compensation. This decision aligns with the expressed preference of the company's security holders and will remain in effect until the Compensation Committee reviews the results of a future shareholder advisory vote specifically on the frequency of these "say-on-pay" votes.
Key Highlights
- 1The filing confirms the outcome of a non-binding advisory vote on the frequency of executive compensation votes.
- 2A majority of shares voted for an annual "say-on-pay" advisory vote.
- 3QUALCOMM's Compensation Committee has decided to hold future advisory votes on executive compensation on an annual basis.
- 4This decision directly reflects shareholder preference as expressed in the vote.
- 5The annual advisory vote practice will continue until a future vote on frequency is considered.
- 6The event date for the shareholder meeting was March 3, 2014, with the amendment filed on May 7, 2014.