8-KShareholder Matters

SOUTHERN COPPER CORP/ 8-K Report, Shareholder Vote Results (Apr 28, 2011)

Filed April 28, 2011For Securities:SCCO

Summary

Southern Copper Corporation (SCCO) filed an 8-K on April 28, 2011, reporting on the results of its 2011 Annual Meeting of Stockholders held on the same date. The meeting saw a strong turnout, with approximately 93.58% of outstanding voting shares represented. Key outcomes included the election of all fourteen director nominees, ratification of the company's independent accountants for 2011, and approval of executive compensation via a non-binding advisory vote. Furthermore, stockholders voted overwhelmingly in favor of holding the advisory vote on executive compensation on an annual basis. This indicates a clear preference from shareholders for frequent review and input on executive pay. The high level of participation and broad support for management's proposals suggest a stable and engaged shareholder base at the time of this filing.

Key Highlights

  • 1The 2011 Annual Meeting of Stockholders had a high turnout, with 93.58% of eligible shares participating.
  • 2All fourteen director nominees for election were approved by stockholders.
  • 3Galaz, Yamazaki, Ruiz Urquiza S.C. was ratified as the independent public accountants for calendar year 2011.
  • 4Stockholders approved executive compensation through a non-binding advisory vote with a significant majority.
  • 5Shareholders recommended holding the advisory vote on executive compensation annually.
  • 6The company will conduct the advisory vote on executive compensation every year following this resolution.

Frequently Asked Questions

This 8-K filing reports the outcomes of Southern Copper Corporation's 2011 Annual Meeting of Stockholders, including voting results on director elections, auditor ratification, and executive compensation.

All fourteen director nominees were elected by stockholders. The voting results for each nominee showed a substantial number of 'For' votes, with relatively few 'Withheld' votes and a consistent number of 'Broker Non-Votes'.

Stockholders recommended, by a significant majority, that the advisory vote on executive compensation be held annually. Southern Copper Corporation has determined to conduct this vote every year moving forward.

All proposals presented at the 2011 Annual Meeting of Stockholders received majority approval from the voting shareholders. This included the election of directors, ratification of independent accountants, approval of executive compensation, and the frequency of future executive compensation votes.