8-KShareholder Matters

TE Connectivity plc 8-K Report, Shareholder Vote Results (Mar 9, 2011)

Filed March 9, 2011For Securities:TEL

Summary

This 8-K filing from Tyco Electronics Ltd. (now TE Connectivity Ltd.) reports on the outcomes of its Annual General Meeting (AGM) held on March 9, 2011. The meeting saw strong shareholder participation, with over 82% of outstanding shares represented. Key resolutions passed with overwhelming support, including the election of all ten directors, approval of the 2010 annual report and financial statements, and the re-election of Deloitte & Touche LLP as the independent registered public accounting firm. Shareholders also approved a significant dividend payment and authorized a change of the company's corporate name to TE Connectivity Ltd. A notable outcome was the advisory vote on executive compensation, where a majority of shareholders approved the compensation, but a substantial minority voted against it. The company also sought shareholder input on the frequency of future advisory votes on executive compensation, with a majority favoring an annual vote. Finally, the shareholders approved a share repurchase program and authorized a reduction of share capital related to this program, signaling a focus on returning value to shareholders.

Key Highlights

  • 1High shareholder turnout at the AGM, with 82.85% of outstanding shares represented.
  • 2All ten nominated directors were elected with a significant majority of votes.
  • 3The company's 2010 annual report and financial statements were approved with over 99% of the vote.
  • 4Deloitte & Touche LLP was overwhelmingly re-elected as the independent registered public accounting firm for fiscal year 2011.
  • 5Shareholders approved a dividend payment of US$0.72 per share, to be paid in four quarterly installments starting in fiscal Q3 2011.
  • 6The corporate name change from Tyco Electronics Ltd. to TE Connectivity Ltd. was overwhelmingly approved.
  • 7An advisory vote on executive compensation passed, though with a significant minority (18.18%) voting against it, and the majority favored holding this vote annually.

Frequently Asked Questions

This 8-K filing reports the results of Tyco Electronics Ltd.'s Annual General Meeting (AGM) held on March 9, 2011. It details the voting outcomes on various agenda items, including director elections, financial statement approvals, auditor appointments, executive compensation votes, dividend payments, and corporate name changes.

While most proposals received overwhelming approval, the advisory vote on executive compensation saw 18.18% of shares voted against it, indicating some shareholder dissent on this matter. Additionally, the authorization for the share repurchase program received a notable 26.80% opposition, suggesting shareholders were divided on the extent of this authorization.

The approval of the corporate name change from Tyco Electronics Ltd. to TE Connectivity Ltd. signals a rebranding effort and a new identity for the company. This change is effective as of the shareholder approval at the AGM and is likely aimed at better reflecting the company's business and market position.

Shareholders approved a dividend payment totaling US$0.72 per share. This dividend will be paid in four equal quarterly installments of US$0.18, with payments beginning in the third fiscal quarter of 2011 and concluding in the second fiscal quarter of 2012.