Summary
TE Connectivity Ltd. (TEL) filed an 8-K on March 6, 2013, detailing the outcomes of its Annual General Meeting (AGM) held on March 5, 2013. The report indicates overwhelmingly strong shareholder support for all key agenda items, including the election of eleven directors, approval of the 2012 Annual Report and financial statements, and the reappointment of independent registered public accounting firms for fiscal year 2013. A high percentage of outstanding shares, over 90%, were represented at the meeting, demonstrating significant shareholder engagement. Notably, all director nominees received substantial approval, with 'for' votes ranging from approximately 94.05% to 94.45% of shares voted. Shareholders also approved the company's financial reporting and auditor appointments with very high margins. While there was advisory approval for executive compensation and dividend payments, these items, along with the renewal of authorized capital and capital reduction proposals, saw a somewhat higher percentage of 'against' votes or abstentions compared to the director elections and financial statement approvals, though still passing with significant majority support.
Key Highlights
- 1TE Connectivity Ltd. held its Annual General Meeting (AGM) on March 5, 2013, with a strong turnout of 90.03% of outstanding shares represented.
- 2All eleven director nominees were elected with substantial shareholder approval, receiving between 94.05% and 94.45% of the votes cast in favor.
- 3The 2012 Annual Report and the company's statutory and consolidated financial statements for the fiscal year ended September 28, 2012, were overwhelmingly approved (over 99% of votes cast for each).
- 4Deloitte & Touche LLP was re-elected as the independent registered public accounting firm for fiscal year 2013 with 98.99% of the votes cast in favor.
- 5Shareholders approved the payment of a dividend amounting to US$1.00 per share, payable in four installments, with 99.33% of votes in favor.
- 6The advisory vote to approve executive compensation passed with 89.48% of the votes in favor, though it saw a higher proportion of 'against' votes compared to other items.
- 7Proposals for the renewal of authorized capital and a reduction of share capital also passed, albeit with a more significant number of 'against' votes and abstentions, reflecting varying levels of shareholder consensus on corporate structure and capital management.