Summary
Teradyne, Inc. (TER) filed an 8-K on May 10, 2017, reporting the results of its 2017 Annual Meeting of Stockholders held on May 9, 2017. The filing details the voting outcomes on several key proposals, providing transparency to investors regarding shareholder sentiment on corporate governance and executive compensation. The most significant outcomes include the overwhelming election of all eight director nominees and the ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2017. Additionally, shareholders provided advisory approval for the compensation of named executive officers and, importantly, voted to continue holding advisory votes on executive compensation on an annual basis.
Key Highlights
- 1All eight director nominees for the Board of Directors were elected by a substantial majority of votes.
- 2Shareholders provided an advisory approval for the compensation of Teradyne's named executive officers.
- 3A strong majority of shareholders voted in favor of holding an advisory vote on executive compensation annually.
- 4The proposal to ratify PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2017 was approved.
- 5Broker non-votes were noted across all proposals, indicating a portion of shares held in "street name" did not have voting instructions from the beneficial owner for certain matters.
- 6Paul J. Tufano received the lowest percentage of 'Votes For' among director nominees but was still elected with over 165 million 'For' votes.