Summary
United Rentals, Inc. (URI) filed an 8-K on May 8, 2020, reporting on key outcomes from its Annual Meeting of Stockholders held on May 7, 2020. The primary focus of this filing is the approval of amendments to the company's Certificate of Incorporation and By-Laws, which now grant stockholders the right to act by written consent. This change, effective May 7, 2020, signifies a shift towards greater shareholder engagement and responsiveness in corporate governance. In addition to governance changes, the filing details the results of several other proposals voted on by shareholders. All eleven director nominees were elected for one-year terms, and the appointment of Ernst & Young LLP as the company's public accounting firm for fiscal year 2020 was ratified. The compensation of named executive officers was approved on an advisory, non-binding basis, while a separate stockholder proposal seeking shareholder votes on bylaw amendments was rejected. These outcomes reflect shareholder confidence in the current board and management, while also embracing a mechanism for increased shareholder participation.
Key Highlights
- 1Stockholders approved an amendment to the Certificate of Incorporation, granting them the right to act by written consent, effective May 7, 2020.
- 2The company's By-Laws were also amended and restated to align with the new provision allowing stockholder action by written consent.
- 3All eleven director nominees presented at the Annual Meeting were elected for one-year terms.
- 4The appointment of Ernst & Young LLP as the independent public accounting firm for the fiscal year ending December 31, 2020, was ratified by stockholders.
- 5Shareholders approved, on a non-binding advisory basis, the compensation of the company's named executive officers.
- 6A stockholder proposal to allow shareholders to vote on bylaw amendments was rejected by a significant margin.