What was the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing was to report the official results of Workday, Inc.'s Annual Meeting of Stockholders held on May 23, 2013. This includes the outcomes of votes on director elections, ratification of the independent auditor, and reapproval of the company's equity incentive plan.

How did shareholders vote on the election of directors?

Shareholders overwhelmingly supported the election of the two nominated Class I directors. A. George “Skip” Battle received 99.78% of votes in favor, and Michael M. McNamara received 99.98% of votes in favor, indicating strong shareholder confidence in the board's composition.

What is the significance of reapproving the Section 162(m) limits for the equity incentive plan?

Reapproving the Section 162(m) limits is crucial for Workday to preserve its ability to claim corporate income tax deductions on executive compensation. This provision ensures that certain performance-based compensation paid to executives does not exceed deductibility limits, which is important for managing the company's tax liabilities and maintaining profitability, especially for growth-stage companies.

Was there any significant opposition to the proposals presented at the meeting?

No, there was very little opposition to the proposals. The election of directors and the ratification of the auditor received near-unanimous support. The reapproval of the Section 162(m) limits also passed with a substantial majority (97.94% in favor), indicating general shareholder agreement with the company's proposed actions.

WDAY 8-K: Shareholder Matters

Summary

Workday, Inc. (WDAY) filed this Form 8-K on May 24, 2013, to report the results of its Annual Meeting of Stockholders held on May 23, 2013. The meeting saw strong participation, with 92.72% of eligible votes represented, indicating significant shareholder engagement. Key outcomes included the overwhelming election of two Class I directors, affirming management's confidence in their leadership. Furthermore, shareholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2014, with near-unanimous approval, reinforcing confidence in the company's financial oversight. The reapproval of limits under Internal Revenue Code Section 162(m) for the 2012 Equity Incentive Plan also passed with substantial support, ensuring Workday's ability to maintain tax deductions related to executive compensation, a crucial aspect for growth-stage technology companies.

Key Highlights

1Workday held its Annual Meeting of Stockholders on May 23, 2013, with high attendance (92.72% of eligible votes represented).
2Two Class I directors, A. George “Skip” Battle and Michael M. McNamara, were overwhelmingly elected, receiving 99.78% and 99.98% of votes in favor, respectively.
3Ernst & Young LLP was ratified as the independent registered public accounting firm for fiscal year ending January 31, 2014, with 99.99% of votes in favor.
4The company's 2012 Equity Incentive Plan limits under Internal Revenue Code Section 162(m) were reapproved with 97.94% of votes in favor.
5The reapproval of the 162(m) limits is important for Workday to maintain its ability to receive corporate income tax deductions related to executive compensation.
6The strong voting results across all proposals suggest robust shareholder confidence in the company's management and governance.

Workday, Inc. 8-K Report, Shareholder Vote Results (May 24, 2013)

Summary

Key Highlights

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