Business Context and Reporting Period
This Form 8-K reports on the results of the 2018 Annual Meeting of Stockholders held by Southern National Bancorp of Virginia, Inc. on May 24, 2018. The filing details the voting outcomes for director elections, auditor ratification, and executive compensation.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance voting results.
Material Changes and Voting Results
Of the 24,030,653 shares outstanding, 20,397,052 shares were present at the meeting. The following proposals were voted upon:
- Proposal One (Election of Directors): All eight nominees were elected by a plurality of votes cast.
- John F. Biagas: 16,328,779 votes for
- F.L. Garrett, III: 16,325,428 votes for
- W. Rand Cook: 15,874,587 votes for
- Eric A. Johnson: 16,344,776 votes for
- Joe A. Shearin: 16,258,881 votes for
- Georgia S. Derrico: 15,965,114 votes for
- Charles A. Kabbash: 15,515,965 votes for
- Robert Y. Clagett: 16,280,791 votes for
- Proposal Two (Ratification of Auditors): The appointment of Dixon Hughes Goodman LLP was approved with 20,313,079 votes for, 56,396 against, and 27,577 abstentions.
- Proposal Three (Executive Compensation): The advisory vote to approve named executive officer compensation was approved with 11,999,261 votes for, 3,863,751 against, 624,994 abstentions, and 3,909,046 broker non-votes.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the tenure of the newly elected directors (Class I, II, and III) as disclosed in the proxy statement.
- Review the full proxy statement for details on the executive compensation package approved in Proposal Three.
- Confirm the independence and qualifications of Dixon Hughes Goodman LLP as the newly ratified auditor.
- Check subsequent filings for the company's financial performance, as this 8-K contains no financial data.