Business Context and Reporting Period
This Form 8-K filing by Universal Display Corporation reports on the results of its 2017 Annual Meeting of Shareholders held on June 22, 2017. The filing details the voting outcomes for director elections, executive compensation advisory resolutions, and the ratification of the independent auditor.
Key Financial Metrics
This filing is a current report regarding corporate governance and shareholder voting. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data.
Material Changes
No material financial changes are reported in this document. The filing focuses exclusively on the administrative results of the shareholder meeting.
Guidance, Outlook, and Management Commentary
Based on the voting results for the frequency of future advisory shareholder votes on executive compensation, management determined that these votes will be held annually until the next vote on frequency. The majority of shareholders voted for a one-year frequency (27,769,777 votes) compared to two years (511,761 votes) or three years (2,711,445 votes).
Important Facts for Investors to Verify
- Director Election Results: All eight director nominees were elected, though C. Keith Hartley received the highest number of "Against" votes (3,191,681) among the nominees.
- Compensation Say-on-Pay: The advisory resolution to approve executive compensation passed with 29,332,768 votes "For" and 1,583,698 votes "Against."
- Auditor Ratification: Shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for 2017 with 40,766,455 votes "For."
- Voting Participation: A total of 42,090,569 votes were represented at the meeting, including 10,942,441 broker non-votes.