Business Context and Reporting Period
This Form 8-K filing by Square, Inc. (now Block, Inc.) reports on the results of the 2018 Annual Meeting of Stockholders held on June 19, 2018. The filing details the voting outcomes for three specific proposals submitted to security holders.
Key Financial Metrics
This filing is a current report regarding corporate governance and does not contain financial performance data. The text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
No material financial changes are reported in this document. The filing focuses exclusively on the ratification of corporate actions by shareholders.
Outlook, Risks, and Voting Results
The filing details the successful passage of three proposals with a quorum representing 94.47% of combined voting power:
- Election of Directors: Four Class III directors were elected to serve until the 2021 annual meeting.
- Randy Garutti: Elected with 1,236,470,202 votes for.
- Mary Meeker: Elected with 1,209,939,292 votes for.
- Naveen Rao: Elected with 1,237,045,942 votes for.
- Lawrence Summers: Elected with 1,209,671,451 votes for.
- Executive Compensation: The advisory vote on named executive officer compensation was approved with 1,219,893,596 votes for and 17,334,845 votes against.
- Independent Auditor: The appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2018, was ratified with 1,321,701,645 votes for.
Investor Verification Checklist
- Verify the definitive proxy statement filed on April 27, 2018, for detailed descriptions of the director nominees and executive compensation plans.
- Confirm the Class A and Class B stock voting structures (1 vote vs. 10 votes per share) as noted in the filing.
- Review the company's subsequent 10-K or 10-Q filings for the actual financial performance metrics absent from this 8-K.