Avery Dennison Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K reports on the Annual Meeting of Stockholders held by Avery Dennison Corporation on April 27, 2023. The meeting was conducted in a virtual-only format. As of the record date of February 27, 2023, there were 81,108,975 shares outstanding and eligible to vote.
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 and Voting Results
A total of 73,529,338 shares, representing approximately 91% of eligible shares, were represented at the meeting, constituting a quorum. The following matters were approved by stockholders:
- Director Elections: Ten nominees were elected to the Board for one-year terms expiring at the 2024 Annual Meeting. All nominees received significant "For" votes, with the lowest support being 86.8% for Patrick Siewert and the highest being 94.1% for Francesca Reverberi and William Wagner.
- Executive Compensation: Stockholders approved, on an advisory basis, the Company's executive compensation (64,324,839 "For" votes).
- Compensation Vote Frequency: Stockholders approved, on an advisory basis, holding advisory votes on executive compensation every one year (68,468,972 "For" votes).
- Auditor Ratification: Stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2023 (69,678,409 "For" votes).
Guidance, Outlook, and Risks
The filing does not contain management commentary, financial guidance, outlook, or discussions of risks and contingencies. It is strictly a report of the voting outcomes from the Annual Meeting.
Key Facts for Investor Verification
- Verify the full list of elected directors and their biographies in the 2023 Proxy Statement.
- Confirm the specific "Against" vote percentages for directors Patrick Siewert (7.6%) and Julia Stewart (7.2%) to assess shareholder sentiment.
- Review the 2023 Proxy Statement for details on the executive compensation package that was approved.
- Note that the auditor ratification received strong support with over 95% of votes cast in favor.