Business Context and Reporting Period
This Form 8-K Current Report from Avnet, Inc. covers the Annual Meeting of Shareholders held on November 5, 2010. The filing details the outcomes of shareholder votes regarding board elections, compensation plans, and auditor ratification.
Key Financial Metrics
This filing is a corporate governance report and does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
No material financial changes are reported in this document. The primary events are the successful election of the Board of Directors and the approval of corporate governance proposals.
Shareholder Voting Results
- Board of Directors: All nine nominees were elected.
- High Support: Frank R. Noonan (129.8M For), William H. Schumann III (129.8M For), Eleanor Baum (129.0M For), and Ray M. Robinson (129.1M For) received overwhelming support.
- Notable Withheld Votes: J. Veronica Biggins, Ehud Houminer, William P. Sullivan, and Gary L. Tooker each received approximately 30 million "Withheld" votes, though they were still elected.
- Avnet 2010 Stock Compensation Plan: Approved by shareholders.
- For: 109,304,224
- Against: 20,460,777
- Abstain: 248,333
- Auditor Ratification: KPMG LLP was ratified as the independent registered public accounting firm for the fiscal year ending July 2, 2011.
- For: 135,543,100
- Against: 966,561
- Abstain: 116,929
Outlook, Risks, and Contingencies
The filing contains no management commentary on future outlook, specific risks, contingencies, or unusual items. It is strictly a record of the voting results.
Key Facts for Investor Verification
- Verify the total number of shares outstanding to calculate the percentage of votes withheld for directors Biggins, Houminer, Sullivan, and Tooker.
- Confirm the specific terms of the newly approved Avnet 2010 Stock Compensation Plan in subsequent filings or the proxy statement.
- Note that KPMG LLP is confirmed as the auditor for the fiscal year ending July 2, 2011.