Business Context and Reporting Period
This Form 8-K filing by Asbury Automotive Group, Inc. reports on the results of the Annual Meeting of Stockholders held on April 17, 2013. The report was filed on April 19, 2013.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on corporate governance voting results.
Material Changes
No material financial changes or operational updates are disclosed in this filing. The primary event reported is the successful completion of the annual shareholder vote.
Guidance, Outlook, and Management Commentary
The filing details three specific matters submitted to a vote of security holders, all of which were approved:
- Election of Directors: Three Class II directors were elected to serve until the 2016 Annual Meeting.
- Executive Compensation: Advisory approval of the Company's executive compensation was granted.
- Auditor Ratification: The appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2013, was ratified.
Voting Results Summary:
| Matter | Votes For | Votes Against | Abstain |
|---|---|---|---|
| Election of Directors (Aggregate) | 83,524,141 | 2,567,267 | N/A |
| Executive Compensation | 28,595,719 | 95,421 | 5,996 |
| Auditor Ratification | 29,578,567 | 28,618 | 10,944 |
Investor Verification Checklist
- Verify the tenure of the newly elected Class II directors (Thomas C. DeLoach, Jr., Michael S. Kearney, and Philip F. Maritz) through the 2016 Annual Meeting.
- Confirm the engagement of Ernst & Young LLP for the fiscal year ending December 31, 2013.
- Note the significant number of broker non-votes (920,993) on the director election and executive compensation proposals.