Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on April 27, 2006. The report discloses corporate governance actions approved by the Compensation and Executive Personnel Committee of the Board of Directors regarding executive and director compensation.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on compensation adjustments rather than financial performance results.
Material Changes
The following material changes to compensation were approved:
- Non-Employee Director Stock Payments: Increased from 500 to 750 shares of common stock annually, effective July 1, 2006.
- Executive Officer Base Salaries: Increases approved effective May 1, 2006.
- CEO and Top Officers: Salary increases for the President/CEO and the next four most highly compensated officers did not exceed four percent.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for future guidance, outlook, management commentary on market conditions, risks, contingencies, or unusual items. The document is limited to the disclosure of the compensation agreement details.
Key Facts for Investor Verification
- Verify the impact of the 50% increase in director stock awards on total equity compensation expenses.
- Confirm the specific salary increase percentages for the top five executive officers, noting the cap of 4%.
- Review the effective dates: May 1, 2006, for executive salaries and July 1, 2006, for director stock awards.