Avery Dennison Corp. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Avery Dennison Corporation on December 3, 2004. The report details corporate governance changes and the approval of new executive compensation plans effective December 2, 2004.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate actions rather than financial performance data.
Material Changes
- Compensation Plans: The Board approved the 2005 Executive Variable Deferred Retirement Plan (2005 EVDRP) and the 2005 Directors Variable Deferred Compensation Plan (2005 DVDCP). These plans allow eligible employees and non-employee directors to defer portions of salary, bonuses, retainers, and fees into investment alternatives to comply with the America Jobs Creation Act of 2004.
- Board Composition: The Board size was increased from 12 to 13 members via an amendment to the Company's Bylaws.
- Director Election: Rolf Börjesson was elected as a director, effective January 5, 2005, and appointed to the Strategic Planning Committee.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of material risks and contingencies. The primary regulatory context noted is the compliance requirement with the America Jobs Creation Act of 2004 regarding deferred compensation plans.
Investor Verification Checklist
- Verify the effective date of Rolf Börjesson's directorship (January 5, 2005).
- Review the attached news release (Exhibit 99.1) for details on the new director's background.
- Confirm the specific terms of the 2005 EVDRP and 2005 DVDCP in the full plan documents.
- Check subsequent filings for the impact of the increased Board size on committee structures.