Business Context and Reporting Period
This Form 8-K filing by Coach, Inc. (noted as TAPESTRY, INC. in metadata) reports on the results of the 2013 Annual Meeting of Stockholders held on November 7, 2013. The filing details the voting outcomes for four specific proposals submitted to security holders.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a current report regarding corporate governance events rather than a financial statement.
Material Changes and Voting Results
A total of 226,746,802 votes were cast across four proposals. All proposals were approved by the stockholders.
- Proposal 1 (Election of Directors): All ten director candidates were elected. Votes ranged from approximately 185.6 million for Lew Frankfort to 193.0 million for Jide Zeitlin. There were 32,708,240 broker non-votes.
- Proposal 2 (Ratification of Auditors): Deloitte & Touche LLP was ratified as the independent registered public accounting firm for fiscal year 2014 with 223,666,284 votes for, 1,669,887 against, and 1,410,631 abstaining.
- Proposal 3 (Executive Compensation): The non-binding advisory vote on executive compensation received 177,439,045 votes for, 14,935,067 against, and 1,664,450 abstaining. There were 32,708,240 broker non-votes.
- Proposal 4 (Incentive Plan): The 2013 Performance-Based Annual Incentive Plan was approved with 182,037,548 votes for, 11,204,614 against, and 796,400 abstaining. There were 32,708,240 broker non-votes.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for future guidance, management outlook, specific risks, contingencies, or unusual items. The document is limited to the reporting of the annual meeting vote tallies.
Important Facts for Investors to Verify
- Confirmation that all ten director nominees successfully secured election.
- The significant number of broker non-votes (32,708,240) on the director election and advisory compensation proposals.
- The level of dissent on the executive compensation proposal (approximately 14.9 million votes against).
- Verification of the company name change context, as the filing is by Coach, Inc., while metadata references Tapestry, Inc.