Business Context and Reporting Period
This Form 8-K filing by Coach, Inc. (not Tapestry, Inc.) reports on the results of the 2010 Annual Meeting of Stockholders held on November 3, 2010. The document 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 report focuses exclusively on corporate governance and stockholder voting results.
Material Changes and Voting Results
A total of 251,036,640 votes were cast. The outcomes for the four proposals were as follows:
- Proposal 1 (Election of Directors): All seven candidates (Lew Frankfort, Susan Kropf, Gary Loveman, Ivan Menezes, Irene Miller, Michael Murphy, Jide Zeitlin) were elected. There were 22,747,203 broker non-votes.
- Proposal 2 (Ratification of Auditors): Deloitte & Touche LLP was ratified as independent public accountants for fiscal year 2011 with 246,562,297 votes for and 4,295,146 against.
- Proposal 3 (2011 Incentive Award Plan): The plan was approved with 141,378,997 votes for and 86,456,260 against.
- Proposal 4 (Elimination of Fur): The stockholder proposal to eliminate the use of fur in products was defeated. It received 10,504,687 votes for and 173,834,791 votes against.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, management outlook, specific risks, or contingencies. The document serves solely as a record of the annual meeting vote tallies.
Important Facts for Investors to Verify
- Confirm the successful election of the entire slate of directors, noting the specific vote counts for each candidate.
- Verify the approval of the 2011 Incentive Award Plan, which passed despite a significant number of votes against.
- Note the decisive rejection of the stockholder proposal regarding the elimination of fur in company products.
- Observe the presence of 22,747,203 broker non-votes on the director election and the incentive plan proposals.