Business Context and Reporting Period
This Form 8-K filing by The Bancorp, Inc. reports the results of the Annual Meeting of Stockholders held on December 16, 2015. The filing details the voting outcomes for director elections, executive compensation approval, and the selection of the independent auditor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on corporate governance voting results.
Material Changes and Voting Results
Proposal 1: Election of Directors
All nominees were elected to the Board of Directors for one-year terms. Frank Mastrangelo resigned on December 13, 2015, and did not stand for re-election. Broker non-votes totaled 3,054,892 for each nominee.
- Daniel G. Cohen: 24,773,904 For; 4,381,444 Against
- Walter T. Beach: 25,257,155 For; 3,899,193 Against
- Michael J. Bradley: 22,828,723 For; 6,327,625 Against
- John C. Chrystal: 25,413,261 For; 3,743,087 Against
- Matthew Cohn: 22,316,952 For; 6,338,396 Against
- Hersh Kozlov: 27,282,696 For; 1,873,752 Against
- William H. Lamb: 25,297,012 For; 3,360,436 Against
- James J. McEntee III: 24,846,764 For; 4,309,584 Against
- Mei-Mei Tuan: 27,665,268 For; 1,490,080 Against
Proposal 2: Executive Compensation
The non-binding resolution to approve the 2014 compensation program for named executive officers was approved.
- Votes For: 27,119,757
- Votes Against: 2,007,200
- Abstentions: 132,788
Proposal 3: Auditor Selection
Stockholders approved the selection of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2015.
- Votes For: 30,992,974
- Votes Against: 1,317,939
- Abstentions: 3,724
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary, risks, contingencies, or unusual items beyond the reporting of the voting results.
Investor Verification Checklist
- Verify the resignation date of former director Frank Mastrangelo (December 13, 2015).
- Confirm the term length for the newly elected directors (one year).
- Review the significant number of broker non-votes (3,054,892) impacting the director election results.
- Validate the appointment of Grant Thornton LLP as the auditor for the 2015 fiscal year.