GSI Technology Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by GSI Technology, Inc. on August 22, 2013. The report details the results of the Company's annual meeting of stockholders held on the same date.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on corporate governance voting results.
Material Changes and Voting Results
Three primary matters were submitted to a vote of security holders:
- Election of Directors: Stockholders elected five individuals to the Board of Directors. Four nominees (Haydn Hsieh, Ruey L. Lu, Lee-Lean Shu, and Arthur O. Whipple) received overwhelming support. Robert Yau received 13,650,348 votes for and 2,477,577 votes withheld.
- Ratification of Auditors: Stockholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2014. Votes were 20,886,105 for, 22,766 against, and 4,200 abstentions.
- Executive Compensation: Stockholders approved an advisory (non-binding) resolution regarding executive compensation. Votes were 15,961,183 for, 153,962 against, and 12,780 abstentions.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the specific reasons for the significant number of withheld votes (2,477,577) for director nominee Robert Yau compared to other nominees.
- Confirm the total number of shares outstanding to calculate the percentage of votes cast versus total equity.
- Review the Company's proxy statement for details on the executive compensation plan approved by shareholders.
- Note that the independent auditor, PricewaterhouseCoopers LLP, was ratified for the fiscal year ending March 31, 2014.