Commerce Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K reports on the results of the annual meeting of shareholders held on April 15, 2020. Commerce Bancshares, Inc. is a Missouri-incorporated financial institution with its principal executive offices in Kansas City, MO.
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 matters and shareholder voting results.
Material Changes
No material financial changes are reported in this filing. The document details the successful election of directors and the ratification of the independent auditor.
Shareholder Voting Results and Governance
- Quorum: 97,342,853 shares were represented out of 112,316,990 outstanding shares.
- Director Elections: Four directors were elected to the 2023 Class for a three-year term. All nominees received majority support:
- Karen L. Daniel: 77,118,120 votes for (lowest withheld votes).
- John R. Capps: 72,496,992 votes for.
- David W. Kemper: 72,379,402 votes for.
- W. Thomas Grant, II: 70,744,382 votes for.
- Auditor Ratification: Shareholders ratified the selection of KPMG LLP as the independent public accountant for 2020 with 95,437,216 votes for.
- Executive Compensation: The non-binding "Say on Pay" proposal passed with 73,516,438 votes for.
Key Facts for Investor Verification
- Verify the continued tenure of the remaining eight directors whose terms extended beyond the meeting.
- Confirm the specific compensation details referenced in the "Say on Pay" proposal via the company's proxy statement.
- Note the significant number of broker non-votes (19,980,652) on director elections and the Say on Pay proposal.