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Information technology services industry

Marvell Technology Group Ltd. Files Form 8-K: Key Takeaways from Annual General Meeting

Strategic Insights

— 1 min read

The Marvell Technology Group Ltd.'s annual general meeting of shareholders, held on July 23, 2020, has resulted in significant outcomes for the company. In a filing with the Securities and Exchange Commission, Marvell Technology Group Ltd. reported the election of nominees to the Board, the non-approval of the compensation of named executive officers, and the approval of the appointment of Deloitte & Touche LLP as the Company's auditors and independent registered public accounting firm.

Key Takeaways:

  • The nominees for election to the Board were elected, each for a one-year term until the 2021 annual general meeting of shareholders, based on the following votes:

+ For: 511,399,596

+ Against: 40,020,314

+ Abstain: 522,291

  • The proposal to approve, on an advisory and non-binding basis, the compensation of the Company's named executive officers, was not approved based on the following votes:

+ For: 241,650,376

+ Against: 309,537,451

+ Abstain: 754,374

  • Marvell's Board of Directors is composed of six members, with Richard S. Hill and Bethany Mayer being the only two directors not up for re-election.
  • The shareholders also voted on the company's annual incentives program, but the details of the program were not disclosed in the filing.
  • The meeting featured a resolution to re-elect all incumbent directors as a slate, which was approved.

Statistics:

  • Total share votes cast for the election of directors: 514,304,781
  • Total share votes cast against the election of directors: 40,123,009
  • Total share votes cast for or against the proposal to approve, on a non-binding basis, the compensation of the Company's named executive officers:

+ For: 241,650,376

+ Against: 309,537,451

  • Total share votes cast in favor of the proposal to appoint Deloitte & Touche LLP as the Company's auditors and independent registered public accounting firm: 613,120,733

Sources:

  • United States Securities and Exchange Commission
  • Marvell Technology Group Ltd.'s Form 8-K filing dated July 23, 2020
  • Notices by Marvell Technology Group Ltd. for 2020 Annual General Meeting of Shareholders

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