Alcoa Corp Files Definitive Proxy Statement (DEF 14A)

Ticker: AA · Form: DEF 14A · Filed: Mar 19, 2024 · CIK: 1675149

Sentiment: neutral

Topics: Alcoa Corp, AA, DEF 14A, Proxy Statement, Executive Compensation

TL;DR

<b>Alcoa Corp has filed its Definitive Proxy Statement (DEF 14A) detailing executive compensation and financial data for recent fiscal years.</b>

AI Summary

Alcoa Corp (AA) filed a Proxy Statement (DEF 14A) with the SEC on March 19, 2024. Alcoa Corp filed a DEF 14A on March 19, 2024, for the period ending May 10, 2024. The filing includes data for fiscal years ending December 31, 2023, 2022, 2021, and 2020. Key executive compensation data points are detailed for individuals like Roy C. Harvey. Information pertains to stock and option awards, including year-end fair values and vesting dates. The filing also covers changes in the fair value of equity awards and pension benefits.

Why It Matters

For investors and stakeholders tracking Alcoa Corp, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation packages, enabling informed voting decisions on related proposals. The detailed breakdown of equity awards and pension benefits offers transparency into how the company incentivizes and rewards its key personnel.

Risk Assessment

Risk Level: low — Alcoa Corp shows low risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not indicate any unusual financial or operational events.

Analyst Insight

Shareholders should review the executive compensation details and any proposed resolutions to make informed voting decisions.

Key Numbers

Key Players & Entities

FAQ

When did Alcoa Corp file this DEF 14A?

Alcoa Corp filed this Proxy Statement (DEF 14A) with the SEC on March 19, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Alcoa Corp (AA).

Where can I read the original DEF 14A filing from Alcoa Corp?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Alcoa Corp.

What are the key takeaways from Alcoa Corp's DEF 14A?

Alcoa Corp filed this DEF 14A on March 19, 2024. Key takeaways: Alcoa Corp filed a DEF 14A on March 19, 2024, for the period ending May 10, 2024.. The filing includes data for fiscal years ending December 31, 2023, 2022, 2021, and 2020.. Key executive compensation data points are detailed for individuals like Roy C. Harvey..

Is Alcoa Corp a risky investment based on this filing?

Based on this DEF 14A, Alcoa Corp presents a relatively low-risk profile. The filing is a routine DEF 14A, which is standard for public companies and does not indicate any unusual financial or operational events.

What should investors do after reading Alcoa Corp's DEF 14A?

Shareholders should review the executive compensation details and any proposed resolutions to make informed voting decisions. The overall sentiment from this filing is neutral.

How does Alcoa Corp compare to its industry peers?

Alcoa Corp operates in the primary production of aluminum industry.

Are there regulatory concerns for Alcoa Corp?

The filing is a DEF 14A, a standard disclosure document required by the SEC for public companies soliciting proxies from shareholders.

Industry Context

Alcoa Corp operates in the primary production of aluminum industry.

Regulatory Implications

The filing is a DEF 14A, a standard disclosure document required by the SEC for public companies soliciting proxies from shareholders.

What Investors Should Do

  1. Review executive compensation details for key personnel like Roy C. Harvey.
  2. Analyze the breakdown of stock and option awards granted and their fair values.
  3. Understand the details of pension benefits and changes in actuarial present values.

Key Dates

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure. Specific comparative financial data from a previous filing is not directly available in this extract.

Filing Stats: 4,308 words · 17 min read · ~14 pages · Grade level 17.2 · Accepted 2024-03-19 16:31:23

Key Financial Figures

Filing Documents

Executive Compensation

Executive Compensation 44 Compensation Discussion and Analysis 44 Compensation Committee Report 60 2023 Summary Compensation Table 61 2023 Grants of Plan-Based Awards 64 2023 Outstanding Equity Awards at Fiscal Year-End 65 2023 Option Exercises and Stock Vested 67 2023 Pension Benefits 67 2023 Nonqualified Deferred Compensation 69 Potential Payments Upon Termination or Change in Control 69 Pay Ratio 78 Pay Versus Performance 80 Equity Compensation Plan Information 83 Item4 Stockholder Proposal Requesting the Preparation of an Annual Report on Lobbying Activities, if Properly Presented 84 Questions and Answers About the Annual Meeting and Voting 89 Attachment A—Additional Information Regarding Performance Measures A-1 i Table of Contents Notice of 2024 Annual Meeting of Stockholders Friday, May 10, 2024 9:30 a.m. Eastern Daylight Time www.virtualshareholdermeeting.com/AA2024 The 2024 Annual Meeting of Stockholders (the "Annual Meeting") of Alcoa Corporation ("Alcoa" or the "Company") will be held virtually via live webcast at the date and time set forth above. The agenda items for the Annual Meeting are: 1. election of 10 director nominees to serve for one-year terms expiring in 2025; 2. ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent auditor for 2024; 3. approval, on an advisory basis, of the Company's 2023 named executive officer compensation; 4. stockholder proposal requesting the preparation of an annual report on lobbying activities, if properly presented; and 5. transaction of such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. The Board of Directors has fixed the close of business on March 12, 2024 as the record date for determination of stockholders entitled to notice of, and to attend, participate in, and vote at, the Annual Meeting and any adjournments or postpone

Business

Business The Company ended 2023 with a cash balance of $944 million and revenues of $10.6 billion for the year. The Company faced lower sequential alumina and aluminum pricing and higher production costs, contributing to the full year 2023 net loss attributable to Alcoa of $651 million. Despite these challenges, Alcoa took strategic portfolio actions, obtained key approvals to continue our operations, and progressed the development of innovative technologies.

Executive Compensation

Executive Compensation Our Compensation and Benefits Committee strives to design compensation plans that motivate the Company's executives and support business objectives that create stockholder value. The Company's pay-for-performance practices are established with the goals of motivating the executive leadership team and increasing stockholder value, while mitigating unnecessary risks. The Compensation and Benefits Committee believes the structure of our 2023 compensation program, which follows the same basic framework used in previous years, supports the Company's business objectives and strategic priorities and reflects stockholders' interests. Our Compensation and Benefits Committee abides by an executive compensation philosophy with four guiding principles to drive pay-for-performance and stockholder alignment: (1) Motivational: Our executive compensation plans and pay-for performance practices are intended to be highly motivational and retentive, and are critical to executive recruiting. (2) Targeted at Median : Total compensation (base salary, annual cash incentives ("IC"), and long-term equity incentives ("LTI")) is generally targeted at the median of the peer group, with cash and equity incentive opportunities that aim to motivate and reward exceptional performance if goals are achieved at higher-than-target levels. (3) Equity-Dominant and Aligned with Stockholders' Interests : Equity is the most significant portion of total compensation for named executive officers ("NEOs") to align the interests of NEOs with those of our stockholders. (4) Diversified Metrics : IC and LTI metrics focus management's actions on Alcoa's strategic priorities to Reduce Complexity, Drive Returns, and Advance Sustainably, and on achieving the greatest positive impact on financial performance without creating undue risk. 8 Table of Contents 2024 PROXY STATEMENT Proxy Statement Summary (continued) The Compensation Discussion and Analysis ("CD&A") section

View Full Filing

View this DEF 14A filing on SEC EDGAR

View on Read The Filing