Astec Industries Announces 2024 Annual Meeting of Shareholders

TL;DR

**Astec Industries will hold its 2024 Annual Shareholder Meeting virtually on April 25, 2024, to vote on director re-elections, executive compensation, and auditor ratification.**

AI Summary

ASTEC INDUSTRIES INC (ASTE) filed a Proxy Statement (DEF 14A) with the SEC on March 12, 2024. The 2024 Annual Meeting of Shareholders for Astec Industries, Inc. will be held virtually on April 25, 2024, at 10:00 a.m. EDT. Shareholders will vote on re-electing four director nominees to the Board of Directors. An advisory vote on executive compensation ('say-on-pay') is also on the agenda. The appointment of the company's independent registered public accounting firm for ratification is a key item. The company emphasizes its commitment to strong governance and Core Values: Safety, Devotion, Integrity, Respect, and Innovation. The virtual format is intended to offer expanded access to shareholders. The Board believes the director nominees possess the right qualifications to represent shareholder interests. Astec Industries is committed to investing in employees, fair dealings with partners, community support, sustainable practices, and long-term financial returns.

Why It Matters

For investors and stakeholders tracking ASTEC INDUSTRIES INC, this filing contains several important signals. The virtual meeting format aims to increase shareholder participation by removing geographical barriers. The re-election of directors and the 'say-on-pay' vote are critical for shareholder oversight of company leadership and compensation practices.

Risk Assessment

Risk Level: — ASTEC INDUSTRIES INC shows moderate risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

Analyst Insight

Review the director nominee qualifications and the 'say-on-pay' proposal to make informed voting decisions at the upcoming annual meeting.

Key Numbers

• 2024 — Annual Meeting Year (2024 Annual Meeting of Shareholders)
• April 25, 2024 — Annual Meeting Date (Date of the 2024 Annual Meeting)
• 10:00 a.m. EDT — Annual Meeting Time (Time of the 2024 Annual Meeting)
• 4 — Director Nominees (Number of director nominees to be re-elected)
• 5 — Core Values (Company's Core Values (Safety, Devotion, Integrity, Respect, Innovation))

Key Players & Entities

• Astec Industries, Inc. (company) — Registrant
• Jaco G. van der Merwe (person) — President and Chief Executive Officer
• William D. Gehl (person) — Chairman of the Board
• April 25, 2024 (date) — Date of Annual Meeting
• 10:00 a.m. EDT (time) — Time of Annual Meeting
• https://www.viewproxy.com/astec/2024/htype.asp (url) — Virtual Meeting Link
• 1725 Shepherd Road (address) — Company Business Address
• Chattanooga, TN 37421 (address) — Company Business Address

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company must comply with SEC regulations for proxy statements, including providing detailed information on director nominees, executive compensation, and shareholder proposals.
• Virtual Meeting Format [low — operational]: Holding the annual meeting virtually may limit direct engagement for some shareholders compared to an in-person meeting.
• Say-on-Pay Vote [medium — financial]: While advisory, a negative 'say-on-pay' vote could signal shareholder dissatisfaction with executive compensation practices, potentially impacting future compensation decisions.

Industry Context

Astec Industries operates in the construction machinery and equipment sector. Annual proxy statements are standard for publicly traded companies to facilitate shareholder governance.

Regulatory Implications

The filing adheres to the Securities Exchange Act of 1934, specifically Rule 14a-101, governing the content of proxy statements.

What Investors Should Do

1. Review the proxy statement for detailed information on director nominees' qualifications and experience.
2. Evaluate the company's executive compensation practices and the rationale behind the 'say-on-pay' proposal.
3. Understand the voting procedures and deadlines for the virtual annual meeting.

Key Dates

• 2024-04-25: 2024 Annual Meeting of Shareholders — Shareholders will vote on director nominees, executive compensation, and auditor ratification.

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC, providing detailed information for shareholders ahead of an annual meeting. (Required filing for public companies to solicit shareholder votes.)

Say-on-Pay

An advisory shareholder vote on executive compensation. (Allows shareholders to express their views on the company's compensation policies for top executives.)

Virtual Meeting

A shareholder meeting conducted entirely online, accessible via a web link. (Increases accessibility for shareholders regardless of location.)

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, providing details for the upcoming annual shareholder meeting.

Key Financial Figures

• $0.20 — d shares of the Company's common stock, $0.20 par value per share ("Common Stock").

Filing Documents

• tm242631d2_def14a.htm (DEF 14A) — 1735KB
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Executive Compensation

Executive Compensation 39 Summary Compensation Table 39 Grants of Plan-Based Awards for Calendar Year 2023 41 Outstanding Equity Awards at December 31, 2023 42 Option Exercises and Stock Vested in 2023 43 Nonqualified Deferred Compensation for the Year Ended December 31, 2023 43 Potential Payments Upon Termination, Resignation or Change-in-Control 44 Compensation Committee Report 48 Pay Versus Performance Disclosure 49 Equity Compensation Plan Information 54 Equity Compensation Plans Not Approved by Security Holders 54 Proposal 2: Advisory Vote on Executive Compensation 55 Proposal 3: Ratification of Appointment of Independent Registered Public Accounting Firm 56 Report of the Audit Committee 57 Audit Matters 59 Fees Paid to the Independent Registered Public Accounting Firm 59 Audit Fee Approval 59 Audit Committee Pre-Approval Policy 59 Audit Committee Review 59 Stock Ownership of Certain Beneficial Owners and Management 60 Delinquent Section 16(a) Reports 61 Certain Matters Relating to Proxy Materials and Annual Reports 62 Other Matters 62 Annual Report 62 TABLE OF CONTENTS 1 Astec Industries, Inc. | Notice of Annual Meeting and Proxy Statement 2024 PROXY STATEMENT SUMMARY We are providing these materials in connection with the 2024 Annual Meeting of Shareholders (the "2024 Annual Meeting", or the "Annual Meeting") of Astec Industries, Inc. This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider. Please read the entire Proxy Statement carefully before voting as it contains important information about matters upon which you are being asked to vote. 2024 Annual Meeting of Shareholders Date and Time Record Date Location April 25, 2024 at 10:00 a.m. EDT February 28, 2024 This year's meeting will be a virtual Annual Meeting at https://www.viewproxy.com/

View Full Filing

View this DEF 14A filing on SEC EDGAR