Hormel Foods Reports Executive Comp, Shareholder Vote Matters
Ticker: HRL · Form: 8-K · Filed: Feb 2, 2024 · CIK: 48465
Complexity: simple
Sentiment: neutral
Topics: corporate-governance, executive-compensation, shareholder-vote
TL;DR
**Hormel Foods is tweaking executive pay and shareholder voting rules, signaling active governance.**
AI Summary
Hormel Foods Corporation filed an 8-K on February 2, 2024, reporting events from January 30, 2024, concerning changes in director and officer compensation arrangements and the submission of matters to a security holder vote. This filing indicates that the company is actively managing its executive compensation and corporate governance, which is important for investors as it reflects how Hormel Foods aligns executive incentives with shareholder interests and maintains transparency in its operational decisions.
Why It Matters
This filing shows Hormel Foods is making changes to how it pays its top people and what shareholders get to vote on, which can affect how well the company is run and how much value shareholders get.
Risk Assessment
Risk Level: low — This filing is routine for corporate governance and does not indicate any immediate financial or operational risks.
Analyst Insight
Investors should monitor future filings for details on the specific compensatory arrangements and shareholder vote outcomes to understand their potential impact on company performance and governance.
Key Players & Entities
- Hormel Foods Corporation (company) — registrant
- January 30, 2024 (date) — date of earliest event reported
- February 2, 2024 (date) — filing date
- Delaware (company) — state of incorporation
- New York Stock Exchange (company) — exchange where common stock is registered
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 30, 2024.
What specific items were reported under Item 5.02 in this 8-K filing?
Item 5.02 covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
What specific items were reported under Item 5.07 in this 8-K filing?
Item 5.07 covers 'Submission of Matters to a Vote of Security Holders'.
What is the trading symbol for Hormel Foods Corporation's Common Stock?
The trading symbol for Hormel Foods Corporation's Common Stock is HRL.
On which exchange is Hormel Foods Corporation's Common Stock registered?
Hormel Foods Corporation's Common Stock is registered on the New York Stock Exchange.
Filing Stats: 722 words · 3 min read · ~2 pages · Grade level 9.8 · Accepted 2024-02-02 16:34:25
Key Financial Figures
- $0.01465 — hange on which registered Common Stock $0.01465 par value HRL New York Stock Exchange
Filing Documents
- hrl-20240130.htm (8-K) — 48KB
- 0000048465-24-000005.txt ( ) — 173KB
- hrl-20240130.xsd (EX-101.SCH) — 2KB
- hrl-20240130_lab.xml (EX-101.LAB) — 24KB
- hrl-20240130_pre.xml (EX-101.PRE) — 12KB
- hrl-20240130_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders Hormel Foods Corporation (the Company) conducted its annual stockholders meeting on January 30, 2024. At the annual meeting, 498,653,662 shares were represented (91.2 percent of the 546,840,056 shares outstanding and entitled to vote). Four items were considered at the meeting and the results of the voting were as follows: 1. Election of Directors: The nominees in the proxy statement were: Prama Bhatt, Gary C. Bhojwani, Stephen M. Lacy, Elsa A. Murano, Ph.D., William A. Newlands, Christopher J. Policinski, Jose Luis Prado, Sally J. Smith, James P. Snee, Steven A. White, Raymond G. Young, and Michael P. Zechmeister. The results were as follows: DIRECTOR : FOR AGAINST ABSTAIN BROKER NON-VOTE Prama Bhatt 454,871,443 5,800,227 762,116 37,219,876 Gary C. Bhojwani 441,297,654 19,462,215 673,917 37,219,876 Stephen M. Lacy 435,958,866 24,824,637 650,283 37,219,876 Elsa A. Murano, Ph.D. 448,996,030 11,767,456 670,300 37,219,876 William A. Newlands 450,513,938 10,180,027 739,821 37,219,876 Christopher J. Policinski 452,666,246 8,141,543 625,997 37,219,876 Jose Luis Prado 451,293,051 9,452,610 688,125 37,219,876 Sally J. Smith 454,929,354 5,898,575 605,857 37,219,876 James P. Snee 443,976,459 16,140,165 1,317,162 37,219,876 Steven A. White 449,293,787 11,393,721 746,278 37,219,876 Raymond G. Young 456,056,972 4,675,731 701,083 37,219,876 Michael P. Zechmeister 455,793,784 4,903,346 736,656 37,219,876 2. Approve the amendment of the Company's Restated Certificate of Incorporation to allow for exculpation of officers as permitted by Delaware law: For 443,753,912 Against 16,695,831 Abstain 984,043 Broker Non-Vote 37,219,876 3. Ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending October 27, 2024: For 488,559,886 Against 9,353,747 Abstain 740,029 2 4. Advisory vote to approve the Company's Na
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HORMEL FOODS CORPORATION (Registrant) Dated: February 2, 2024 By /s/ JAMES P. SNEE JAMES P. SNEE Chairman of the Board, President and Chief Executive Officer 4