Lincoln Electric Holdings Inc. Files Definitive Proxy Statement

Ticker: LECO · Form: DEF 14A · Filed: Mar 18, 2024 · CIK: 59527

Lincoln Electric Holdings Inc DEF 14A Filing Summary
FieldDetail
CompanyLincoln Electric Holdings Inc (LECO)
Form TypeDEF 14A
Filed DateMar 18, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$4.2 billion, $941 million, $1 billion, $668 million, $4.2B
Sentimentneutral

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Shareholder Vote, Director Nominees, Executive Compensation

TL;DR

<b>Lincoln Electric Holdings Inc. has filed its Definitive Proxy Statement for the upcoming Annual Meeting of Shareholders on April 19, 2024, detailing key votes on directors, auditor ratification, and executive compensation.</b>

AI Summary

LINCOLN ELECTRIC HOLDINGS INC (LECO) filed a Proxy Statement (DEF 14A) with the SEC on March 18, 2024. Lincoln Electric Holdings Inc. filed a Definitive Proxy Statement (DEF 14A) on March 18, 2024. The filing concerns the Annual Meeting of Shareholders scheduled for April 19, 2024, at 11:00 AM ET. Shareholders of record as of February 29, 2024, are entitled to vote. Key items for shareholder vote include the election of 12 director nominees, ratification of Ernst & Young LLP as independent auditors for 2024, and advisory approval of executive compensation. The meeting will be held online at www.virtualshareholdermeeting.com/LECO2024.

Why It Matters

For investors and stakeholders tracking LINCOLN ELECTRIC HOLDINGS INC, this filing contains several important signals. This filing provides shareholders with crucial information to make informed voting decisions on corporate governance matters, including the election of directors and executive pay. The DEF 14A filing is a standard regulatory requirement that ensures transparency and allows shareholders to exercise their rights in overseeing the company's management and strategic direction.

Risk Assessment

Risk Level: low — LINCOLN ELECTRIC HOLDINGS INC shows low risk based on this filing. The filing is a routine proxy statement, indicating no immediate significant financial or operational changes requiring urgent attention, thus posing a low risk.

Analyst Insight

Shareholders should review the director nominees, auditor appointment, and executive compensation proposals to cast their votes before the April 19, 2024 meeting.

Key Numbers

  • 12 — Director Nominees (To be elected to hold office until the 2025 Annual Meeting)
  • 2024 — Fiscal Year (For which Ernst & Young LLP is appointed as independent auditor)
  • 2025 — Annual Meeting (Until which elected directors will hold office)
  • 2024-04-19 — Annual Meeting Date (Date of the Annual Meeting of Shareholders)
  • 2024-02-29 — Record Date (Shareholders of record on this date are entitled to vote)

Key Players & Entities

  • LINCOLN ELECTRIC HOLDINGS INC (company) — Registrant name
  • Ernst & Young LLP (company) — Independent registered public accounting firm
  • Christopher L. Mapes (person) — Executive Chair
  • Jennifer I. Ansberry (person) — Executive Vice President, General Counsel and Secretary
  • 2024-04-19 (date) — Annual Meeting date
  • 2024-02-29 (date) — Record date for voting eligibility
  • 2024-03-18 (date) — Filing date
  • 2024-12-31 (date) — Fiscal year end for auditor appointment

FAQ

When did LINCOLN ELECTRIC HOLDINGS INC file this DEF 14A?

LINCOLN ELECTRIC HOLDINGS INC filed this Proxy Statement (DEF 14A) with the SEC on March 18, 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 LINCOLN ELECTRIC HOLDINGS INC (LECO).

Where can I read the original DEF 14A filing from LINCOLN ELECTRIC HOLDINGS INC?

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 LINCOLN ELECTRIC HOLDINGS INC.

What are the key takeaways from LINCOLN ELECTRIC HOLDINGS INC's DEF 14A?

LINCOLN ELECTRIC HOLDINGS INC filed this DEF 14A on March 18, 2024. Key takeaways: Lincoln Electric Holdings Inc. filed a Definitive Proxy Statement (DEF 14A) on March 18, 2024.. The filing concerns the Annual Meeting of Shareholders scheduled for April 19, 2024, at 11:00 AM ET.. Shareholders of record as of February 29, 2024, are entitled to vote..

Is LINCOLN ELECTRIC HOLDINGS INC a risky investment based on this filing?

Based on this DEF 14A, LINCOLN ELECTRIC HOLDINGS INC presents a relatively low-risk profile. The filing is a routine proxy statement, indicating no immediate significant financial or operational changes requiring urgent attention, thus posing a low risk.

What should investors do after reading LINCOLN ELECTRIC HOLDINGS INC's DEF 14A?

Shareholders should review the director nominees, auditor appointment, and executive compensation proposals to cast their votes before the April 19, 2024 meeting. The overall sentiment from this filing is neutral.

Key Dates

  • 2024-04-19: Annual Meeting of Shareholders — Shareholders will vote on director nominees, auditor ratification, and executive compensation.
  • 2024-02-29: Record Date — Determines which shareholders are entitled to vote at the Annual Meeting.
  • 2024-03-18: Filing Date — Date the Definitive Proxy Statement was filed with the SEC.

Filing Stats: 4,178 words · 17 min read · ~14 pages · Grade level 17.8 · Accepted 2024-03-18 07:30:52

Key Financial Figures

  • $4.2 billion — untries. In 2023, we generated a record $4.2 billion in sales. Our Global Footprint LINCO
  • $941 million — utomation portfolio grew 53% in 2023 to $941 million in revenue and we are pacing to exceed
  • $1 billion — ue and we are pacing to exceed our 2025 $1 billion revenue target on an accelerated timeli
  • $668 million — Cash flows from operations to a record $668 million and a 105% cash conversion ratio, refle
  • $4.2B — rted Organic Sales Reported Adjusted $4.2B +11% +4% 17.1% $9.37 $9.41 (Reco
  • $9.37 — ted Adjusted $4.2B +11% +4% 17.1% $9.37 $9.41 (Record) vs. 2022 vs. 2022 Rep
  • $9.41 — usted $4.2B +11% +4% 17.1% $9.37 $9.41 (Record) vs. 2022 vs. 2022 Reported +
  • $668M — ALES RATIO RETURN ON INVESTED CAPITAL $668M +74% vs. 2022 (Record) 17.1% 380
  • $347 million — record cash flows in 2023 and returned $347 million to shareholders through our dividend pr
  • $347M — ase, raising the dividend rate by 11%. $347M Returned to Shareholders in 2023
  • $148M — Returned to Shareholders in 2023 $148M In Dividends $199M In Share Repur
  • $199M — ders in 2023 $148M In Dividends $199M In Share Repurchases TOTAL SHAREHOL

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 50 Compensation Discussion and Analysis 51 Compensation Committee Report 80

Executive Compensation Tables

Executive Compensation Tables 81 Termination And Change In Control Arrangements 89 CEO Pay Ratio 94 Pay Versus Performance 95 MANAGEMENT OWNERSHIP OF SHARES 99 Beneficial Ownership Table 99 Equity Compensation Plan Information 101 OTHER OWNERSHIP OF SHARES 102 COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 103 ANNUAL MEETING PROPOSALS 104 Proposal 1—Election Of Directors 104 Proposal 2—Ratification Of Independent Registered Public Accounting Firm 105 Proposal 3—Approval, On An Advisory Basis, Of Named Executive Officer Compensation 107 AUDIT COMMITTEE REPORT 111 FAQS 112 APPENDIX A—DEFINITIONS AND NON-GAAP FINANCIAL MEASURES A-1 TABLE OF CONTENTS Proxy Summary This section provides an overview of important items related to this Proxy Statement and the 2024 Annual Meeting. We encourage you to read the entire Proxy Statement for more information before voting. Meeting Details DATE Friday, April 19, 2024 TIME 11:00 AM Eastern Time PLACE Online at www.virtualshareholder meeting.com/LECO2024 RECORD DATE Shareholders of record at the close of business on February 29, 2024 are entitled to vote at the 2024 Annual Meeting. How to Cast Your Vote BY PHONE Call 1-800-690-6903 by April 18, 2024 BY TABLET OR SMARTPHONE Scan this QR code to vote with your mobile device by April 18, 2024 BY MAIL Sign, date and return your proxy card or voting instruction form by April 18, 2024 BY INTERNET Using your computer visit proxyvote.com until April 18, 2024 or vote online on April 19, 2024 during the Annual Meeting at: www.virtualshareholdermeeting.com/LECO2024 Voting Recommendation Proposals Board Recommendation Page 1 To elect 12 Director Nominees named in this Proxy Statement to hold office until the 2025 Annual Meeting or until their successors are duly elected and qualified FOR each Director 20 2 To ratify the appointment of Ernst & Young LLP as Lincoln Electric's indepe

Executive Compensation Program Highlights

Executive Compensation Program Highlights PROPOSAL 3|APPROVAL, ON AN ADVISORY BASIS, OF NEO COMPENSATION THE BOARD RECOMMENDS A VOTE FOR THIS PROPOSAL. OUR BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF OUR NEOS. See "Proposal 3—Approval, on an advisory basis, of NEO compensation" beginning on page 107 of this Proxy Statement and "Compensation Discussion and Analysis" beginning on page 51 of this Proxy Statement. We have a long history of driving an incentive management culture, emphasizing pay for performance to align compensation with the achievement of enterprise, segment and individual goals. We believe our compensation program and practices provide an appropriate balance between profitability, cash flow and returns, on the one hand, and suitable levels of risk-taking, on the other. This balance, in turn, aligns compensation strategies with shareholder interests, as reflected by the consistently high level of shareholders voting for the compensation of our NEOs. During 2023, the Company announced the planned retirement of Christopher L. Mapes as the Company's President and Chief Executive Officer, effective December 31, 2023, and the election of Steven B. Hedlund as President and Chief Executive Officer effective January 1, 2024. 2023 NAMED EXECUTIVE OFFICERS The Compensation Discussion and Analysis (CD&A) provides information regarding our executive compensation program for the following NEOs in 2023: Steven B. Hedlund President and Chief Executive Officer (since January 1, 2024) Executive Vice President, Chief Operating Officer (through December 31, 2023) Christopher L. Mapes Executive Chair (since January 1, 2024) President and Chief Executive Officer (through December 31, 2023) Gabriel Bruno Executive Vice President, Chief Financial Officer and Treasurer Jennifer I. Ansberry Executive Vice President, General Counsel and Secretary Michele R.

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