McCormick & Co Inc. Files Definitive Proxy Statement

Ticker: MKC-V · Form: DEF 14A · Filed: Feb 15, 2024 · CIK: 63754

Mccormick & CO INC DEF 14A Filing Summary
FieldDetail
CompanyMccormick & CO INC (MKC-V)
Form TypeDEF 14A
Filed DateFeb 15, 2024
Risk Levellow
Pages15
Reading Time19 min
Key Dollar Amounts$1.2 b, $418.5 million, $1.56
Sentimentneutral

Sentiment: neutral

Topics: McCormick, DEF 14A, Proxy Statement, Executive Compensation, Shareholder Meeting

TL;DR

<b>McCormick & Co Inc. has filed its Definitive Proxy Statement (DEF 14A) for the fiscal year ending November 30, 2023.</b>

AI Summary

MCCORMICK & CO INC (MKC-V) filed a Proxy Statement (DEF 14A) with the SEC on February 15, 2024. McCormick & Co Inc. filed a DEF 14A on February 15, 2024. The filing covers the fiscal year ending November 30, 2023. The company's principal executive offices are located at 24 Schilling Road, Suite 1, Hunt Valley, MD 21031. The filing includes information on executive compensation for fiscal years 2020-2023. The company was incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking MCCORMICK & CO INC, this filing contains several important signals. This filing provides shareholders with crucial information regarding the company's governance, executive compensation, and proposals to be voted on at the upcoming annual meeting. Understanding the details in this proxy statement is essential for shareholders to make informed voting decisions and assess the company's performance and management.

Risk Assessment

Risk Level: low — MCCORMICK & CO INC shows low risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not contain new financial performance data or significant strategic shifts.

Analyst Insight

Shareholders should review the executive compensation details and any proposed resolutions to inform their voting decisions at the upcoming annual meeting.

Executive Compensation

NameTitleTotal Compensation
Lawrence E. KurziusPEO1Member
Brendan M. FoleyPEO2Member
Michael R. SmithNonPeoNeoMember

Key Numbers

Key Players & Entities

FAQ

When did MCCORMICK & CO INC file this DEF 14A?

MCCORMICK & CO INC filed this Proxy Statement (DEF 14A) with the SEC on February 15, 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 MCCORMICK & CO INC (MKC-V).

Where can I read the original DEF 14A filing from MCCORMICK & CO 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 MCCORMICK & CO INC.

What are the key takeaways from MCCORMICK & CO INC's DEF 14A?

MCCORMICK & CO INC filed this DEF 14A on February 15, 2024. Key takeaways: McCormick & Co Inc. filed a DEF 14A on February 15, 2024.. The filing covers the fiscal year ending November 30, 2023.. The company's principal executive offices are located at 24 Schilling Road, Suite 1, Hunt Valley, MD 21031..

Is MCCORMICK & CO INC a risky investment based on this filing?

Based on this DEF 14A, MCCORMICK & CO INC presents a relatively low-risk profile. The filing is a routine DEF 14A, which is standard for public companies and does not contain new financial performance data or significant strategic shifts.

What should investors do after reading MCCORMICK & CO INC's DEF 14A?

Shareholders should review the executive compensation details and any proposed resolutions to inform their voting decisions at the upcoming annual meeting. The overall sentiment from this filing is neutral.

Risk Factors

Filing Stats: 4,649 words · 19 min read · ~15 pages · Grade level 12.5 · Accepted 2024-02-15 10:00:29

Key Financial Figures

Filing Documents

Executive Compensation and Performance

Executive Compensation and Performance Alignment Summary Our pay-for performance philosophy requires that a substantial portion of each executive's total compensation should be performance-based and dependent on the achievement of stretch financial performance goals over both the short- and long-term. We pay for performance and the retention of key talent with the guiding principle that our financial performance goals should be drivers of stockholder value over both the short- and long-term. Our executive compensation programs are aligned with our strategy and performance and include an annual performance-based incentive program and a Long-Term Incentive Plan ("LTIP"). Our annual incentive is based on a formula that includes adjusted earnings per share ("EPS") growth, net sales and adjusted operating income growth, adjusted for working capital charges and currency impact. As part of our LTIP, performance-based awards are made under the Long-Term Performance Plan ("LTPP") in the form of performance stock units ("PSUs"), which account for half of the total LTIP value. Cumulative net sales growth is the primary metric that determines the earned share awards under the LTPP with relative total stockholder return ("TSR") modifying the total payout. Cumulative net sales represents the cumulative growth rate for continuing operations over a three-year period, adjusted for items including foreign currency and the sales impact associated with acquisitions and divestitures. Payouts of awards under the LTPP are paid entirely in shares to provide enhanced stockholder alignment. The design of these programs ensures we stay committed to our executive compensation philosophy to link pay with performance. McCORMICK & COMPANY, INCORPORATED 2024 Proxy Statement i Back of Contents The PSUs that concluded their performance period at the end of fiscal 2023 were earned at 150% of target (or 50% of the maximum opportunity), reflecting strong three-year cumulative net sales, offs

Security Ownership of Certain Beneficial Owners (1)

Security Ownership of Certain Beneficial Owners (1) Title of Class Name & Address of Beneficial Owner Amount & Nature of Beneficial Ownership (2) Percent of Class (4) Common Stock McCormick 401(k) Retirement Plan 24 Schilling Road, Suite 1 Hunt Valley, Maryland 21031 2,268,064 (3) 13.5% (1) Mr. Kurzius' beneficial ownership, which is also above five percent of the Common Stock of the Company, is provided in the tables found in "Proposal 1 - Election of Directors" and "Executive Officers." (2) All shares beneficially owned as of the Record Date. (3) Amount of shares of Common Stock shown in the table were held in the trust for the McCormick 401(k) Retirement Plan as of the Record Date. Neither the trustees of the trust nor the plan itself are the beneficial owners of these shares of Common Stock for purposes of the voting limitations described in our Charter. Instead, each plan participant is considered the beneficial owner of the shares allocated to such par

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