Reliance, Inc. Announces Annual Meeting of Stockholders on May 15, 2024

Ticker: RS · Form: DEF 14A · Filed: Apr 3, 2024 · CIK: 861884

Reliance, Inc. DEF 14A Filing Summary
FieldDetail
CompanyReliance, Inc. (RS)
Form TypeDEF 14A
Filed DateApr 3, 2024
Risk Levellow
Pages15
Reading Time17 min
Key Dollar Amounts$14.8 billion, $22.64, $3,210, $1.67 billion, $469 million
Sentimentneutral

Sentiment: neutral

Topics: proxy statement, annual meeting, shareholder vote, virtual meeting, corporate governance

TL;DR

<b>Reliance, Inc. is holding its virtual Annual Meeting of Stockholders on May 15, 2024, encouraging shareholders to vote via multiple convenient methods.</b>

AI Summary

RELIANCE, INC. (RS) filed a Proxy Statement (DEF 14A) with the SEC on April 3, 2024. Reliance, Inc. will hold its Annual Meeting of Stockholders virtually on May 15, 2024, at 10 a.m. Pacific Daylight Time. Stockholders can attend, vote electronically, and submit questions during the meeting via www.virtualshareholdermeeting.com/RS2024. Proxy voting is encouraged via internet, telephone, or mail using the provided proxy card. The company was formerly known as Reliance Steel & Aluminum Co. and changed its name on May 25, 1994. The filing is a Definitive Proxy Statement (DEF 14A) filed on April 3, 2024.

Why It Matters

For investors and stakeholders tracking RELIANCE, INC., this filing contains several important signals. This filing is a routine proxy statement, indicating upcoming shareholder votes on corporate matters, which are crucial for governance and strategic direction. The virtual format for the annual meeting reflects a modern approach to shareholder engagement, allowing broader participation regardless of location.

Risk Assessment

Risk Level: low — RELIANCE, INC. shows low risk based on this filing. The filing is a standard DEF 14A proxy statement, which typically contains routine corporate governance information and does not present immediate financial or operational risks.

Analyst Insight

Review the proxy statement for details on shareholder proposals and director nominations to make informed voting decisions.

Key Numbers

  • May 15, 2024 — Annual Meeting Date (Date of Annual Meeting of Stockholders)
  • 10 a.m. PDT — Annual Meeting Time (Time of Annual Meeting)
  • 2024-04-03 — Filing Date (Date the DEF 14A was filed)
  • 001-13122 — SEC File Number (SEC File Number for Reliance, Inc.)

Key Players & Entities

  • RELIANCE, INC. (company) — Filer and Registrant
  • 2024-05-15 (date) — Date of Annual Meeting
  • 2024-04-03 (date) — Filing Date
  • 10 a.m. Pacific Daylight Time (time) — Time of Annual Meeting
  • www.virtualshareholdermeeting.com/RS2024 (url) — Link to virtual meeting
  • RELIANCE STEEL & ALUMINUM CO (company) — Former Company Name
  • 1994-05-25 (date) — Date of Name Change

FAQ

When did RELIANCE, INC. file this DEF 14A?

RELIANCE, INC. filed this Proxy Statement (DEF 14A) with the SEC on April 3, 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 RELIANCE, INC. (RS).

Where can I read the original DEF 14A filing from RELIANCE, 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 RELIANCE, INC..

What are the key takeaways from RELIANCE, INC.'s DEF 14A?

RELIANCE, INC. filed this DEF 14A on April 3, 2024. Key takeaways: Reliance, Inc. will hold its Annual Meeting of Stockholders virtually on May 15, 2024, at 10 a.m. Pacific Daylight Time.. Stockholders can attend, vote electronically, and submit questions during the meeting via www.virtualshareholdermeeting.com/RS2024.. Proxy voting is encouraged via internet, telephone, or mail using the provided proxy card..

Is RELIANCE, INC. a risky investment based on this filing?

Based on this DEF 14A, RELIANCE, INC. presents a relatively low-risk profile. The filing is a standard DEF 14A proxy statement, which typically contains routine corporate governance information and does not present immediate financial or operational risks.

What should investors do after reading RELIANCE, INC.'s DEF 14A?

Review the proxy statement for details on shareholder proposals and director nominations to make informed voting decisions. The overall sentiment from this filing is neutral.

How does RELIANCE, INC. compare to its industry peers?

Reliance, Inc. operates in the wholesale metals service centers and offices industry, a sector focused on distributing metal products.

Are there regulatory concerns for RELIANCE, INC.?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies from shareholders.

Industry Context

Reliance, Inc. operates in the wholesale metals service centers and offices industry, a sector focused on distributing metal products.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies from shareholders.

What Investors Should Do

  1. Review the proxy materials for any shareholder proposals or director elections.
  2. Determine your preferred voting method (internet, phone, mail) and cast your vote before the meeting.
  3. Access the virtual meeting platform on May 15, 2024, to participate and ask questions.

Key Dates

  • 2024-05-15: Annual Meeting of Stockholders — Key date for shareholder voting and participation.
  • 2024-04-03: Filing Date of DEF 14A — Date the proxy statement was officially submitted to the SEC.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a proxy statement. Information regarding specific financial performance or changes from a previous filing is not detailed in this initial document.

Filing Stats: 4,374 words · 17 min read · ~15 pages · Grade level 12.5 · Accepted 2024-04-03 14:59:59

Key Financial Figures

  • $14.8 billion — ial Performance We finished 2023 with $14.8 billion in sales and $22.64 of diluted earnings
  • $22.64 — ed 2023 with $14.8 billion in sales and $22.64 of diluted earnings per share, both rep
  • $3,210 — aintained a small average order size of $3,210 with approximately 40% of orders delive
  • $1.67 billion — working capital enabled us to generate $1.67 billion in annual cash flow from operations, th
  • $469 million — our operating cash flow funded a record $469 million of capital expenditures, $238 million o
  • $238 million — d $469 million of capital expenditures, $238 million of cash dividends, and $480 million of
  • $480 million — es, $238 million of cash dividends, and $480 million of share repurchases, resulting in a 3.
  • $425 million — capital expenditure budget for 2024 is $425 million with approximately two-thirds targeting
  • $63 million — n Steel's 2022 sales were approximately $63 million. Cooksey Iron & Metal Company ("Cooks
  • $90 million — Cooksey's 2023 sales were approximately $90 million. American Alloy Steel, Inc. ("America
  • $310 million — n Alloy's 2023 sales were approximately $310 million. ii / 2024 Proxy Statement investor
  • $718 million — value to our stockholders, we returned $718 million through dividends and share repurchases
  • $1.10 — ding our most recent increase of 10% to $1.10 per share ($4.40 per share on an annual
  • $4.40 — ent increase of 10% to $1.10 per share ($4.40 per share on an annualized basis) in th
  • $1.5 billion — quarter of 2024. Our recently announced $1.5 billion share repurchase authorization, coupled

Filing Documents

Executive Compensation Program Design

Executive Compensation Program Design 32 Relationship Between Pay and Performance 33 Key Executive Compensation Practices 36 2023 Say on Pay Vote 37 Overview of Our Executive Compensation Program 37 Compensation Program Objectives 37 Elements of Compensation 37 Allocation of Compensation Components 39 Mix of Principal Compensation Components 40 How We Make Decisions Regarding Executive Compensation 40 Compensation Committee and Independent Directors 40 Independent Compensation Consultant 41 Compensation Committee Review of Executive Compensation Peer Group and Other Data 41

Executive Compensation Peer Group

Executive Compensation Peer Group 41 Analysis of 2023 Company and Executive Compensation Peer Group Compensation 42 Internal Pay Equity 42 Principal Components of Our Executive Compensation Program 43 Base Salary 43 Annual Cash Incentive Awards 43 Long-Term Equity Incentive Compensation 44 SERP and Deferred Compensation Plan 45 Other Benefits 45 Additional Information 45 No Employment Agreements; Potential Payments Upon Termination or Change in Control 45 Estimated Benefits Upon Termination or Change in Control 46 Stock Ownership Requirements 47 Clawback and Recoupment Policy 47 Hedging and Pledging Policies 48 Tax and Accounting Considerations 48 Changes to 2024 Incentive Plans 48 Compensation Committee Report 50

Executive Compensation Tables

Executive Compensation Tables 51 Summary Compensation Table 51 Grants of Plan Based Awards 52 Option Exercises and Stock Vesting 53 Outstanding Equity Awards at Fiscal Year-End 53 Pension Benefits 54 Nonqualified Deferred Compensation 54 Equity Compensation Plan Information 55 Pay Ratio Disclosure 55 Pay Versus Performance 56 Director Compensation 60 Director Summary Compensation Table 60 Securities Ownership of Certain Beneficial Owners and Management 61 Board of Directors and Corporate Governance 63 Compensation Committee Interlocks and Insider Participation 69 Audit Committee Report 70 Related Person Transactions and Indemnification 71 Participation in the Annual Meeting 72 Stockholder Proposals and Nominations for the 2025 Annual Meeting 73 Stockholders Sharing the Same Address 74 Annual Report 75 Annex A Amendment No. 2 to Second Amended and Restated 2015 Incentive Award Plan TABLE OF CONTENTS DEAR FELLOW STOCKHOLDERS, We would like to express our gratitude to the entire Reliance family for our strong performance and forward progress in 2023 and for placing safety at the forefront of our operations. Continuing to execute our unique and sustainable business model with a focus on growth and delivering increasing value to our customers resulted in the second highest sales, profitability, and cash flow generation in our Company's history. Importantly, these results were achieved in a challenging environment with ongoing inflationary headwinds and declining metal prices. We thank our loyal and valued customers for relying on us for quick and accurate deliveries of high-quality products, and we are grateful for the longstanding relationships with our suppliers who continue to support us through all market cycles. We also appreciate our stockholders and their confidence in our future as our stock price reached new heights, increasing 38% in 2023, and representing a 17.6% comp

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