Tootsie Roll Industries Announces Annual Meeting of Shareholders on May 6, 2024

TL;DR

<b>Tootsie Roll Industries will hold its Annual Meeting of Shareholders on May 6, 2024, to elect directors and ratify the appointment of its auditor.</b>

AI Summary

TOOTSIE ROLL INDUSTRIES INC (TROLB) filed a Proxy Statement (DEF 14A) with the SEC on March 25, 2024. The Annual Meeting of Shareholders for Tootsie Roll Industries, Inc. will be held on May 6, 2024, at 12:00 PM EDT. Shareholders will vote on the election of five directors. A proposal to ratify the appointment of Grant Thornton LLP as the independent registered public accounting firm for fiscal year 2024 will be presented. The meeting will take place at Suite 200, One James Center, 901 East Cary Street, Richmond, Virginia. Shareholders are encouraged to vote their shares regardless of attendance.

Why It Matters

For investors and stakeholders tracking TOOTSIE ROLL INDUSTRIES INC, this filing contains several important signals. This filing is a proxy statement, indicating key corporate governance decisions are being put to a shareholder vote. The ratification of Grant Thornton LLP as auditor is a standard but important step in financial oversight and transparency.

Risk Assessment

Risk Level: low — TOOTSIE ROLL INDUSTRIES INC shows low risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational concerns highlighted.

Analyst Insight

Shareholders should review the director nominees and the auditor ratification proposal before the May 6th meeting.

Key Numbers

• 5 — Directors (Number of directors to be elected at the meeting.)
• May 6, 2024 — Meeting Date (Date of the Annual Meeting of Shareholders.)
• 12:00 PM — Meeting Time (Time of the Annual Meeting of Shareholders.)

Key Players & Entities

• Tootsie Roll Industries, Inc. (company) — Registrant and filer of the proxy statement.
• Ellen R. Gordon (person) — Chairman of the Board and Chief Executive Officer.
• Grant Thornton LLP (company) — Proposed independent registered public accounting firm.
• May 6, 2024 (date) — Date of the Annual Meeting of Shareholders.
• 2024 (date) — Fiscal year for which the auditor is being appointed.

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company is filing a DEF 14A proxy statement, which is a standard regulatory requirement for annual shareholder meetings.

Industry Context

Tootsie Roll Industries operates in the sugar and confectionery products industry, a sector characterized by consumer demand and brand loyalty.

Regulatory Implications

The filing adheres to SEC regulations for proxy solicitations, ensuring transparency and proper shareholder communication regarding corporate governance.

What Investors Should Do

1. Review the list of director nominees and their qualifications.
2. Understand the proposal to ratify Grant Thornton LLP as the independent auditor.
3. Ensure your proxy is submitted or vote in person at the meeting on May 6, 2024.

Key Dates

• 2024-05-06: Annual Meeting of Shareholders — Shareholders will vote on director elections and auditor ratification.

Glossary

DEF 14A

Schedule 14A (DEF 14A) is a proxy statement filed with the SEC by publicly traded companies. (This filing is the primary document informing shareholders about the annual meeting agenda and voting matters.)

Proxy Statement

A document that must be provided to shareholders before a shareholder meeting, containing information about the matters to be voted on. (Essential for shareholders to make informed voting decisions on director nominees and auditor appointments.)

Year-Over-Year Comparison

This is a preliminary proxy statement for the upcoming annual meeting, with no comparative data from a previous filing provided within this excerpt.

Key Financial Figures

• $119,000 — sation for 2023: An annual retainer of $119,000; $2,000 for Board meetings attended;
• $2,000 — 2023: An annual retainer of $119,000; $2,000 for Board meetings attended; An annual
• $10,000 — etings attended; An annual retainer of $10,000 for serving on the Audit Committee and
• $18,000 — for serving on the Audit Committee and $18,000 for serving as its Chair; and $2,000 f

Filing Documents

• tr-20240506xdef14a.htm (DEF 14A) — 808KB
• tr-20240506xdef14a001.gif (GRAPHIC) — 1KB
• tr-20240506xdef14a009.jpg (GRAPHIC) — 24KB
• tr-20240506xdef14a010.jpg (GRAPHIC) — 24KB
• tr-20240506xdef14a011.jpg (GRAPHIC) — 24KB
• tr-20240506xdef14a012.jpg (GRAPHIC) — 22KB
• tr-20240506xdef14a015.jpg (GRAPHIC) — 1KB
• tr-20240506xdef14a016.jpg (GRAPHIC) — 1KB
• 0001558370-24-003835.txt (&nbsp;) — 1474KB
• tr-20240506.xsd (EX-101.SCH) — 4KB
• tr-20240506_lab.xml (EX-101.LAB) — 4KB
• tr-20240506_pre.xml (EX-101.PRE) — 3KB
• tr-20240506xdef14a_htm.xml (XML) — 98KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 Tootsie Roll Industries, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11 Tootsie Roll Industries, Inc. 7401 South Cicero Avenue, Chicago, Illinois 60629 March 29, 2024 Dear Shareholders: You are cordially invited to attend the Annual Meeting of Shareholders of your Company to be held on Monday, May 6, 2024, at 12:00 noon, Eastern Daylight Saving Time, in Suite 200, One James Center, 901 East Cary Street, Richmond, Virginia. At the meeting, you will be asked to consider and vote upon the election of five directors and a proposal to ratify the appointment of Grant Thornton LLP as the independent registered public accounting firm for the Company for the 2024 fiscal year. The formal Notice of the Annual Meeting of Shareholders and the Proxy Statement follow. It is important that your shares be represented and voted at the meeting, regardless of the size of your holdings. Accordingly, please promptly mark, sign and date the enclosed proxy and return it in the enclosed envelope, whether or not you intend to be present at the Annual Meeting of Shareholders. Sincerely, Ellen R. Gordon Chairman of the Board and Chief Executive Officer Tootsie Roll Industries, Inc. 7401 South Cicero Avenue, Chicago, Illinois 60629 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 6, 2024 To the Shareholders: Notice is hereby given that the Annual Meeting of Shareholders of TOOTSIE ROLL INDUSTRIES, INC. will be held in Suite 200, One James Center, 901 East Cary Street, Richmond, Virginia, on Monday, May 6, 2024, at 12:00 noon, Eastern Daylight Saving Time, for the following purposes: 1. To elect the full board of five directors; 2. To consider and act upon ratification of the appointment of Grant Thornton LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2024; and 3. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof. Only shareholders of record at the close of business on March 6, 2024 are entitled to notice of, and to vote at, the Annual Meeting and any adjournments or postponements thereof. The relative voting rights of the Company's Common Stock and Class B Common Stock in respect of the Annual Meeting and the matters to be acted upon at such meeting are described in the accompanying Proxy Statement. Your attention is directed to the accompanying Proxy, Proxy Statement and 2023 Annual Report of Tootsie Roll Industries, Inc. By Order of the Board of Directors Barry P. Bowen, Assistant Secretary Chicago, Illinois March 29, 2024 NOTE: Please mark, date and sign the enclosed Proxy and return it promptly in the enclosed envelope whether or not you plan to attend the Annual Meeting in person. You may revoke your Proxy at any time before it is voted. Tootsie Roll Industries, Inc. 7401 South Cicero Avenue, Chicago, Illinois 60629 PROXY STATEMENT Annual Meeting of Shareholders—May 6, 2024 SOLICITATION OF PROXIES This Proxy Statement is furnished in connection with the solicitation by the Board of Directors of Tootsie Roll Industries, Inc. (referred to as the "Company," "we" or "us" below) of the accompanying proxy for the Annual Meeting of Shareholders of the Company to be held on Monday, May 6, 2024, and at any adjournments or postponements thereof. The purpose of the meeting is for the shareholders of the Company to: (1) elect five directors to terms of office expiring at the 2025 Annual Meeting of Shareholders; (2) consider and act upon a proposal to ratify the appointment of Grant Thornton LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2024; and (3) transact such other business as may properly come before the meeting and any adjournments thereof. Proxies in the accompanying form properly executed and received by the Company prior to the meeting and not revoked, will be voted as directed therein on all matters presented at the meeting. In the absence of a specific direction from the shareholder, proxies will be voted for the named director nominees and for the ratification of Grant Thornton LLP as the Comp

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View this DEF 14A filing on SEC EDGAR