ISS Backs Starbucks Directors: Vote FOR Nominees

TL;DR

ISS says VOTE YES for Starbucks board nominees. Big win for management.

AI Summary

Starbucks Corporation filed a DEFA14A on February 29, 2024, announcing that a leading proxy advisor, ISS, recommended shareholders vote FOR all Starbucks director nominees. This recommendation is a positive signal for the company's board and its strategic direction.

Why It Matters

A positive recommendation from a major proxy advisor like ISS can influence shareholder voting, potentially securing the re-election of Starbucks' director nominees and signaling confidence in the company's leadership.

Risk Assessment

Risk Level: low — The filing is a routine proxy statement with a positive recommendation from an influential advisor, indicating low immediate risk.

Key Players & Entities

• Starbucks Corporation (company) — Registrant
• ISS (company) — Proxy Advisor
• February 29, 2024 (date) — Filing Date

FAQ

From the Filing

0000950142-24-000594.txt : 20240229 0000950142-24-000594.hdr.sgml : 20240229 20240229172849 ACCESSION NUMBER: 0000950142-24-000594 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240229 DATE AS OF CHANGE: 20240229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARBUCKS CORP CENTRAL INDEX KEY: 0000829224 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 911325671 STATE OF INCORPORATION: WA FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-20322 FILM NUMBER: 24705303 BUSINESS ADDRESS: STREET 1: P O BOX 34067 CITY: SEATTLE STATE: WA ZIP: 98124-1067 BUSINESS PHONE: 2064471575 MAIL ADDRESS: STREET 1: 2401 UTAH AVENUE SOUTH CITY: SEATTLE STATE: WA ZIP: 98134 DEFA14A 1 eh240453444_defa14a.htm DEFA14A 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 Pursuant to §240.14a-12 Starbucks Corporation (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 all boxes that apply): ☒ No fee required ☐ Fee paid previously with preliminary materials ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 The following is a press release issued by Starbucks on February 29, 2024. Leading Proxy Advisor ISS Recommends Shareholders Vote FOR ONLY the Starbucks Director Nominees SEATTLE — February 29, 2024 – Starbucks Corporation (Nasdaq: SBUX) today announced that leading proxy advisory firm Institutional Shareholder Services (“ISS”) has recommended that Starbucks shareholders vote on the WHITE proxy card ONLY “FOR” the Starbucks 11 director nominees in connection with the Company's Annual Meeting of Shareholders, which will take place virtually on March 13, 2024, at 10 a.m. PT. Starbucks partners (employees) have always been the heart of its business and core to its success. The company is committed to building a bridge to a better future for all partners. This critical priority is led by the executive leadership team and overseen by the Board of Directors’ Environmental, Partner and Community Impact Committee. Throughout its history, the company has offered its partners industry-leading compensation and benefits, and over the past three years has invested nearly $9 billion to augment the partner experience. Starbucks is pleased that ISS recognizes the strength of the Starbucks Board and supports the election of all its directors. In a report sent to clients on February 29, 2024, ISS stated: · “SBUX has a history of demonstrating responsiveness to shareholders, and has continued to do so despite recent headwinds. All-in, there is no reason to believe that the board is unwilling or unable to approach matters, including unionization, so as to support the best interests of shareholders.” · “The Board has undergone significant refreshment since the CEO transition, as five of the 10 independent directors on ballot were first seated after [Laxman] Narasimhan took the helm on a permanent basis. These directors appear to be thoughtful and logical additions (rather than defensive ones) and are positioned to assist the new CEO with the most important elements of the reinvention plan.” Starbucks reminds shareholders that every vote is important and encourages shareholders to review the Starbucks proxy solicitation m