Glass Lewis backs Starbucks director nominees

TL;DR

Glass Lewis says VOTE YES on all Starbucks directors, just like ISS.

AI Summary

Starbucks Corporation (SBUX) has issued a DEFA14A filing on March 1, 2024, announcing that Glass Lewis recommends shareholders vote FOR all of Starbucks' director nominees. This follows a similar recommendation from ISS, indicating strong support for the company's proposed board slate.

Why It Matters

Proxy advisory firms like Glass Lewis and ISS provide recommendations to institutional investors on how to vote on company matters, influencing shareholder decisions on board composition and corporate governance.

Risk Assessment

Risk Level: low — The filing is a routine proxy statement update and does not contain information that suggests immediate financial or operational risk.

Key Players & Entities

• Starbucks Corporation (company) — Registrant
• Glass Lewis (company) — Proxy advisory firm
• ISS (company) — Proxy advisory firm
• March 1, 2024 (date) — Filing date

FAQ

From the Filing

0000950142-24-000606.txt : 20240301 0000950142-24-000606.hdr.sgml : 20240301 20240301162330 ACCESSION NUMBER: 0000950142-24-000606 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240301 DATE AS OF CHANGE: 20240301 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: 24710223 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 eh240453671_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 March 1, 2024. Glass Lewis Recommends Shareholders Vote FOR ONLY each of the Starbucks Director Nominees Follows ISS’ recommendation that shareholders vote on the WHITE proxy card “FOR” ONLY Starbucks 11 director nominees SEATTLE — March 1 – Starbucks Corporation (Nasdaq: SBUX) today announced that proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) recommended on February 29, 2024 that Starbucks shareholders vote on the WHITE proxy card “FOR” ONLY each of the 11 Starbucks 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 Glass Lewis recognizes the strength of the Starbucks Board and supports the election of all its directors. In a report sent to clients on March 1, 2024, Glass Lewis stated: · “We believe Starbucks has been reasonably responsive to stakeholder concerns in recent periods and has made positive strides to improve its partner relations through various measures, including meaningful wage increases for baristas to industry-leading levels, improvements to work scheduling, and technology advancements to improve the partner and customer experience.” · “Overall, we believe Starbucks has approached the issues raised by the SOC, along with the broader employee satisfaction issue, with a reasonable degree of humility and responsiveness, along with a clear determination to improve.” This report is consistent with Institutional Shareholder Services ("ISS") pos