DUBLIN, Ireland--(BUSINESS WIRE)--Mar. 19, 2014--
plc (NYSE: COV) announced the results from today’s Annual General
Meeting. Seven proposals were on the meeting agenda:
Election of Directors
Appointment of Independent Auditors
An advisory vote to approve the company’s executive compensation
Authorization of the company and/or any subsidiary to make market
purchases of company shares
Authorization of the reissue price range of treasury shares
Renewal of the Directors’ existing authority to issue shares
Renewal of the Directors’ existing authority to issue shares for cash
without first offering shares to existing shareholders
At the meeting, shareholders elected all 10 nominees, each of whom
currently serves on Covidien’s Board of Directors. They are: José E.
Almeida, Joy A. Amundson, Craig Arnold, Robert H. Brust, Christopher J.
Coughlin, Randall J. Hogan, III, Martin D. Madaus, Dennis H. Reilley,
Stephen H. Rusckowski and Joseph A. Zaccagnino. In addition, Mr. Reilley
continues to serve as the Lead Director.
Shareholders also approved, in advisory votes, the appointment of
Deloitte & Touche LLP to serve as the company’s independent auditors and
the compensation paid to the company’s named executive officers for
Shareholders also authorized Covidien and its subsidiaries to make
market purchases of company shares, authorized the price range at which
the company can reissue shares it holds as treasury shares and renewed
Directors’ existing authority to issue shares.
Despite receiving support from 64 percent of the shares voted at the
meeting, which represents more than 50 percent of the company’s issued
and outstanding shares, the proposal to renew the Directors’ authority
to issue shares for cash without first offering them to existing
shareholders did not pass because it required support from at least 75
percent of the shares voted at the meeting.
Covidien is a leading global healthcare products company that creates
innovative medical solutions for better patient outcomes and delivers
value through clinical leadership and excellence. Covidien develops,
manufactures and sells a diverse range of industry-leading medical
device and supply products. With 2013 revenue of $10.2 billion, Covidien
has more than 38,000 employees worldwide in more than 70 countries, and
its products are sold in over 150 countries. Please visit www.covidien.com
to learn more about our business.
Source: Covidien plc
Peter Lucht, 508-452-4168
Lannum, CFA, 508-452-4343