Facebook confirmed in a Form 8-K/A filing with the Securities and Exchange Commission Wednesday that, as voted on at its annual meeting in June, the company will hold non-binding advisory votes on its executives’ compensation every three years.
The filing read:
As previously reported by Facebook Inc. (the “company”), at the company’s annual meeting of stockholders held June 11, 2013, the company’s stockholders selected, on a non-binding advisory basis, three years as the frequency with which the company will hold a non-binding advisory vote to approve the compensation to be paid by the company to certain of its executive officers in accordance with U.S. Securities and Exchange Commission rules and regulations (the “named executive officers”). Based on these results and consistent with the company’s recommendation, the company’s board of directors has determined that the company will conduct future stockholder advisory votes regarding compensation awarded to its named executive officers once every three years. This policy will remain in effect until the next stockholder vote on the frequency of stockholder advisory votes on the compensation of named executive officers, expected to be held at the company’s 2019 annual meeting of stockholders.
Readers: Is once every three years often enough?
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