Gildan Activewear Reports on Shareholders’ Voting Results

Rhea-AI Summary

On May 6, 2021, Gildan Activewear Inc. (GIL) conducted its virtual annual meeting where all ten proposed director nominees were successfully elected. However, a significant majority of shareholders opposed the advisory vote on executive compensation, with only 40.86% in favor. The company will consider these results in future compensation decisions. The voting results displayed a substantial majority for director elections, reflecting shareholder confidence, but the rejection of the compensation proposal indicates concerns about executive pay practices.

Positive

• All ten director nominees were elected with a significant majority of votes.
• Directors received over 90% approval from shareholders.

Negative

• Majority of shareholders voted against the 'Say on Pay' advisory proposal, with only 40.86% in favor.

MONTRÉAL, May 06, 2021 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL; TSX and NYSE) today announced that the ten nominees proposed as directors in its management proxy circular dated March 9, 2021 were elected as directors of the Company by a majority of the votes cast by the shareholders or represented by proxy at its virtual annual meeting of shareholders held on May 6, 2021 in Montréal.

Gildan also notes that a majority of shareholders voted against the non-binding advisory vote on Executive Compensation (“Say on Pay”). While the Board believes that its executive compensation program, and the important executive compensation decisions made over the course of 2020, are in the best interests of the Company’s shareholders, it takes the views of shareholders very seriously and will take the results of this vote into account when considering future compensation decisions.

The voting results are detailed below:

	FOR		WITHHELD/AGAINST
	Number	%	Number	%
Resolution 1
Election of Directors
Donald C. Berg	169,398,549	99.66%	583,283	0.34%
Maryse Bertrand	168,707,042	99.25%	1,274,790	0.75%
Marc Caira	169,085,465	99.47%	896,367	0.53%
Glenn J. Chamandy	169,447,357	99.69%	534,475	0.31%
Shirley E. Cunningham	143,839,198	84.62%	26,142,634	15.38%
Russell Goodman	153,152,906	90.10%	16,828,926	9.90%
Charles M. Herington	153,490,675	90.30%	16,491,157	9.70%
Luc Jobin	151,943,278	89.39%	18,038,554	10.61%
Craig A. Leavitt	153,914,181	90.55%	16,067,651	9.45%
Anne Martin-Vachon	153,612,499	90.37%	16,369,333	9.63%
Resolution 2
Say on Pay	69,459,600	40.86%	100,522,232	59.14%
Resolution 3
Appointment of Auditors	164,788,114	95.31%	8,107,647	4.69%

About Gildan
Gildan is a leading manufacturer of everyday basic apparel which markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified portfolio of Company-owned brands, including Gildan®, American Apparel®, Comfort Colors®, Gildan® Hammer™, Prim + Preux®, GoldToe®, Anvil® by Gildan®, Alstyle®, Secret®, Silks®, Kushyfoot®, Secret Silky®, Therapy Plus®, Peds® and MediPeds®, and under the Under Armour® brand through a sock licensing agreement providing exclusive distribution rights in the United States and Canada. Our product offering includes activewear, underwear, socks, hosiery, and legwear products sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms, and to global lifestyle brand companies.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a strong commitment to industry-leading labour and environmental practices throughout its supply chain in accordance with its comprehensive Genuine Responsibility® program embedded in the Company's long-term business strategy. More information about the Company and its corporate citizenship practices and initiatives can be found at www.gildancorp.com and www.genuineresponsibility.com, respectively.

Investor inquiries: Sophie Argiriou Vice President, Investor Communications sargiriou@gildan.com

Media inquiries: Genevieve Gosselin Director, Corporate Marketing and Communications ggosselin@gildan.com

FAQ

What were the results of the Gildan Activewear Inc. annual meeting on May 6, 2021?

During the meeting, all ten director nominees were elected, but a majority of shareholders voted against the advisory proposal on executive compensation.

What percentage of shareholders supported the executive compensation vote at Gildan on May 6, 2021?

Only 40.86% of shareholders supported the executive compensation proposal during the vote.

How did shareholders vote on the election of directors at Gildan's May 2021 meeting?

All ten director nominees received over 90% approval from shareholders during the election.

What is the stock symbol for Gildan Activewear?

The stock symbol for Gildan Activewear is GIL.