Gildan Activewear Reports on Shareholders’ Voting Results

Rhea-AI Summary

Gildan Activewear (GIL) reported the results of its annual shareholder meeting held on May 28, 2024. All eight director nominees were elected by an overwhelming majority, following the resignation of the prior board on May 23, 2024. Additionally, shareholders approved the reappointment of auditors and a non-binding advisory vote on Executive Compensation, while rejecting a shareholder proposal. The vote results for directors ranged from 82.82% to 99.00% in favor. The advisory vote on executive compensation saw 73.77% approval, and the shareholder proposal was rejected by 86.48%.

Positive

• All eight director nominees elected with strong support, ranging from 82.82% to 99.00% of votes.
• Reappointment of auditors approved by 95.35% of votes, reflecting confidence in financial oversight.
• Non-binding advisory vote on Executive Compensation received 73.77% approval, indicating shareholder support for compensation decisions.

Negative

• Shareholder proposal was overwhelmingly rejected by 86.48%, indicating potential discontent among some shareholders.
• Significant number of votes against some director nominees, with the highest opposition at 17.18%.

MONTRÉAL, May 29, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or the “Company”) today announced that the eight director nominees, being all of the existing directors of the Company following the resignation on May 23, 2024 of the prior members of the board of directors, were elected as directors of the Company for the ensuing year by an overwhelming majority of the votes cast by shareholders, in-person, and by proxy, at its annual meeting of shareholders held on May 28, 2024 in Montréal. As a result of the prior directors having all resigned in advance of the annual meeting and their decision not to present themselves for election, only eight director nominees were presented for election at the annual meeting.

A majority of the votes cast by shareholders were in favour of the non-binding advisory vote on Executive Compensation (“Say on Pay”) and the reappointment of its auditors. A majority of the votes cast by shareholders were against the shareholder proposal. Gildan also notes that the Say on Pay was submitted to the Company’s shareholders in the context of a proxy solicitation contest, and that the result reflects the shareholders’ views in respect of compensation decisions made by the prior members of the board of directors in such context.

The voting results are detailed below:

	FOR		WITHHELD/AGAINST
	Number	%	Number	%
Resolution 1
Appointment of Auditors	129,803,676	95.35%	6,330,249	4.65%
Resolution 2
Election of Directors[(1)]
Michael Kneeland	114,088,449	85.37%	19,552,254	14.63%
Glenn J. Chamandy	111,752,888	83.62%	21,888,991	16.38%
Michener Chandlee	113,396,554	84.84%	20,260,388	15.16%
Ghislain Houle	113,368,568	84.83%	20,272,127	15.17%
Mélanie Kau	114,129,217	85.39%	19,531,050	14.61%
Peter Lee	110,678,904	82.82%	22,958,401	17.18%
Karen Stuckey	132,484,543	99.00%	1,341,050	1.00%
J.P. Towner	132,448,127	98.98%	1,358,969	1.02%
Resolution 3
Advisory Vote on Executive Compensation	96,994,211	73.77%	34,481,778	26.23%
Resolution 4
Shareholder Proposal	17,778,970	13.52%	113,679,318	86.48%

About Gildan
Gildan is a leading manufacturer of everyday basic apparel. The Company’s product offering includes activewear, underwear and socks, 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. The Company 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^®, GOLDTOE^®, and Peds^®.

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, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG program embedded in the Company's long-term business strategy. More information about the Company and its ESG practices and initiatives can be found at www.gildancorp.com.

Investor inquiries: Jessy Hayem, CFA Vice-President, Head of Investor Relations (514) 744-8511 jhayem@gildan.com

Media inquiries: Genevieve Gosselin Director, Global Communications and Corporate Marketing (514) 343-8814 ggosselin@gildan.com

FAQ

What were the results of Gildan Activewear's director elections on May 28, 2024?

All eight director nominees were elected with vote percentages ranging from 82.82% to 99.00%.

Did Gildan Activewear's shareholders approve the executive compensation on May 28, 2024?

Yes, the non-binding advisory vote on Executive Compensation was approved with 73.77% of votes.

How did shareholders vote on the reappointment of auditors at Gildan Activewear's meeting on May 28, 2024?

The reappointment of auditors was approved with 95.35% of votes.

Was the shareholder proposal accepted at Gildan Activewear's annual meeting on May 28, 2024?

No, the shareholder proposal was rejected by 86.48% of votes.