Microsoft holds annual shareholders meeting
At Microsoft's annual meeting on November 30, 2021, CEO Satya Nadella emphasized the company's growth mindset and its responsibility in driving digital transformation. CFO Amy Hood reported strong fiscal performance, highlighting growth in cloud services and consumer experiences. Shareholders elected 12 directors and approved a new Employee Stock Purchase Plan while rejecting several proposals related to diversity reports and facial recognition technology, reinforcing Microsoft's commitment to transparency and progressive practices. Results will be filed with the SEC.
- Strong fiscal performance reported for FY 2021.
- Growth in cloud offerings and consumer experiences.
- Approval of a new Employee Stock Purchase Plan to enhance employee engagement.
- Rejection of multiple shareholder proposals indicates potential shareholder dissent on social issues.
- Concerns regarding diversity and inclusion may affect public perception.
REDMOND, Wash., Nov. 30, 2021 /PRNewswire/ -- Speaking to shareholders at Microsoft Corp.'s annual meeting on Wednesday, Chairman and Chief Executive Officer Satya Nadella highlighted how the company's growth mindset has propelled innovation and transformation within the past year.
"There is no doubt that the digital transformation of the past year has opened the door to greater opportunity for our customers and for Microsoft. But it has also increased our responsibility in a world where technology must do more to address the pressing challenges we collectively face," said Satya Nadella, Chairman and CEO, Microsoft.
Executive Vice President and Chief Financial Officer Amy Hood recapped Microsoft's strong performance in fiscal year 2021 and outlook for the current fiscal year, powered by accelerating digital transformation and consistent strong execution. Hood noted that the company's strong momentum focused on growing usage across Microsoft's differentiated cloud offerings and delivering new consumer experiences.
At the meeting, Microsoft's shareholders acted on the following proposals:
- Elected 12 directors to serve until the next annual meeting of shareholders, including the new addition of Carlos Rodriguez. All directors attended the annual shareholders meeting.
- Approved, on a nonbinding advisory basis, the compensation of the company's named executive officers.
- Approved the Employee Stock Purchase Plan, to replace the Microsoft Employee Stock Purchase Plan approved by shareholders in November 2012.
- Ratified the selection of Deloitte & Touche LLP as the company's independent auditor for fiscal year 2022.
- Rejected a shareholder proposal submitted by Arjuna Capital to prepare a report on median race and gender gaps, given that Microsoft details its commitments and progress achieving greater diversity and inclusion and ensuring pay equity in its annual Global Diversity and Inclusion Report.
- Approved a shareholder proposal by Arjuna Capital to prepare a report on the company's workplace sexual harassment policies. Microsoft already shares with employees annual data on the volume of sexual harassment concerns raised and the results of harassment investigations and has adopted plans to begin annual public reporting.
- Rejected a proposal from Harrington Investments concerning the sales of facial recognition technology, as it does not take into account Microsoft's extensive public commitments and disclosures on this topic.
- Rejected a proposal from NorthStar Asset Management to prepare a report on Microsoft's commitment to the Fair Chance Business Pledge, as the company has numerous steps in place to effectively implement The Pledge and has already implemented multiple safeguards to protect job candidates.
- Rejected a proposal submitted by The Congregation of the Sisters of St. Joseph of Peace and others to prepare a report on the company's lobbying activities, as Microsoft is committed to a thoughtful approach that's been recognized for leading practices, including publishing an annual report on its political action committee.
The results will be reported in a Form 8-K that will be filed with the Securities and Exchange Commission.
Microsoft's board of directors consists of Reid Hoffman, general partner at Greylock Partners; Hugh Johnston, vice chairman and CFO of PepsiCo; Teri List, former executive vice president and CFO of Gap Inc.; Satya Nadella, Microsoft chairman and CEO; Sandra E. Peterson, operating partner at Clayton, Dubilier & Rice; Penny Pritzker, founder and chairman of PSP Partners; Carlos Rodriguez, president and CEO of ADP; Charles W. Scharf, president and CEO of Wells Fargo & Company; John W. Stanton, chairman of Trilogy Partnerships; John W. Thompson, Microsoft lead independent director; Emma Walmsley, CEO of GlaxoSmithKline; and Padmasree Warrior, founder, president and CEO, Fable Group Inc.
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
View original content to download multimedia:https://www.prnewswire.com/news-releases/microsoft-holds-annual-shareholders-meeting-301434434.html
SOURCE Microsoft Corp.
FAQ
What were the key highlights from Microsoft's annual meeting on November 30, 2021?
What is Microsoft's outlook for the current fiscal year following the annual meeting?
What significant proposals were approved at Microsoft's November 30, 2021, meeting?
What proposals did Microsoft shareholders reject during the annual meeting?
How did Microsoft perform financially in FY 2021?
