STMicroelectronics’ Annual General Meeting 2021

Rhea-AI Summary

STMicroelectronics (NYSE: STM) held its 2021 Annual General Meeting on May 27, 2021, in Schiphol, Netherlands. Key resolutions approved include the adoption of statutory annual accounts for 2020 and a cash dividend of US$ 0.24 per share, to be paid quarterly. The meeting also reappointed Jean-Marc Chery to the Managing Board and Nicolas Dufourcq to the Supervisory Board, both for three-year terms. Additionally, an amended remuneration policy for the Managing Board was adopted, and a new 3-year Unvested Stock Award Plan was established for management.

Positive

• Adoption of statutory annual accounts for 2020, indicating strong governance.
• Approval of a cash dividend of US$ 0.24 per share, enhancing shareholder value.
• Reappointment of key board members, ensuring leadership stability.
• New 3-year Unvested Stock Award Plan may incentivize management performance.

Negative

• The delegation to the Supervisory Board to issue new shares may dilute current shareholder equity.

STMicroelectronics’ Annual General Meeting 2021

Schiphol, May 27, 2021 - STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, announced the results related to the voting items of its 2021 Annual General Meeting of Shareholders (the “2021 AGM”), which was held today in Schiphol, the Netherlands.

The resolutions, approved by the Shareholders, were:

• The adoption of the Company's statutory annual accounts for the year ended December 31, 2020, prepared in accordance with International Financial Reporting Standards (IFRS). The 2020 statutory annual accounts were filed with the Netherlands authority for the Financial Markets (AFM) on March 25, 2021 and are posted on the Company’s website (www.st.com) and the AFM’s website (www.afm.nl);
• The distribution of a cash dividend of US$ 0.24 per outstanding share of the Company’s common stock, to be distributed in quarterly installments of US$ 0.06 in each of the second, third and fourth quarters of 2021 and first quarter of 2022 to shareholders of record in the month of each quarterly payment as per the table below;
• The reappointment of Mr. Jean-Marc Chery as sole member of the Managing Board for a three-year term to expire at the end of the 2024 AGM;
• The reappointment of Mr. Nicolas Dufourcq, as member of the Supervisory Board, for a three-year term to expire at the end of the 2024 AGM;
• The adoption of an amended remuneration policy for the Managing Board, in line with recent changes in Dutch corporate law and the EU’s Shareholder Rights Directive II (SRDII);
• The approval of the stock-based portion of the compensation of the President and CEO;
• The adoption of a new 3-year Unvested Stock Award Plan for Management and Key Employees;
• The authorization to the Managing Board, until the end of the 2022 AGM, to repurchase shares, subject to the approval of the Supervisory Board;
• The delegation to the Supervisory Board of the authority to issue new common shares, to grant rights to subscribe for such shares, and to limit and/or exclude existing shareholders’ pre-emptive rights on common shares, until the end of the 2022 AGM;
• The discharge of the sole member of the Managing Board; and
• The discharge of the members of the Supervisory Board.    

The complete agenda and all relevant detailed information concerning the 2021 AGM, as well as all related AGM materials, are available on the Company’s website (www.st.com) and made available to shareholders in compliance with legal requirements.

The draft minutes of the AGM will be posted on the General Meeting of Shareholders page of the Company’s website (www.st.com) within 30 days following the 2021 AGM.

The table below summarizes the full schedule for the quarterly dividend distribution:

						Transfer between New York and Dutch registered shares restricted:
Quarter	Ex-dividend Date	Global Record Date	Payment Date in Europe	NYSE Payment Date: on or after		From End of Business in Europe on:	Until Open of Business in NY on:
Q2 2021	21-Jun-21	22-Jun-21	23-Jun-21	29-Jun-21		21-Jun-21	23-Jun-21
Q3 2021	20-Sep-21	21-Sep-21	22-Sep-21	28-Sep-21		20-Sep-21	22-Sep-21
Q4 2021	13-Dec-21	14-Dec-21	15-Dec-21	21-Dec-21		13-Dec-21	15-Dec-21
Q1 2022	21-Mar-22	22-Mar-22	23-Mar-22	29-Mar-22		21-Mar-22	23-Mar-22

About STMicroelectronics
At ST, we are 46,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An independent device manufacturer, we work with more than 100,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and 5G technology. Further information can be found at www.st.com.

For further information, please contact:
INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel : +41.22.929.58.12
Celine.berthier@st.com

MEDIA RELATIONS:
Alexis Breton  
Corporate External Communications
Tel: + 33.6.59.16.79.08
alexis.breton@st.com

Attachment

• C3005C - ST Press Release - 2021 POST- AGM PR - 27may2021

FAQ

What was the cash dividend declared by STMicroelectronics at the 2021 AGM?

STMicroelectronics declared a cash dividend of US$ 0.24 per outstanding share, payable in quarterly installments.

Who was reappointed to the Managing Board during the 2021 AGM?

Jean-Marc Chery was reappointed as the sole member of the Managing Board for a three-year term.

What significant policy changes were approved at STMicroelectronics' 2021 AGM?

An amended remuneration policy for the Managing Board was adopted, aligning with new Dutch corporate law.

When will STMicroelectronics distribute its dividends?

Dividends will be distributed quarterly, with the first payment scheduled for June 23, 2021.