Covidien Wraps Up AGM

Dublin, Ireland-based healthcare products company Covidien plc just wrapped up its annual general meeting.

At the meeting, shareholders elected all 10 nominees, each of whom currently serves on Covidien’s board of directors. They are: José E. Almeida, Joy A. Amundson, Craig Arnold, Robert H. Brust, Christopher J. Coughlin, Randall J. Hogan, III, Martin D. Madaus, Dennis H. Reilley, Stephen H. Rusckowski and Joseph A. Zaccagnino. Reilley continues to serve as the Lead Director.

Shareholders approved, in advisory votes, the appointment of Deloitte & Touche LLP to serve as the company’s independent auditors and the compensation paid to the company’s named executive officers for fiscal year 2013.
Shareholders also authorized Covidien and its subsidiaries to make market purchases of company shares, authorized the price range at which the company can reissue shares it holds as treasury shares and renewed Directors’ existing authority to issue shares.

Despite receiving support from 64 percent of the shares voted at the meeting, which represents more than 50 percent of the company’s issued and outstanding shares, the proposal to renew the directors’ authority to issue shares for cash without first offering them to existing shareholders did not pass because it required support from at least 75 percent of the shares voted at the meeting.

Between Covidien’s operations in 70 countries, the company brought in $10.2 billion in revenue for FY 2013.