ALBEMARLE CORP
For the period ended May 7, 2024. Filed Mar 26, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 7, 2024 · Filed Mar 26, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
| Filed by the Registrant | X |
|---|---|
| Filed by a Party other than the Registrant | |
Check the appropriate box:
| Preliminary Proxy Statement | |
| Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| X | Definitive Proxy Statement |
|---|---|
| Definitive Additional Materials |
ALBEMARLE CORPORATION
(Name of registrant as specified in its charter)
N/A
(Name of person(s) filing proxy statement, if other than the registrant)
Payment of Filing Fee (Check all boxes that apply):
| X | No fee required. |
|---|---|
| Fee paid with preliminary materials. | |
| Fee computed on table on exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
The Albemarle Corporation 2024 Annual Meeting of Shareholders (the “Annual Meeting”) will be held at Albemarle Corporation, 4250 Congress Street, Charlotte, North Carolina 28209, on Tuesday, May 7, 2024, at 7:00 a.m., Eastern Time, for the following purposes:
Elect theten nominees named in the accompanying Proxy Statement to the Board of Directors to serve for the ensuing year or until their successors are duly elected and qualified;
Approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the accompanying Proxy Statement;
Approve an amendment to Albemarle's Amended and Restated Articles of Incorporation to increase the number of authorized shares of common stock;
Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024; and
Transact any other business properly brought before the Annual Meeting or any adjournments or postponements thereof.
Only holders of record of our common stock at the close of business on Tuesday, March 12, 2024 (the “Record Date”), are entitled to receive notice of and vote at the Annual Meeting.
To ensure your vote is counted, you are requested to vote your shares promptly, regardless of whether you expect to attend the Annual Meeting. Voting by the Internet or telephone is fast and convenient, and your vote is immediately tabulated. In addition, by using the Internet or telephone, you help reduce our postage and proxy tabulation costs. If you requested paper copies of the materials, you may also vote by completing, signing, dating, and returning by Monday, May 6, 2024, the proxy in the postage-paid envelope provided.
We are electronically disseminating Annual Meeting materials to our shareholders, as permitted under the “Notice and Access” rules approved by the U.S. Securities and Exchange Commission (the “SEC”). Shareholders to whom Notice and Access applies will receive a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access Annual Meeting materials via the Internet. The Notice also provides instructions on how to obtain paper copies if desired.
If you are present at the Annual Meeting, you may vote in person even if you already voted your proxy by the Internet, telephone, or mail. Seating at the Annual Meeting will be on a first-come basis.
By Order of the Board of Directors
Kristin M. Coleman
Executive Vice President, General Counsel
and Corporate Secretary
Approximate Date of Mailing of Proxy Materials or
Notice of Internet Availability:
March 26, 2024
TABLE OF CONTENTS
| PROXY STATEMENT SUMMARY | 1 |
|---|---|
| PROPOSAL 1 – ELECTION OF DIRECTORS | 6 |
| Summary of Skills, Experience, and Background for Director Nominees | 7 |
| Director Nominees | 8 |
| CORPORATE GOVERNANCE | 14 |
| Process for Selecting Directors | 14 |
| Director Candidate Recommendations and Nominations by Shareholders | 15 |
| Director Independence | 15 |
| Board Meetings | 16 |
| Attendance at Annual Meeting | 16 |
| Meetings of Non-Employee Directors | 16 |
| Leadership Structure; Risk Oversight; Sustainability Oversight; and ESG Matters | 16 |
| Director Retirement Policy | 19 |
| Director Continuing Education | 19 |
| Committees of the Board of Directors; Assignments and Meetings | 19 |
| CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 23 |
| DIRECTOR COMPENSATION | 24 |
| Annual Compensation | 24 |
| Deferred Compensation | 25 |
| 2023 Directors Plan | 25 |
| Other Benefits and Perquisites | 25 |
| Director Compensation Table | 26 |
| STOCK OWNERSHIP | 27 |
| Stock Ownership Guidelines | 27 |
| Principal Shareholders | 28 |
| Directors and Executive Officers | 29 |
| DELINQUENT SECTION 16(a) REPORTS | 29 |
| COMPENSATION DISCUSSION AND ANALYSIS | 31 |
| 2023 Named Executive Officers | 31 |
| 2023 Key Compensation Highlights | 31 |
| Executive Summary | 32 |
| Navigating the CD&A | 38 |
| Executive Compensation Framework | 39 |
| Executive Compensation Management | 42 |
| 2023 Compensation Decisions and Outcomes | 48 |
| Additional Information | 59 |
| COMPENSATION COMMITTEE REPORT | 61 |
| COMPENSATION TABLES AND OTHER INFORMATION | 62 |
| Summary Compensation Table | 62 |
| Grants of Plan-Based Awards | 66 |
| Outstanding Equity Awards and Fiscal Year-End | 69 |
| Option Exercises and Stock Vested | 71 |
| Retirement Benefits | 72 |
| Potential Payments Upon Termination | 73 |
| Equity Compensation Plan Information | 79 |
| CEO Pay Ratio | 79 |
| SEC Disclosure on Pay Versus Performance | 81 |
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| PROPOSAL 2 – ADVISORY RESOLUTION APPROVING EXECUTIVE COMPENSATION | 85 |
|---|---|
| PROPOSAL 3 – APPROVAL OF AMENDMENT TO THE COMPANY'S AMENDED AND RESTATED ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK | 86 |
| AUDIT & FINANCE COMMITTEE MATTERS | 89 |
| Audit & Finance Committee Report | 89 |
| Audit & Finance Committee Pre-Approval Policy | 91 |
| Fees Billed by PwC | 91 |
| PROPOSAL 4 – RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 92 |
| QUESTIONS AND ANSWERS ABOUT THIS PROXY STATEMENT AND THE ANNUAL MEETING | 93 |
| SHAREHOLDER PROPOSALS | 100 |
| OTHER MATTERS | 101 |
| Important Notice Regarding the Internet Availability of Proxy Materials | 102 |
| PROXY BALLOT | 103 |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.