Seagate Technology Holdings plc
For the period ended Jun 28, 2024. Filed Sep 3, 2024.
View on SEC.govAbout this filing
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.
Jun 28, 2024 · Filed Sep 3, 2024
Contents
Proxy Statement Summary
In this Proxy Statement, “Seagate,” the “Company,” “we,” “us,” and “our” refer to Seagate Technology Holdings plc, an Irish public limited company. This Proxy Statement and the enclosed proxy card, or the Notice of Internet Availability of Proxy Materials, are first being mailed on or about September 3, 2024 to shareholders as of the close of business on the Record Date.
This summary highlights information contained elsewhere in this Proxy Statement. For more complete information about the topics summarized below, please review the entire Proxy Statement and Seagate’s Annual Report on Form 10-K for fiscal year 2024.
| Date and Time5:00 p.m. Singapore Standard Time, October 19, 2024 | PlaceSeagate Singapore Design Center, The Shugart, 26 Ayer Rajah Crescent, Singapore 139944 | Record DateAugust 23, 2024 |
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2024 AGM
| Date and Time: | Saturday, October 19, 2024 at 5:00 p.m. Singapore Standard Time |
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| Place: | Seagate Singapore Design Center, The Shugart, 26 Ayer Rajah Crescent, Singapore 139944 |
| Record Date: | August 23, 2024 |
| Voting: | Shareholders as of the close of business on the Record Date may vote on the proxy proposals. Each ordinary share that you own entitles you to one vote on each matter to be voted on at the 2024 AGM. Your vote is very important. We encourage you to vote your shares prior to the 2024 AGM. |
| Attendance: | All shareholders as of the close of business on the Record Date may attend the 2024 AGM. You may attend, speak, and vote at the meeting even if you have completed and submitted a form of proxy. Your nominated proxy must attend the 2024 AGM in person in order for your votes to be cast. Shareholders as of the close of business on the Record Date may virtually join, vote, and submit questions at the 2024 AGM on the internet via live webcast at www.virtualshareholdermeeting.com/STX2024. Instructions on how to join, vote, and submit questions at the meeting will be posted on that website. Participants joining virtually should ensure that they have a strong Wi-Fi connection at the location where they intend to virtually join the 2024 AGM. Participants should also give themselves plenty of time to log in prior to the 2024 AGM. Participants intending to join virtually will need to demonstrate proof of share ownership by entering the 16-digit control number included on their notices, proxy cards, or voting instruction forms received with their Notice of Proxy Materials. |
| Proxy Materials: | The Proxy Materials were first made available to shareholders on or about September 3, 2024. |
| 2024 Proxy Statement | SEAGATE TECHNOLOGY HOLDINGS PLC | 1 |
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Proxy Statement Summary
Proposals, Voting Recommendations and Vote Required
The Board recommends that you vote“FOR” each of the nominees listed in proposal 1 and“FOR” proposals 2, 3, and 4 at the 2024 AGM.
| Proposals: | Vote Required: | Board Recommendation: | |||
| 1. | Election of Each of the 11 Director Nominees. | Majority of Votes Cast | FOR each nominee | ||
| We are asking our shareholders to elect, by separate resolutions, each of the 11 Director Nominees identified in the Proxy Statement. | |||||
| 2. | Approve, in an Advisory, Non-binding Vote, the Compensation of the Company’s Named Executive Officers (“Say-on-Pay”). | Majority of Votes Cast | FOR | ||
| We are asking for your approval, on an advisory, non-binding basis, of the compensation of our Named Executive Officers (“NEOs”). While our Board intends to carefully consider the shareholder vote resulting from the proposal, the final vote is advisory and will not be binding on us. | |||||
| 3. | A Non-binding Ratification of the Appointment of Ernst & Young LLP as the Independent Auditors for the Fiscal Year Ending June 27, 2025 and Binding Authorization of the Audit and Finance Committee to Set Auditors’ Remuneration. | Majority of Votes Cast | FOR | ||
| We are asking for your ratification, in a nonbinding vote, of the appointment of Ernst & Young LLP as our independent auditors for fiscal year 2025, and to authorize, in a binding vote, the Audit and Finance Committee of the Board to set the auditors’ remuneration. | |||||
| 4. | Determine the Price Range for the Re-allotment of Treasury Shares. | At least 75% of Votes Cast | FOR | ||
| We are asking you to authorize the price range at which we can re-allot shares held as treasury shares. Granting the Board this authority is a routine matter for public companies incorporated in Ireland. From time to time, we may acquire ordinary shares and hold them as treasury shares. We may re-allot such treasury shares, and, under Irish law, our shareholders must determine the price range at which we may re-allot any shares held in treasury. | |||||
During the meeting, management will present Seagate’s Irish statutory financial statements for fiscal year 2024 and the reports of the directors and statutory auditors thereon. The Company will not be providing a general business update during the 2024 AGM.
| 2 | SEAGATE TECHNOLOGY HOLDINGS PLC | 2024 Proxy Statement |
Proxy Statement Summary
Seagate’s Corporate Governance Highlights
| ■The Board consists of a substantial majority of independent directors (91% as of end of fiscal year 2024). | ■The Board Chair is an independent director. |
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| ■Directors must receive a majority of shareholder votes cast to be elected. | ■All directors are elected annually by shareholders. |
| ■All Board committees are composed exclusively of independent directors. | ■The independent directors meet regularly in executive sessions. |
| ■Directors and executive officers are subject to share ownership requirements. | ■Executive officers are subject to a compensation “clawback” policy. |
| ■The Board and each Board committee perform periodic self-evaluations. | ■The Board oversees the Company’s enterprise risk management program, including ESG-related risks and cybersecurity. |
| ■The Board oversees succession planning for all executive officers, including the Chief Executive Officer, and also undertakes succession planning for members of the Board. | ■The Company maintains an anti-hedging policy for all directors and employees. |
| ■The Company maintains a policy prohibiting the pledging of Company securities by directors, executive officers and certain other employees. | |
2025 Annual General Meeting of Shareholders
| Deadline for shareholder proposals for inclusion in the fiscal year 2025 Proxy Statement: | May 6, 2025 |
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| Period for shareholder nomination of directors for election at the 2025 Annual General Meeting of Shareholders (“2025 AGM”): | April 6, 2025 to May 6, 2025 |
| Deadline for all other proposals to be voted upon at the 2025 AGM: | July 20, 2025 |
For further information, see the section entitled “Shareholder Proposals and Nominations” on page 70 of this Proxy Statement.
| 2024 Proxy Statement | SEAGATE TECHNOLOGY HOLDINGS PLC | 3 |
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Proxy Statement Summary
Cautionary Statement Regarding Forward-Looking Statements
This Proxy Statement may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will continue,” “can,” “could,” or the negative of these words, variations of these words, and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are subject to various uncertainties and risks that could cause our actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for fiscal year 2024 and in our Quarterly Reports on Form 10-Q filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based upon information available to us at this time. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.
Incorporation by Reference
Unless explicitly stated, information contained on or accessible via our website is not incorporated by reference into this Proxy Statement or any other report we file with the SEC.
| 4 | SEAGATE TECHNOLOGY HOLDINGS PLC | 2024 Proxy Statement |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.