Hormel Foods shareholders approve board, auditor, and executive pay

Hormel Foods Corp (NYSE:HRL), a $16.5 billion market cap food processing company currently trading near its 52-week low, held its annual stockholders meeting on Monday, with a significant turnout of shareholders casting their votes on several key corporate matters.

According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics. The meatpacking company confirmed that 91.5% of its outstanding shares were represented at the meeting.

The election of directors saw all ten nominees from the proxy statement secure their positions with a strong majority. Notably, Gary C. Bhojwani received 454.2 million votes in favor, while the nominee with the fewest votes in favor, Stephen M. Lacy, still garnered a robust 437.7 million. The results reflected shareholder confidence in the board’s composition, with each director receiving at least 437 million votes for their election and minimal opposition. The company maintains strong financial health with sufficient liquidity, as indicated by its current ratio of 2.32.

In addition to the board elections, shareholders ratified the appointment of Ernst & Young LLP as Hormel’s independent registered public accounting firm for the fiscal year ending October 26, 2025. The decision was near-unanimous, with 489.5 million votes for and only 12.3 million against.

The advisory vote on executive compensation also passed, though with a narrower margin. Approximately 449 million votes supported the company’s executive pay structure, while nearly 16 million opposed it. This indicates some level of dissent among shareholders regarding how the company compensates its top executives.

The meeting’s outcomes are based on a press release statement, reflecting the shareholders’ collective stance on corporate governance and executive management as Hormel continues its operations in the food industry. The company’s acknowledgment of the results highlights its commitment to transparency and shareholder engagement in its corporate decision-making processes.

With a 32-year track record of consecutive dividend increases and a current yield of 3.81%, Hormel demonstrates strong shareholder returns. InvestingPro subscribers can access detailed analysis and 8 additional ProTips about Hormel’s financial health and growth prospects through comprehensive Pro Research Reports.

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