Microchip (MCHP) AGM 2024 summary

Opening remarks and agenda

• Meeting called to order at 9:00 A.M. with introductions of board members and executive staff.

• Notice of meeting mailed to shareholders, confirming quorum and voting eligibility.

Board and executive committee updates

• Board and executive team members introduced, including outside legal counsel and independent auditor.

Shareholder proposals

• Five proposals presented: election of directors, equity incentive plan amendment, auditor ratification, advisory vote on executive compensation, and a shareholder proposal on due diligence regarding international law violations.

• Shareholder proposal requested a third-party report on product use in potential violations of international law, citing concerns over product presence in Russian and Iranian military systems.

• Board recommended voting against the shareholder proposal, citing existing policies and voluntary cessation of sales to Russia and Belarus.