Corning Incorporated · NYSE:GLW
Corning — Shareholder Meeting (March 2014)
20 slides from Corning's shareholder meeting presentation, Mar 20, 2014
Slide 1: Schedule 14A Definitive Additional Materials
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant ¨ Check the appropriate box: ¨ Preliminary Proxy
Slide 2: Additional materials supporting Board's recommended vote
Corning Incorporated is filing the attached additional materials in support of the Board of Directors’ recommended vote at our 2014 Annual Shareholders Meeting.
Slide 3: March 2014
March 2014
Slide 4: Forward Looking and Cautionary Statements
Forward Looking and Cautionary Statements Certain statements in this presentation constitute “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations and involve certain risks and u
Slide 5: The World Leader in Specialty Glass and Ceramics
The World Leader in Specialty Glass and Ceramics Business Segment Primary Products Primary Competitors (Largely Non-US Companies) Glass substrates for LCD flat panel • Asahi Glass Co. Ltd. Display Technologies televisions, computer monitors, laptops, • Nippon Electric Glass Co. Ltd. and other consum
Slide 6: Our Strategic Framework
Our Strategic Framework • Corning is a 163-year old company with a long track record of success. We are driven by our desire to create life-changing innovation. We believe our unique capabilities and culture are a sustainable competitive advantage that can deliver earnings growth and value to shareh
Slide 7: The 2013 Say on Pay Vote and Our Response
The 2013 Say on Pay Vote and Our Response • Our 2013 Say-on-Pay vote (71%) led us to a comprehensive review of our programs and shareholder outreach effort • We reached out to over 30 of our largest shareholders, representing more than 40% of our outstanding shares • Shareholders sent us the followi
Slide 8: Our Response to the 2013 Say on Pay Vote
Our Response to the 2013 Say on Pay Vote Investor Feedback Responsive Program Refinements Explain Peer Grouping • Heightened disclosure of financial performance peers in Clarify the use of a compensation peer group relative addition to compensation benchmark peers to Corning’s key competitors • 100%
Slide 9: Key Elements of Compensation: Strengthening Links Between Pay and Performance
Key Elements of Compensation: Strengthening Links Between Pay and Performance Key Pay Short-Term/Annual Incentives Long-Term Incentives Elements Goal Sharing Restricted Form of Performance (Company-Wide Cash Performance Units Stock and Compensation Incentive Plan (Cash) Unit Plan; (CPUs) Stock Deliv
Slide 10: Performance Metric Goal Setting: Rigorous and Performance-Based
Performance Metric Goal Setting: Rigorous and Performance-Based • CEO target compensation starts at the median of the peer group, moving up or down based on company performance • Use business-driven, bottom-up and corporate, top-down budgets subject to multiple levels of review in setting meaningful
Slide 11: Putting Peer Comparisons in Context
Putting Peer Comparisons in Context • The majority of our businesses do not have unique, identifiable U.S. peers • Most of our businesses compete with non-U.S. companies, or privately held companies that do not provide comparable executive compensation disclosure • Direct competitors are not suitabl
Slide 12: Distinguishing Compensation Peers and Competitors
Distinguishing Compensation Peers and Competitors Corning Business Primary Competitors Compensation Peers Segment (Largely Non-US Companies) • Advanced Micro Devices, Inc. • Asahi Glass Co. Ltd. • Agilent Technologies, Inc. Display Technologies • Nippon Electric Glass Co. Ltd. • Applied Materials, I
Slide 13: Distinguishing Compensation Peers and Competitors
Distinguishing Compensation Peers and Competitors • Our key competitors are not suitable for a compensation peer group • We use a mix of complex, globally diversified companies for the compensation peer group • The compensation peer group is reasonably aligned with Corning in terms of complexity, ma
Slide 14: Sound Compensation Governance and Risk Management
Sound Compensation Governance and Risk Management Thoughtful Oversight and State-of-the-Art Compensation Governance Board engagement with shareholders and demonstrated responsiveness to input Mix of cash and equity payouts tied to both short-term financial performance and long-term value creation Si
Slide 15: Appendix A: Performance Comparisons
Appendix A: Performance Comparisons
Slide 16: 2013 Financial Performance Peer Group Comparison
2013 Financial Performance Peer Group Comparison • Our largest competitors and most relevant financial performance peers are not U.S. companies. Therefore, the best companies for financial performance comparison purposes are not the same as those in the Compensation Peer Group we use for compensatio
Slide 17: 2013 Financial Performance Peer Group Comparison (Cont'd)
2013 Financial Performance Peer Group Comparison (Cont’d) Investor Relations © Corning Incorporated 2014 15
Slide 18: 2013 Financial Performance Peer Group Comparison (Cont'd)
2013 Financial Performance Peer Group Comparison (Cont’d) Investor Relations © Corning Incorporated 2014 16
Slide 19: Forward Looking and Cautionary Statements
Forward Looking and Cautionary Statements This presentation contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that invo
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