Micron Technology, Inc. has issued a response to Glass Lewis regarding their proxy paper analysis and recommendations for the company's 2024 annual meeting of stockholders. The letter, dated January 2, 2024, addresses concerns raised by Glass Lewis, particularly about the advisory vote on executive compensation, known as the 'Say-on-Pay proposal.' Micron's Board of Directors unanimously recommends a vote in favor of the proposal. The company highlights discrepancies in Glass Lewis' pay-for-performance analysis, noting the unique challenges faced by the memory and storage industry, which Micron operates in, and which experienced a historic downturn in fiscal 2023. Micron also points out that the peer groups used by Glass Lewis for comparison are not directly impacted by these industry-specific...Show More

Micron Technology, Inc. has issued a response to Glass Lewis regarding their proxy paper analysis and recommendations for the company's 2024 annual meeting of stockholders. The letter, dated January 2, 2024, addresses concerns raised by Glass Lewis, particularly about the advisory vote on executive compensation, known as the 'Say-on-Pay proposal.' Micron's Board of Directors unanimously recommends a vote in favor of the proposal. The company highlights discrepancies in Glass Lewis' pay-for-performance analysis, noting the unique challenges faced by the memory and storage industry, which Micron operates in, and which experienced a historic downturn in fiscal 2023. Micron also points out that the peer groups used by Glass Lewis for comparison are not directly impacted by these industry-specific challenges. In response to the downturn, Micron took measures such as suspending the 2023 bonus program and cutting executive salaries by up to 20%. The company defends its peer group selection process, which was informed by various financial metrics and the competitive landscape for executive talent. Additionally, Micron addresses Glass Lewis' concerns over the disclosure of performance goals, stating that the Executive Officer Performance Incentive Plan (EIP) was terminated early in 2023 with no payouts, and extensive disclosure was provided in the Proxy Statement. Micron emphasizes its commitment to transparency while also protecting competitively sensitive information. The company requests that Glass Lewis update their Proxy Report to reflect these clarifications.