DEF: Remitly Global Sets Date for 2025 Annual Stockholders Meeting, Outlines Key Proposals

Remitly Global announces its annual meeting of stockholders to be held virtually on June 11, 2025, featuring proposals for director elections, executive compensation approval, and auditor ratification.

Summary

• Remitly Global, Inc. will hold its 2025 Annual Meeting of Stockholders online on June 11, 2025, at 10:00 a.m. Pacific Time.
• Stockholders of record as of April 15, 2025, are eligible to vote.
• The meeting will address the election of three Class I directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
• The board recommends voting FOR the election of Ryno Blignaut, Phyllis Campbell, and Phillip Riese as Class I directors.
• The board recommends voting FOR the approval of executive compensation and FOR the ratification of the appointment of PwC.
• The proxy materials are being disseminated electronically, with instructions provided on how to access them online or request paper copies.
• As of the record date, there were 203,843,565 shares of common stock outstanding.
• The company's board of directors consists of nine members divided into three classes serving staggered three-year terms.
• The company's global impact goals stem from its vision to transform lives with trusted financial services that transcend borders.
• In 2024, the board approved the issuance and donation of 181,961 shares of common stock to the Remitly Foundation Fund, the fourth installment of its Pledge 1% commitment.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The positive aspects include the board's recommendations and the high approval rate of executive compensation in the previous year. The forward-looking statements and risk factors introduce a degree of uncertainty.

Positives

• The board of directors is actively engaged in corporate governance, including annual reviews of director independence and board evaluations.
• The company has a global code of conduct applicable to all employees, officers, and directors.
• Remitly has a Related Party Transactions Policy to ensure fair dealings.
• The company is committed to global impact, including donating 181,961 shares to the Remitly Foundation Fund in 2024 as part of its Pledge 1% commitment.
• Stockholders approved the 2023 compensation of named executive officers by approximately 98% of the votes cast.

Risks

• The proxy statement includes forward-looking statements that are subject to risks, assumptions, estimates, and uncertainties that are difficult to predict.
• These risks are detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, under the section 'Risk Factors'.

Future Outlook

The proxy statement includes forward-looking statements based on current expectations, estimates, and projections, which are subject to risks and uncertainties.

Management Comments

• Our board of directors recommends that you vote: FOR the election of Ryno Blignaut, Phyllis Campbell, and Phillip Riese as Class I directors; FOR the approval, on a non-binding advisory basis, of the compensation of our named executive officers; and FOR the ratification of the appointment of PwC as our independent registered public accounting firm for the fiscal year ending December 31, 2025.

Industry Context

Remitly operates in the financial services and technology industries, and the proposals reflect standard corporate governance practices for publicly traded companies.

Comparison to Industry Standards

• The compensation peer group for purposes of setting fiscal 2024 compensation of our NEOs, which was developed by the T&C Committee with the assistance of Compensia, was composed of publicly traded technology companies.
• In identifying and recommending the companies to comprise the compensation peer group, the T&C Committee and Compensia also considered revenue and market capitalization relative to Remitly.
• The T&C Committee updated the peer group for 2024 to add four technology companies with comparable key financial metrics and to remove three companies due to acquisitions or lack of comparability.
• This compensation peer group for purposes of determining compensation of our NEOs for the year ended December 31, 2024, consisted of the following companies: ACI Worldwide, Inc. (NASDAQ: ACIW), Paylocity Holding Corporation (NASDAQ: PCTY), Affirm Holdings, Inc. (NASDAQ: AFRM), Paymentus Holdings, Inc. (NYSE: PAY), BILL Holdings, Inc. (NYSE: BILL), Payoneer Global Inc. (NASDAQ: PAYO), BlackLine, Inc. (NASDAQ: BL), Q2 Holdings, Inc. (NYSE: QTWO), EVERTEC, Inc. (NYSE: EVTC), Shift4 Payments, Inc. (NYSE: FOUR), Flywire Corporation (NASDAQ: FLYW), Smartsheet Inc.*, LendingClub Corporation (NYSE: LC), SoFi Technologies, Inc. (NASDAQ: SOFI), Lightspeed Commerce Inc. (NYSE: LSPD), Squarespace, Inc.*, Marqeta, Inc. (NASDAQ: MQ), Wise plc. (LSE: WISE), NerdWallet, Inc. (NASDAQ: NRDS), ZoomInfo Technologies, Inc. (NASDAQ: ZI).

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders are asked to vote on key proposals that will influence the company's direction and governance.
• Employees are indirectly affected by decisions regarding executive compensation and company performance.
• The company's global impact initiatives aim to create positive change for customers and communities.

Next Steps

• Stockholders should review the proxy materials and vote on the proposals.
• The company will hold the Annual Meeting on June 11, 2025, and announce the voting results.

Key Dates

Keywords

proxy statement, annual meeting, stockholders, directors, executive compensation, PricewaterhouseCoopers, corporate governance, Remitly