The meeting was called to order at 11:30AM EDT and conducted virtually to enable global shareholder participation.
Attendees were informed about meeting conduct, rules, and the process for submitting questions.
The Board of Directors and the independent auditor from Ernst & Young were introduced.
The Board consists of nine directors, all of whom were nominated for re-election.
The Board expressed gratitude for leadership and guidance during the past year's challenges and opportunities.
A shareholder proposal to lower the threshold for calling a special shareholder meeting from 50% to 10% was presented and debated.
The Board recommended voting against the proposal, while the proponent argued it would align with common corporate governance practices.
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Cintas Corporation is an American company that provides services and products for business customers. Its products include things such as uniforms, cleaning & restroom supplies, safety products, and more. The company is arguably best known for its uniform rental services, Cintas designs, manufactures, and implements corporate identity uniform programs. The company is headquartered in Mason, Ohio, and is traded on the Nasdaq.
Founded in 1929 by Amelia and Richard "Doc" Farmer, Cintas began its journey as the Acme Industrial Laundry Company in Cincinnati, Ohio. They started by collecting used chemical-soaked rags from factories, laundering them, and then returning them for reuse. As the business grew, his grandson, Richard T. Farmer, recognized an opportunity in the emerging uniform rental industry and shifted the company's focus in the 1960s and the company was renamed Cintas in 1972. While Cintas is a leader in the field, there are several companies that offer similar services. Some examples include names such as Aramark and UniFirst.
Cintas Corporation's uniform rental service is one of its core business segments. Through this service, the company provides businesses with uniforms, handling the design, manufacturing, and regular maintenance of these garments. The process typically involves Cintas delivering clean uniforms to businesses on a set schedule, picking up soiled ones, and then laundering and repairing them as necessary. Once the uniforms reach the end of their usable life, Cintas also takes responsibility for their replacement. This system allows businesses to maintain a consistent appearance for their employees without the need for internal management of uniform inventories or laundry services.
Cintas offers a range of services beyond its uniform rentals. These include providing entrance and logo mats designed for facility cleanliness and branding. Cintas also has tile and carpet cleaning services as well as restroom services that supply associated products. The company also offers fire protection and safety services. These include fire extinguisher inspections, maintenance of emergency exit lights, and other offerings within workplace safety.
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