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Message from our CEO
"We will continue to execute on our strategy to unlock the full potential of Flex."
Revathi Advaithi
CEO
June 25, 2024
Dear Shareholders and Colleagues,
We set our Flex Forward strategy five years ago with the goal of creating shareholder value through profitable growth and margin expansion, leading to greater financial resiliency through the cycles.This result would come from winning the right kind of growth, expanding our services, and continuing to build upon our operational excellence. Ultimately, this is about solving complexity, and delivering greater value for our customers.
This strategy has been tested repeatedly over the last several years, and each time we have demonstrated it is working. I am very proud of our performance in fiscal 2024, particularly as we navigated a highly dynamic environment, while making progress towards our longer-term goals. We achieved record adjusted margins, delivered another year of double-digit adjusted earnings-per-share growth over the prior year, and generated substantial value for our shareholders.
Importantly, these results demonstrate the resiliency we have built into our business as we continue to navigate the various macrocycles effectively.Through these challenges, we continue to help our customers solve increased complexity and deliver on our commitments to our stakeholders.
Financial Outcomes*
Fiscal 2024 was another milestone year for Flex. Based on Flex continuing operations (excluding Nextracker), we achieved record annual adjusted operating margins of 4.8%, up 50 basis points from fiscal 2023. We delivered 11% adjusted earnings-per-share growth, reaching a record $2.15. All of this was accomplished despite a
7% revenue decline due to the increased headwinds in the global economy.
We currently exist in a time where macro uncertainty is more of the norm rather than the exception. We believe Flex is in a much better position to manage through these times and it is reflected in our results. For example, over the last three years, as revenue grew at a 5% compounded annual growth rate, adjusted operating margins expanded by over 100 basis points, and this is the fourth year in a row we've generated double-digit adjusted EPS growth.
Additionally, these global disruptions are also driving business opportunities for Flex, as companies look for help navigating regionalization trends and structural disruptions to value chains.
This year, we returned a record $1.3 billion to shareholders through stock repurchases. We also completed the Nextracker separation on January 2nd. Our decision and subsequent actions to separate Nextracker generated substantial value through multiple phases of the transaction.This included the initial public offering, a follow-on
* See Annex A to our proxy statement for a reconciliation of GAAP to non-GAAP financial measures referenced in this letter.
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offering, and finally the tax-freespin-off of our remaining interest in Nextracker to our shareholders, which alone returned value of approximately $3.5 billion.
Flex Forward Strategy
We continue to make progress on our transformative long-term strategy, shifting to higher value business, expanding our service offerings, and building on our Flex product portfolio in cloud power and automotive.
In the early phases of our strategic shift, we prioritized higher-value end markets with favorable secular drivers and profitability profiles, such as cloud, automotive, industrial, and healthcare. We have also worked to build synergies across the Flex platform, including areas of technical expertise, vertical integration, and value-added services.
In fiscal 2024, our cross-industry expertise strategy continued to bear fruit particularly in the cloud and automotive end markets.Through focused investment in advanced compute and power systems expertise our cloud-facing business reached $3 billion.This is a combination of $2 billion from our AI-supportive customized, fully integrated rack solution, including liquid-cooling capabilities, in our CEC business unit, and $1 billion from our data center power products portfolio, that falls under our Industrial business unit.
We are differentiated by providing the most comprehensive data center offering in the industry. Our end-to-end manufacturing services and capabilities across the globe are unmatched, including components, metal fabrication, vertical integration, logistics, post-sale services, and more.
Furthermore, Flex is the only EMS provider with its own comprehensive set of data center power products, from embedded power at the board and rack level to critical facilities power, with a portfolio that is truly grid-to-chip.
Our cross-industry expertise in compute and power also extends into the automotive sector. All vehicles, regardless of the powertrain type, are becoming more like "edge data centers on wheels." Additionally, the adoption of EV and hybrid powertrains adds further challenges, requiring more complex power systems.
We are providing more than just hardware manufacturing. Our flexible business model differentiates us in the market giving us a broad spectrum of collaborative engagements with top automakers, including both joint and full product design within compute and power. We see our offerings resonating with automakers as fiscal 2024 was another strong year of new wins following back-to-back years of record new program wins.
Data center and automotive are two markets with very strong, long-term secular drivers. Given our positioning and the strong market growth dynamics, we believe these two businesses combined can reach approximately 40% of Flex total revenue, as we look out towards fiscal 2029.
Manufacturing Services Excellence
Our strong ability to execute comes from our foundation in manufacturing services. We are always focused on increasing our technical capabilities, driving faster deployment and greater efficiencies through our advanced, flexible automation strategy, and ensuring we have the optimal global footprint to effectively support our customers in a regionalizing world.
On this foundation, we continue to expand our services and vertical integration capabilities to serve more of our customers' needs and increase our addressable market.
We started our journey to expand these services years ago, where we saw the opportunity to move beyond simple electronics production. We expanded into high-performance plastics and metals, and created vast components services, and global logistics and refurbishment capabilities.
Putting this all together, our global network of integrated manufacturing and service locations increases resiliency and time to market. Our initiatives and investments in automation, capabilities, and systems enable us to achieve productivity gains to help drive margins and prepare us for the future.
Looking Forward
We expect fiscal 2025 to experience similar economic headwinds in the global economy as we saw in fiscal 2024. Despite these challenges, fiscal 2025 should be another year of strong strategic and financial progress.
We will navigate the near-term currents, invest in our future opportunities, and continue to execute on our strategy to unlock the full potential of Flex. We remain very optimistic about our future, and we greatly appreciate the continued partnership of our customers, colleagues, and our shareholders.
Regards,
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Thursday
August 8, 2024
11:00 a.m., Central time
Flex Ltd.
12455G Research Blvd,
Welcome Center
Austin,TX 78759 U.S.A.
Vote via Internet at www.proxyvote.com
Vote by Mail Sign and return your proxy card in the postage-paid envelope
Vote in Person at the Meeting on August 8, 2024 at 11:00 a.m., Central time
Please refer to our proxy materials or the information forwarded by your bank or other holder of record to see which voting methods are available to you.
FLEX LTD.
(Incorporated in the Republic of Singapore)
(Company Registration Number 199002645H)
Notice
of Annual General Meeting of Shareholders
To Be Held on August 8, 2024
To Our Shareholders:
You are cordially invited to attend, and notice is hereby given of, the annual general meeting of shareholders of Flex Ltd., which will be held at our offices located at 12455G Research Blvd, Welcome Center, Austin, TX 78759 U.S.A., at 11:00 a.m., Central time, on August 8, 2024, for the purposes summarized below and described in more detail in the accompanying proxy statement.
We urge you to read the entire proxy statement carefully before voting. Unless the context requires otherwise, references in this notice and the proxy statement to "Flex," the "Company,""we,""us," "our" and similar terms mean Flex Ltd. or, as the case may be, Flex Ltd. and its subsidiaries. Flex is incorporated in the Republic of Singapore under the Companies Act 1967, which we refer to as the "Singapore Companies Act" or the "Companies Act 1967".
Notice & Proxy Statement
Annual Report
Shareholder Info
2024 Proxy Statement
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Important Notice Regarding Electronic Availability of Proxy Statement and Annual Report
We are pleased to furnish proxy materials to our shareholders on the Internet, as permitted by Securities and Exchange Commission ("SEC") rules. Commencing on or about June 25, 2024, we will make available to our shareholders (including all of our registered shareholders) a Notice of Availability of Proxy Materials on the Internet (referred to as the Notice) containing instructions on how to: (i) access the proxy statement and our annual report, (ii) submit their proxies via the Internet, and (iii) request a printed copy of our proxy materials.
Proxy Voting Matters
You may revoke your proxies at any time before they are voted. Registered shareholders who are present at the meeting may revoke their proxies and vote in person or, if they prefer, may abstain from voting in person and allow their proxies to be voted.
Voting Matters at the Annual General Meeting
We are asking shareholders to vote on five proposals at the meeting:
- To re-elect all nine directors of the Company nominated for re-election (Proposal No. 1);
- To approve the re-appointment of Deloitte & Touche LLP as our independent auditors for the 2025 fiscal year and to authorize the Board of Directors, upon the recommendation of the Audit Committee, to fix their remuneration (Proposal No. 2);
- To approve, on a non-binding, advisory basis, our executive compensation (Proposal No. 3);
- To approve a general authorization for the Board of Directors to allot and issue ordinary shares (Proposal No. 4); and
- To approve a renewal of the Share Purchase Mandate permitting Flex to purchase or otherwise acquire its own issued ordinary shares (Proposal No. 5).
Resolutions Proposed for Shareholder Approval as Ordinary Business
Each of the resolutions proposed for approval by our shareholders is as follows:
- To re-elect each of the following Directors, who will retire pursuant to Article 94 of our Constitution, to the Board of Directors:
- Revathi Advaithi;
- John D. Harris II;
- Michael E. Hurlston;
- Erin L. McSweeney;
- Charles K. Stevens, III;
- Maryrose T. Sylvester;
- Lay Koon Tan;
- Patrick J. Ward; and
- William D. Watkins.
- To consider and vote upon a proposal to re-appoint Deloitte & Touche LLP as our independent auditors for the fiscal year ending March 31, 2025, and to authorize our Board of Directors, upon the recommendation of the Audit Committee of the Board of Directors, to fix their remuneration.
Resolutions Proposed for Shareholder Approval as Special Business
Each of the resolutions proposed for approval or vote by our shareholders is shown below:
3. To consider and vote on the following non-binding, advisory resolution:
"RESOLVED THAT, the shareholders of Flex approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as disclosed pursuant to Item 402 of SEC Regulation S-K, including the Compensation Discussion and Analysis and the compensation tables and related disclosures contained in the section of the accompanying proxy statement captioned 'Executive Compensation'."
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This resolution is being proposed to shareholders as required pursuant to Section 14A of the U.S. Securities Exchange Act of 1934, as amended.The shareholders' vote on this resolution is advisory and non-binding in nature, will have no legal effect and will not be enforceable against Flex or its Board of Directors.
4. To pass the following resolution as an Ordinary Resolution:
"RESOLVED THAT, pursuant to the provisions of Section 161 of the Companies Act 1967, but subject otherwise to the provisions of the Companies Act 1967 and the Constitution of the Company, authority be and hereby is given to our Directors to:
- (i) allot and issue ordinary shares in the capital of the Company ("Ordinary Shares"); and/or
- make or grant offers, agreements, options, performance shares, performance units, restricted share units, or other compensatory equity awards (each, an "Instrument" and, collectively, "Instruments") that might or would require Ordinary Shares to be allotted and issued, whether after the expiration of this authority or otherwise (including but not limited to the creation and issuance of warrants, debentures or other instruments convertible into Ordinary Shares),
at any time to and/or with such persons and upon such terms and conditions and for such purposes as our Directors may in their absolute discretion deem fit, and with such rights or restrictions as our Directors may think fit to impose and as are set forth in the Constitution of the Company; and
- (notwithstanding that the authority conferred by this resolution may have ceased to be in force) allot and issue Ordinary Shares pursuant to any Instrument made or granted by our Directors while this resolution was in force, provided that:
- the aggregate number of Ordinary Shares to be issued pursuant to this resolution (including Ordinary Shares to be issued pursuant to Instruments made or granted pursuant to this resolution) does not exceed 20% of the total number of issued Ordinary Shares as of the date of the passing of this resolution; and
- unless revoked or varied by the Company in a general meeting, that such authority shall continue in force until the earlier of (1) the conclusion of the next annual general meeting of the Company or (2) the expiration of the period within which the next annual general meeting of the Company is required by law to be held."
5. To pass the following resolution as an Ordinary Resolution:
"RESOLVED THAT:
- for the purposes of Sections 76C and 76E of the Companies Act 1967, the exercise by our Directors of all of our powers to purchase or otherwise acquire issued ordinary shares in the capital of the Company ("Ordinary Shares") not exceeding in aggregate the number of issued Ordinary Shares representing 20% of the total number of issued Ordinary Shares outstanding as of the date of the passing of this resolution (excluding treasury shares and any Ordinary Shares which are held by our subsidiary(ies) under Sections 21(4B) or 21(6C) of the Companies Act 1967, as at that date) at such price or prices as may be determined by our Directors from time to time up to the maximum purchase price described in paragraph (c) below, whether by way of:
- market purchases on the Nasdaq Global Select Market or any other stock exchange on which our Ordinary Shares may for the time being be listed and quoted; and/or
- off-marketpurchases (if effected other than on the Nasdaq Global Select Market or, as the case may be, any other stock exchange on which our Ordinary Shares may for the time being be listed and quoted) in accordance with any equal access scheme(s) as may be determined or formulated by our Directors as they consider fit, which scheme(s) shall satisfy all the conditions prescribed by the Companies Act 1967,
and otherwise in accordance with all other laws and regulations and rules of the Nasdaq Global Select Market or, as the case may be, any other stock exchange on which our Ordinary Shares may for the time being be listed and quoted as may be applicable, be and hereby is authorized and approved generally and unconditionally;
- unless varied or revoked by our shareholders in a general meeting, the authority conferred on our Directors pursuant to the mandate contained in paragraph (a) above may be exercised by our Directors at any time and from time to time during the period commencing from the date of the passing of this resolution and expiring on the earlier of:
- the date on which the next annual general meeting of the Company is held; or
- the date by which the next annual general meeting of the Company is required by law to be held;
Notice & Proxy Statement
Annual Report
Shareholder Info
2024 Proxy Statement
- the maximum purchase price (excluding brokerage, commission, applicable goods and services tax, and other related expenses) that may be paid for an Ordinary Share purchased or acquired by the Company pursuant to the mandate contained in paragraph (a) above, shall not exceed:
- in the case of a market purchase of an Ordinary Share, the highest independent bid or the last independent transaction price, whichever is higher, of our Ordinary Shares quoted or reported on the Nasdaq Global Select Market or, as the case may be, any other stock exchange on which our Ordinary Shares may for the time being be listed and quoted, or shall not exceed any volume weighted average price, or other price determined under any pricing mechanism, permitted under SEC Rule 10b-18, at the time the purchase is effected; and
- in the case of an off-market purchase pursuant to an equal access scheme, at a premium of up to but not greater than 5% above the average of the closing price per Ordinary Share over the five trading days before the day on which the purchases are made; and
- our Directors, acting independently or individually, be and hereby are authorized to complete and do all such acts and things (including executing such documents as may be required) as such Director(s) may consider expedient or necessary to give effect to the transactions contemplated and/or authorized by this resolution."
Notes
Singapore Financial Statements
At the 2024 annual general meeting, our shareholders will have the opportunity to discuss and ask any questions that they may have regarding our Singapore audited financial statements for the fiscal year ended March 31, 2024, together with the directors' statement and auditors' report thereon, in compliance with Singapore law. Shareholder approval of our audited financial statements is not being sought by the accompanying proxy statement and will not be sought at the 2024 annual general meeting.
Eligibility to Vote at Annual General Meeting
Receipt of Notice. The Board of Directors has fixed the close of business on June 10, 2024 as the record date for determining those shareholders of the Company who are entitled to receive copies of this notice and accompanying proxy statement. However, all shareholders of record on August 8, 2024, the date of the 2024 annual general meeting, will be entitled to vote at the 2024 annual general meeting.
Quorum
Representation in person or by proxy of at least 33-1/3% of all outstanding Ordinary Shares of the Company is required to constitute a quorum to transact business at a general meeting of our shareholders.
Proxies
A shareholder entitled to attend and vote at the 2024 annual general meeting is entitled to appoint a proxy to attend and vote on the shareholder's behalf. A proxy need not also be a shareholder. Even if you plan to attend the meeting, we encourage you to vote promptly.You may vote your shares through one of the methods described in the enclosed proxy statement. A proxy card submitted by mail must be received by Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717 not less than 48 hours before the time appointed for holding the 2024 annual general meeting. Please review the instructions on the proxy card and notice of availability of proxy materials regarding the submission of proxies via the Internet, which provide, among other things, for the transmission of voting instructions up until 11:59 p.m. Eastern time on the day before the meeting. You may revoke your proxy at any time before it is voted. Registered shareholders who are present at the meeting may revoke their proxies and vote in person or, if they prefer, may abstain from voting in person and allow their proxies to be voted.
Disclosure Regarding Share Purchase Mandate Funds
Only funds legally available for purchasing or acquiring our issued Ordinary Shares in accordance with our Constitution and the applicable laws of Singapore will be used by us to purchase or acquire our own issued Ordinary Shares pursuant to the proposed renewal of the Share Purchase Mandate referred to in this notice. We intend to use our internal sources of funds and/or borrowed funds to finance the purchase or acquisition of our issued Ordinary Shares.The amount of financing required for us to purchase or acquire our issued Ordinary Shares, and the impact on our financial position, cannot be ascertained as of the date of this notice, as these will depend on, among other things, the number of Ordinary Shares purchased or acquired, the price at which such Ordinary Shares are purchased or acquired, and whether
2024 Proxy Statement
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the Ordinary Shares purchased or acquired are held in treasury or cancelled. Our net tangible assets and the consolidated net tangible assets of the Company and its subsidiaries will be reduced by the purchase price (including any expenses) of any Ordinary Shares purchased or acquired and cancelled or held as treasury shares. We do not anticipate that the purchase or acquisition of our Ordinary Shares in accordance with the Share Purchase Mandate would have a material impact on our financial condition and cash flows.
Personal Data Privacy
By submitting an instrument appointing a proxy or representative to attend, speak and vote at the 2024 annual general meeting and any adjournment thereof, a shareholder of the Company (i) consents to the collection, use and disclosure of the shareholder's personal data by us (or our agents or service providers) so we (or our agents or service providers) can process, administer and analyze proxies and representatives appointed for the 2024 annual general meeting (including any adjournment thereof) and prepare and compile the attendance lists, minutes and other documents relating to the 2024 annual general meeting (including any adjournment thereof), and in order for us (or our agents or service providers) to comply with any applicable laws, listing rules, take-over rules, regulations or guidelines (collectively, the "Purposes"),
- warrants that where the shareholder discloses the personal data of the shareholder's proxy or representative to us (or our agents or service providers), the shareholder has obtained the prior consent of such individual for the collection, use and disclosure by us (or our agents or service providers) of such personal data for the Purposes, and (iii) agrees that the shareholder will indemnify us in respect of any penalties, liabilities, claims, demands, losses and damages as a result of the shareholder's breach of warranty.
By order of the Board of Directors,
Tay Hong Chin Regina
Company Secretary
Singapore
June 25, 2024
You should read the entire proxy statement carefully before you return your proxy card or otherwise submit your proxy appointment through electronic communications in the manner set out in the proxy statement.
Important Notice Regarding the Availability of Proxy Materials for the 2024 Annual General Meeting of Shareholders to Be Held on August 8, 2024.This notice of the annual general meeting, our proxy statement and our annual report to shareholders are available on our website at https://investors.flex.com/financials/annual-reports/.
Notice & Proxy Statement
Annual Report
Shareholder Info
2024 Proxy Statement
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Table of Contents
Proxy Summary
Sustainability
Corporate Governance
Board of Directors
Board Leadership Structure
Meeting Attendance and Executive Sessions Director Independence
Director Selection and Board Refreshment Board Diversity
Director Commitments Board's Role in Risk Oversight Board's Role in Succession Planning Board Evaluation Process
Board Committees
Director Orientation and Continuous Education Stakeholder Engagement and Outreach Corporate Governance Policies
Shareholder Communications with our Board of Directors
Fiscal Year 2024 Non-Employee Directors' Compensation
Non-Employee Director Compensation Program Fiscal Year 2024 Annual Cash Compensation Fiscal Year 2024 Equity Compensation Compensation for the Non-Employee Chair of the Board Non-Employee Director Share Ownership Guidelines Director Summary Compensation in Fiscal Year 2024
Treatment of Unvested Restricted Share Unit Awards upon a Change of Control
Proposals to be Considered at the 2024 Annual General Meeting of Shareholders
Proposal No. 1: Re-election of Directors
Nominees to our Board of Directors
Skills, Qualifications and Diversity of Nominees
Proposal No. 2: Re-Appointment of Independent Auditors for Fiscal Year 2025 and Authorization of our Board to Fix Their Remuneration
Principal Accountant Fees and Services
Audit Committee Pre-Approval Policy
Message from the Audit Committee
Audit Committee Report
1 Prohibition on Hedging and Pledging of Company Securities
8 | Compensation Risk Assessment |
15 | |
Executive Compensation | |
15 | |
Summary Compensation Table | |
15 | |
Grants of Plan-Based Awards in Fiscal Year 2024 | |
16 | |
- Outstanding Equity Awards at 2024 Fiscal Year-End
- Shares Vested in Fiscal Year 2024
- Pension Benefits in Fiscal Year 2024
- Nonqualified Deferred Compensation in Fiscal Year 2024
19 | Nonqualified Deferred Compensation Table |
Potential Payments Upon Termination or | |
21 | |
21 | Change of Control |
Potential Payments Upon Termination or | |
23 | |
Change of Control as of March 31, 2024 | |
25 | |
CEO Pay Ratio | |
26 | |
Pay Versus Performance | |
27 | |
Proposal No. 4: Ordinary Resolution to Authorize | |
28 | |
Ordinary Share Issuances | |
29 | Proposal No. 5: Ordinary Resolution to Renew the |
29 | Share Purchase Mandate |
Limit on Allowed Purchases | |
30 | |
Duration of Share Purchase Mandate | |
30 | |
Manner of Purchases or Acquisitions of Ordinary Shares | |
30 | |
Purchase Price | |
31 | |
Treasury Shares | |
31 | |
Sources of Funds | |
32 | Status of Purchased or Acquired Ordinary Shares |
33 | Financial Effects |
Rationale for the Share Purchase Mandate |
- Take-OverImplications
- Information about our Executive Officers
34 Equity Compensation Plan Information
Security Ownership of Certain Beneficial
42 Owners and Management
- Certain Relationships and Related-Person
- Transactions
- Review of Related-Person Transactions
- Transactions with Related Persons
67 | Notice |
68 | |
& | |
69 | |
Proxy | |
69 | |
71 | Statement |
74 | |
72 | |
74 | |
74 | |
75 | |
75 | |
77 | Annual |
79 | |
80 | Report |
84 | |
85 | |
85 | |
86 | |
86 | |
86 | |
86 | |
87 | Shareholder |
87 | |
87 | |
88 | |
88 | |
89 | Info |
91 | |
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94
94
94
Proposal No. 3: Non-Binding, Advisory Resolution on Executive Compensation
Compensation and People Committee Report
Compensation Discussion and Analysis
Introduction Executive Summary Compensation Philosophy
Compensation-Setting Process and Decisions for Fiscal Year 2024
Fiscal Year 2024 Executive Compensation Benefits
Termination and Change of Control Arrangements Executive Share Ownership Guidelines
Executive Incentive Compensation Recoupment Policy
45 | Shareholder Proposals for the 2025 Annual |
General Meeting |
45 | Incorporation of Certain Documents by Reference |
46 | |
Singapore Statutory Financial Statements | |
46 | |
46 Other Matters
49 Electronic Delivery of our Shareholder Communications Information About the Meeting
51 | Voting Rights and Solicitation of Proxies |
53 | |
Cautionary Note Regarding Forward-Looking | |
63 | |
Statements | |
65 | |
66 Annex A: Flex Ltd. Reconciliation of GAAP
to Non-GAAP Financial Measures66
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95
96
97
97
97
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99 A-1
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Proxy Summary
This summary highlights selected information in this proxy statement. Please review the entire proxy statement and our 2024 Annual Report on Form 10-K before voting.
Place: | Time and Date: | Record Date: | ||||||
12455G Research Blvd, Welcome | 11:00 a.m., Central time | June 10, 2024 | ||||||
Center, Austin,TX 78759, U.S.A. | August 8, 2024 | |||||||
Notice & Proxy Statement
Voting Matters at the Annual General Meeting
Page | |||
Proposal | Recommendation | Reference | |
1. | Re-election of directors | FOR each director nominee | 33 |
2. | Re-appointment of Deloitte & Touche LLP | FOR | 42 |
3. | Advisory vote on executive compensation | FOR | 45 |
4. | General authorization to allot and issue ordinary shares | FOR | 84 |
5. | Authorization to repurchase ordinary shares | FOR | 85 |
How to Cast Your Vote
Each Ordinary Share is entitled to one vote for each director nominee and one vote for each of the other proposals. Your vote is important to us, and we encourage you to vote using one of these methods:
Vote in | If you are a beneficial holder and hold your shares through a bank, broker, or other nominee, | |||||
Person | ||||||
you must request a "legal proxy" from the nominee in order to vote at the meeting.You will find | ||||||
at the | ||||||
Meeting | instructions on how to request a "legal proxy" at www.proxyvote.com. | |||||
Vote via | at www.proxyvote.com | |||||
Follow the instructions on your Notice. If you are a beneficial holder and hold your shares through a | ||||||
Internet | ||||||
bank, broker, or other nominee, your nominee may not permit you to vote online. | ||||||
Sign and return your proxy card. If you do not have a proxy card, you can request one by contacting us at:
Vote by | Flex Ltd. | |
12455G Research Blvd | ||
Austin,Texas 78759, U.S.A. | ||
Telephone: (512) 425-4100 | ||
Annual Report
Shareholder Info
2024 Proxy Statement 1
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Proxy Summary
Business Summary
Business Summary
Who We Are and What We Do
Flex is the advanced, end-to-end manufacturing partner of choice that helps market-leading brands design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex supports our customers' entire product lifecycle with a broad array of services in every major region. Our full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, post-production and post-sale services. Flex partners with customers across a diverse set of industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy.
Our purpose is to make great products for our customers that create value and improve people's lives. Our vision is to be the most trusted global technology, supply chain and manufacturing solutions partner to improve the world, and our mission is to achieve our vision and fulfill our purpose. People are at the heart of everything we do. We believe in creating a work environment that empowers every team member to thrive, while prioritizing employee safety, well-being and inclusiveness. Flex continues to further a dynamic, ever-evolving culture where employees embody behaviors aligned with our values. Our values define and drive us and our Ways of Working bring our values to life through actions, provide a framework for how we make decisions and support ongoing progress on our Flex Forward strategy.
Our values and ways of working
Learn and adapt
Collaborate and share openly
Honor commitments
Respect and value others
Our strategy is to continue investing in areas where we can differentiate and add value, whether through product lifecycle capabilities, manufacturing and product technologies or developing differentiated processes and business methods. For example, we have developed a comprehensive set of data center power products, from embedded power at the board and rack level to critical facilities power solutions, which, combined with our traditional data center contract manufacturing business, provide integrated end to end solutions for our customers. We are strengthening our capabilities in factory automation, robotics, artificial intelligence, simulation, digital twins, connectivity and other disruptive technologies. We select ethical partners and integrate the supply chain so that our customers can operate efficiently and responsibly. We are committed to investing in our employees and communities, which includes addressing critical environmental issues.
Our two reporting business segments are as follows(1):
FLEX RELIABILITY SOLUTIONS
Automotive
power electronics, compute platforms, and motion and interfaces across powertrains
Health Solutions
medical devices, medical equipment, and drug delivery
Industrial
industrial devices, embedded and critical power, capital equipment, and renewables
FLEX AGILITY SOLUTIONS
Communications, Enterprise and Cloud data center, edge, and communications infrastructure
Lifestyle
appliances, floorcare, audio, and smart living
Consumer Devices mobile and high-velocityconsumer devices
- On January 2, 2024, Flex completed the spin-off (the "Spin-off") of its remaining interests in Nextracker Inc. ("Nextracker") to Flex shareholders on a pro-rata basis based on the number ordinary shares of Flex held by each shareholder of Flex (the "Distribution") as of December 29, 2023, which was the record date of the Distribution, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2023. As a result of the completion of the Spin-off, Nextracker became a fully independent public company, we no longer directly or indirectly hold any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock and subsequent to the third quarter ended December 31, 2023 we no longer consolidate Nextracker into our financial results. We now report our financial performance based on the above two operating and reportable segments.
2 2024 Proxy Statement
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Disclaimer
Flex Ltd. published this content on 25 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2024 21:20:47 UTC.