20 unchanged sentences
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by COSO.
−Removed: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2019, of the Company and our report dated February 27, 2020, expressed an unqualified opinion on those financial statements and included explanatory paragraphs regarding the Company’s adoption of ASU No.
−Removed: 2016-02, Leases (Topic 842) and the Company’s change of method of accounting for its United States inventories from the last in, first out (LIFO) method to first in, first out (FIFO).
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2020, of the Company and our report dated February 26, 2021 expressed an unqualified opinion on those financial statements.
Basis for Opinion
10 unchanged sentences
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made in accordance with authorizations of management and directors of the company;
+Added: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
8 unchanged sentences
Directors, Executive Officers and Corporate Governance
−Removed: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020, which is incorporated by reference herein, for information on the Directors of the Registrant.
+Added: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2021, for information on the Directors of the Company, which is incorporated by reference herein.
Executive Officers
See “Information About our Executive Officers” in Part I above for the identification of the Company’s executive officers.
−Removed: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020, which is incorporated by reference herein, for other information on the Company’s executive officers.
+Added: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2021, for other information on the Company’s executive officers, which is incorporated by reference herein.
Delinquent Section 16(a) Reports
−Removed: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020, which is incorporated by reference herein, for other information regarding Section 16(a) beneficial ownership reporting compliance.
+Added: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2021, for other information regarding Section 16(a) beneficial ownership reporting compliance, which is incorporated by reference herein.
Audit Committee Financial Expert
−Removed: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020, which is incorporated by reference herein, for information on the Company’s Audit Committee Financial Expert.
+Added: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2021, for information on the Company’s Audit Committee Financial Expert, which is incorporated by reference herein.
Code of Conduct
−Removed: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 21, 2020, which is incorporated by reference herein, for information on the Company’s Code of Conduct.
+Added: See the Company’s Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2021, for information on the Company’s Code of Conduct, which is incorporated by reference herein.
Executive Compensation
14 unchanged sentences
001-4462), and incorporated herein by reference)
−Removed: Description of the Company’s Common Stock
+Added: Description of the Company’s Common Stock (filed with the Company’s Annual Report on form 10-K for the year ended December 31, 2019 (File No.
+Added: 001-4462), and incorporated herein by reference)
Settlement Agreement, which provided information with respect to the Company’s agreement with the United States regarding environmental remediation work to be completed at Stepan’s site in Maywood, New Jersey ( filed with the Company’s Current Report on Form 8-K filed on November 18, 2004 (File No.
18 unchanged sentences
001-4462), and incorporated herein by reference)
−Removed: First Amendment to the Stepan Company 2011 Incentive Compensation Plan (filed with the Company’s Annual
−Removed: Report on Form 10-K for the year ended December 31, 2017 (File No.
+Added: First Amendment to the Stepan Company 2011 Incentive Compensation Plan (filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No.
001-4462), and incorporated herein by reference)
17 unchanged sentences
01-4462) and incorporated herein by reference)
−Removed: Separation Agreement and Release, dated as of September 16, 2018, by and between Stepan Company and Jennifer Ansbro Hale (filed with the Company’s Current Report on Form 8-K filed on September 20, 2018 (File No.
−Removed: 01‑4462) and incorporated herein by reference)
Note Purchase Agreement, dated as of September 29, 2005, regarding 5.69% Senior Notes due November 1, 2018, with Connecticut General Life Insurance Company, Life Insurance Company of North America, MONY Life Insurance Company, AXA Equitable Life Insurance Company and Horizon Blue Cross Blue Shield of New Jersey (filed with the Company’s Current Report on Form 8-K filed on October 3, 2005 (File No.
28 unchanged sentences
Certification of President and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: Inline XBRL Instance Document
+Added: Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document
Inline XBRL Taxonomy Extension Schema Document
13 unchanged sentences
Quinn Stepan, Jr.
−Removed: Chairman, President and Chief Executive Officer
+Added: Chairman and Chief Executive Officer
February 26, 2021
6 unchanged sentences
February 26, 2021
+Added: /s/ Lorinda Burgess
+Added: February 26, 2021
+Added: Lorinda Burgess
/s/ Randall S.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.