AVANGRID Shareholders Overwhelmingly Approve All Proposals at 2018 Annual Meeting
AVANGRID, Inc. (NYSE:AGR) held its 2018 annual meeting of shareholders
today in Boston, Massachusetts. All presented proposals before
shareholders were overwhelmingly approved, and approximately 99% of
shares were present by proxy or in person. The vote indicates strong
shareholder support for AVANGRID’s performance, strategic direction, and
governance system.
At the annual meeting, the AVANGRID shareholders voted to elect each of
the 14 nominees to the board of directors to serve one-year terms
expiring at the company’s 2019 annual meeting. Additionally, the
AVANGRID shareholders voted to approve the following items proposed by
the board of directors, with at least 99% of the votes cast in favor of
each proposal:
-
The ratification of the appointment of KPMG US, LLP as AVANGRID’s
independent registered public accounting firm for 2018.
-
Advisory approval of the compensation of AVANGRID’s named executive
officers as described in the 2018 proxy statement.
The final voting results will be presented on a current report on Form
8-K that will be filed with the Securities and Exchange Commission and
posted on AVANGRID’s website, www.avangrid.com.
After the annual meeting, AVANGRID’s board Chairman Ignacio Galán
addressed the shareholders, directors, and members of management present
at the meeting, noting that AVANGRID is committed to a more sustainable
and cleaner energy future. He said the company plans to invest $14.4
billion in its Networks and Renewables businesses from 2017 to 2022.
“AVANGRID completed a very productive year and achieved consistent
financial results in 2017, which allowed us to deliver a total
shareholder return of 39%, adding $ 4.5 billion to shareholder value and
outperforming the S&P 500 Utilities index by close to 17%,” Galán said.
“Subject to approval of the Board of Directors, we plan to increase the
dividend starting this year in a consistent manner with our 65-75%
payout target thanks to the expected growth in our results and
successful execution of our strategy.”
“We are confident in our long term outlook and we will continue our
commitment to operational excellence and best practices. AVANGRID will
continue to rank among the top tier companies in our industry,
delivering a high level of customer satisfaction and strong results,”
Galán added.
Galán also noted that, for the second consecutive year, AVANGRID was
recognized by Ethical Boardroom magazine as the North American
utility with the best corporate governance practices. AVANGRID has also
pledged to continue its efforts to reduce its carbon emissions
intensity, and expects to be carbon-neutral by 2035.
Following Chairman Galán’s remarks, AVANGRID CEO James P. Torgerson
reviewed highlights from 2017. He said that, “2017 was a remarkable
second year for AVANGRID. We continued to grow as we executed our
strategic plan, focusing on our contracted Renewables and regulated
businesses. We accomplished a key strategic milestone with the sale of
our gas trading and the gas storage businesses.”
“We are confident in our ability to deliver 8-10% compound annual growth
thru 2022, and we expect that this growth rate will make us one of the
top growth companies in our sector, delivering sustainable long-term
value to all our stakeholders. We are already executing our strategy to
grow our core business model, we will drive continuous improvement
through the implementation of best practices, and we will lead the
digital transformation while maintaining our financial strength.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading,
sustainable energy company with $31 billion in assets and operations in
24 states. AVANGRID has two primary lines of business: Avangrid Networks
and Avangrid Renewables. Avangrid Networks owns eight electric and
natural gas utilities, serving 3.2 million customers in New York and New
England. Avangrid Renewables owns and operates 7.1 gigawatts of
electricity capacity, primarily through wind power, with a presence in
22 states across the United States. AVANGRID employs approximately 6,500
people. AVANGRID supports the U.N.’s Sustainability Development Goals,
received a Climate Development Project climate score of “A-,” the top
score received in the utilities sector, and has been recognized for two
consecutive years by Ethical Boardroom as the North American utility
with the “best corporate governance practices.” For more information,
visit www.avangrid.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180607006147/en/
Copyright Business Wire 2018