8-K

ENBRIDGE INC 8-K Report (May 13, 2011)

Filed May 13, 2011For Securities:ENBENBMFEBBGFEBRGFEBRZFENBGFENBRFENFFFEBGEFENBFFENBHFENBNFENBOFENBSFEBBNFENNPF

Summary

Enbridge Inc. filed a Form 6-K on May 13, 2011, reporting the voting results from its Annual and Special Meeting of Shareholders held on May 11, 2011. The filing indicates overwhelming shareholder support for all proposed resolutions, including the election of directors, appointment of auditors, and significant corporate actions. This strong shareholder backing suggests confidence in the company's management and strategic direction. Key resolutions passed with high approval include a two-for-one common share division, an increase in shares reserved for stock option plans, and the amendment and continuation of the Shareholder Rights Plan. Shareholder support for the approach to executive compensation was also strong, though with a slightly higher percentage of votes against compared to other resolutions. Overall, the meeting results are positive and indicate a stable relationship between Enbridge's management and its shareholder base.

Key Highlights

  • 1Enbridge Inc. held its Annual and Special Meeting of Shareholders on May 11, 2011, with results filed on May 13, 2011.
  • 2All 12 director nominees were overwhelmingly elected, with "Votes For" ranging from 94.82% to 99.71%.
  • 3PricewaterhouseCoopers LLP was re-appointed as the auditor with 99.26% of shareholder approval.
  • 4Shareholders approved a two-for-one common share division with 99.86% "Votes For".
  • 5An increase in the number of common shares reserved for issuance under the Stock Option Plans received 86.35% shareholder approval.
  • 6The Shareholder Rights Plan was amended, continued, and approved with 97.37% "Votes For".
  • 7The company's approach to executive compensation was also approved by a significant majority (93.94% "Votes For").

Frequently Asked Questions

This Form 6-K filing reports the official voting results from Enbridge Inc.'s Annual and Special Meeting of Shareholders held on May 11, 2011. It details how shareholders voted on various proposals, including director elections and corporate actions.

While all proposals received significant shareholder support, the "Increase in the number of common shares reserved for issuance under the Stock Option Plans" had the lowest percentage of 'Votes For' at 86.35%. Similarly, the "Approach to executive compensation" received 93.94% 'Votes For', which is strong but lower than other resolutions.

The approval of the two-for-one common share division means that for every common share a shareholder owned, they will receive an additional common share, effectively doubling the number of shares held. This action typically aims to make the stock more accessible and potentially increase liquidity, though it does not change the total market value of a shareholder's investment at the time of the split.

The approval of the Shareholder Rights Plan (often referred to as a 'poison pill') indicates that shareholders support the board's mechanism to protect the company from hostile takeovers. The amendment and continuation of this plan suggest that the board believes it remains a necessary tool for shareholder value protection.